Brokers Issue Forecasts for BofI Holding, Inc.’s Q2 2018 Earnings (BOFI)
BofI Holding, Inc. (NASDAQ:BOFI) – Investment analysts at B. Riley raised their Q2 2018 earnings per share estimates for shares of BofI in a research note issued to investors on Thursday. B. Riley analyst S. Moss now anticipates that the financial services provider will post earnings of $0.60 per share for the quarter, up from their previous estimate of $0.51. B. Riley also issued estimates for BofI’s Q3 2018 earnings at $0.72 EPS, Q4 2018 earnings at $0.69 EPS, FY2018 earnings at $2.50 EPS, Q1 2019 earnings at $0.71 EPS, Q2 2019 earnings at $0.71 EPS, Q3 2019 earnings at $0.95 EPS and Q4 2019 earnings at $0.84 EPS.
Several other equities analysts have also commented on the company. Zacks Investment Research lowered BofI from a “hold” rating to a “sell” rating in a report on Friday, October 27th. FBR & Co reissued a “buy” rating and issued a $36.00 target price (down previously from $37.00) on shares of BofI in a report on Thursday, October 26th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $31.00 target price on shares of BofI in a report on Monday, October 9th. Craig Hallum reissued a “buy” rating and issued a $39.00 target price (up previously from $35.00) on shares of BofI in a report on Wednesday, October 4th. Finally, BidaskClub raised BofI from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $35.00.
BofI (NASDAQ:BOFI) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. BofI had a return on equity of 17.00% and a net margin of 29.36%. The business had revenue of $93.89 million for the quarter, compared to analyst estimates of $94.93 million. During the same quarter in the prior year, the company earned $0.45 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis.
Hedge funds have recently modified their holdings of the business. Municipal Employees Retirement System of Michigan grew its holdings in shares of BofI by 54.8% during the third quarter. Municipal Employees Retirement System of Michigan now owns 21,070 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 7,460 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of BofI by 2.3% during the second quarter. Vanguard Group Inc. now owns 5,550,221 shares of the financial services provider’s stock worth $131,652,000 after purchasing an additional 122,322 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of BofI by 3.6% during the third quarter. JPMorgan Chase & Co. now owns 589,816 shares of the financial services provider’s stock worth $16,864,000 after purchasing an additional 20,373 shares during the last quarter. Prudential PLC grew its holdings in shares of BofI by 15.9% during the second quarter. Prudential PLC now owns 718,500 shares of the financial services provider’s stock worth $17,043,000 after purchasing an additional 98,700 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of BofI by 2.1% during the second quarter. BlackRock Inc. now owns 7,591,710 shares of the financial services provider’s stock worth $180,074,000 after purchasing an additional 152,757 shares during the last quarter. 84.35% of the stock is currently owned by institutional investors.
In other BofI news, Director Edward James Ratinoff sold 7,540 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $26.80, for a total transaction of $202,072.00. Following the transaction, the director now owns 29,600 shares of the company’s stock, valued at $793,280. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mosich Nick sold 18,308 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $27.75, for a total value of $508,047.00. Following the transaction, the director now directly owns 83,018 shares in the company, valued at approximately $2,303,749.50. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.
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BofI Company Profile
BofI Holding, Inc (BofI) is the holding company for BofI Federal Bank (the Bank). The Bank is a diversified financial services company. The Bank provides consumer and business banking products through its branchless, low-cost distribution channels and affinity partners. The Bank has deposit and loan customers, including consumer and business checking, savings and time deposit accounts and financing for single family and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables.
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