BofI (BOFI) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of BofI (NASDAQ:BOFI) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Bofi Holding is the holding company for Bank of Internet USA, a consumer-focused, nationwide savings bank operating primarily through the Internet from a single location in San Diego, California. They provide a variety of consumer banking services, focusing primarily on gathering retail deposits over the Internet and originating and purchasing multifamily and single family loans for investment. “

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Several other equities analysts have also commented on BOFI. BidaskClub lowered shares of BofI from a buy rating to a hold rating in a report on Friday, December 8th. Sandler O’Neill reissued a buy rating and issued a $38.00 price target on shares of BofI in a report on Wednesday, January 31st. Stephens reissued a buy rating and issued a $39.00 price target on shares of BofI in a report on Thursday, February 1st. ValuEngine raised shares of BofI from a buy rating to a strong-buy rating in a report on Thursday, March 1st. Finally, UBS lowered shares of BofI from a strong-buy rating to an outperform rating in a report on Monday, April 2nd. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $39.75.

BOFI stock opened at $40.24 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.14 and a current ratio of 1.15. BofI has a 52 week low of $21.60 and a 52 week high of $42.49. The firm has a market cap of $2,569.35, a P/E ratio of 19.63, a price-to-earnings-growth ratio of 1.64 and a beta of 0.36.

BofI (NASDAQ:BOFI) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.08. BofI had a net margin of 28.37% and a return on equity of 17.27%. The company had revenue of $101.31 million for the quarter, compared to analyst estimates of $100.29 million. During the same quarter last year, the firm earned $0.50 EPS. research analysts expect that BofI will post 2.51 earnings per share for the current year.

In other BofI news, Director James John Court sold 9,000 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $40.33, for a total value of $362,970.00. Following the sale, the director now owns 28,856 shares of the company’s stock, valued at approximately $1,163,762.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.24% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Earnest Partners LLC bought a new stake in shares of BofI during the 4th quarter valued at about $108,000. Financial Gravity Companies Inc. bought a new stake in shares of BofI during the 4th quarter valued at about $246,000. Miles Capital Inc. bought a new stake in shares of BofI during the 4th quarter valued at about $207,000. Eqis Capital Management Inc. bought a new stake in shares of BofI during the 4th quarter valued at about $228,000. Finally, Jefferies Group LLC bought a new stake in shares of BofI during the 4th quarter valued at about $229,000. 84.96% of the stock is currently owned by hedge funds and other institutional investors.

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About BofI

BofI Holding, Inc operates as the holding company for BofI Federal Bank that provides consumer and business banking products in the United States. The company offers deposits products, including consumer and business checking, demand, savings, and time deposit accounts. It also provides single family and multifamily mortgage secured lending products; commercial real estate secured and commercial lending products; specialty finance factoring products; and consumer lending products consisting of prime loans to purchase new and used automobiles and recreational vehicles, as well as deposit-related overdraft lines of credit.

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Analyst Recommendations for BofI (NASDAQ:BOFI)

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