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Upgrade; "Oversold" Declaration Spark Internet Bank BofI

  +Follow March 28, 2014 11:20AM
Tickers Mentioned:

In a stock move that so far appears to be fueled entirely by analyst bullishness, shares of the BofI Holding Inc. (BOFI) rose significantly on March 28. Analysts on both the fundamental and technical side predicted room for growth for BofI, triggering a buying frenzy that sent shares up nearly 13 percent on the day.

Raymond James looks to have started the rally for BofI with their upgrade right before the bell, changing their rating from "market perform" to outperform while raising their price target to $88 a share. At approximately the exact same time, Zacks raised their own Full-year EPS estimates 6 cents a share to $3.74 apiece while calling the stock oversold, citing the company’s unusually low RSI of 29.9.

The separate votes of confidence from both a technical and fundamental perspective ignited the rush to buy in. As the Friday trading session passed midday 620,000 shares had traded hands, representing more than double the average volume amount.

BofI is a lender with an unusual business model. BofI, which stands for "Bank of Internet," operates out of a single branch in San Diego, opting to operate almost entirety online. While a lack of personnel can certainly have a negative affect a bank’s ability to provide customer service, BofI CEO Garry Garrabrants claims this model also saves the company a significant amount of overhead, allowing them to offer customers higher deposit interest and lower loan rates than traditional brick-and-mortar banks can.

While unusual, the $3.6 billion asset bank’s model is not completely unique, with Los Angeles’ 1st Century Bancshares (FCTY) also running a “virtual bank” from just two physical locations. But while 1st Century has been relatively slow the last twelve months, gaining only 11 percent during a regional bank renaissance, BofI has skyrocketed.

Shares of BofI are up 112.44 percent from a year ago. While the stock had nudged down a slight 2.03 percent in 2014, those gains were easily recuperated on Friday.

BOfI retreated slightly after climbing as much as 13 percent on the day, and by 1:20 EST shares had gained 12.22 percent to hit $86.23 a share.




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Results for BOFI
27 Nov 14 14:00:05
Coverage Initiated: $PNNT $HILL $AME $BOFI $TIME $WU $KEYS $IEX $GWW $HBI $VTNR $ETN $IR $CYBR $MMM http://t.co/Vv2VEnpBuv #daytrader #mkt
27 Nov 14 08:00:05
Price Advances: $XCRA $KEYS $BOFI $BECN $PMCS $MNK $SBY $DFT $HAIN $SAAS $PFE $VEEV $KMR $WY $HRG http://t.co/TRx9EnjwT5 #spy #dow #trader
27 Nov 14 07:00:06
Gap Ups: $BOFI $DFT $HAIN $BEBE $SAAS $ADI $T $CTLT $MYL $IDRA $WY $HRG $PZZA $TAL $STV http://t.co/TRx9EnjwT5 #stocks #markets #trader
27 Nov 14 02:00:04
Coverage Initiated: $PNNT $HILL $AME $BOFI $TIME $WU $KEYS $IEX $GWW $HBI $VTNR $ETN $IR $CYBR $MMM http://t.co/TRx9EnjwT5 #daytrading #mkt
26 Nov 14 20:00:05
Price Advances: $XCRA $KEYS $BOFI $BECN $PMCS $MNK $SBY $DFT $HAIN $SAAS $PFE $VEEV $KMR $WY $HRG http://t.co/Vv2VEnpBuv #trader #investing
26 Nov 14 19:00:06
Gap Ups: $BOFI $DFT $HAIN $BEBE $SAAS $ADI $T $CTLT $MYL $IDRA $WY $HRG $PZZA $TAL $STV http://t.co/TRx9EnjwT5 #spy #daytrader #investors
26 Nov 14 14:00:04
Coverage Initiated: $HILL $AME $BOFI $TIME $WU $KEYS $IEX $GWW $HBI $VTNR $ETN $IR $CYBR $MMM $ROP http://t.co/TRx9EnjwT5 #watchlist #mkt
BNK Invest
26 Nov 14 13:53:32
$BOFI Crosses Above Key Moving Average Level $KME #stocks http://t.co/RQg7fEUuFi
26 Nov 14 13:08:54
Initiations 11/26: $MAMS, $HILL, $SNC, $ZAYO, $PINC, $KEYS, $VNTV, $BOFI, $$EGL, $TIME, $PNNT, $CLUB http://t.co/qT55Kg9odd
Who wants to know?
26 Nov 14 11:01:39
RT @theflynews: On The Fly: Analyst Initiation Summary $BOFI $MCF $EGL $HILL $KEYS $MAMS $PINC $SNC $CLUB $VNTV $WU $ZAYO: Full Story http:…
26 Nov 14 10:34:16
FBR Capital Markets Initiates Coverage on BofI Holding $BOFI http://t.co/T69jB0lnnl
26 Nov 14 10:25:54
FBR Capital Markets Begins Coverage on BofI Holding $BOFI http://t.co/k9hEOEucAP
US Banking News
26 Nov 14 09:35:33
BofI Holding Research Coverage Started at FBR Capital Markets $BOFI http://t.co/ykD0801fnU
The Fly
26 Nov 14 07:11:26
On The Fly: Analyst Initiation Summary $BOFI $MCF $EGL $HILL $KEYS $MAMS $PINC $SNC $CLUB $VNTV $WU $ZAYO: Full Story http://t.co/8sowafzxhJ
26 Nov 14 05:59:59
COVERAGE INITIATED: Vantiv $VNTV Topeka Capital Markets Buy $40 BofI Holding $BOFI FBR Capital Outperform $95
US Consumer News
26 Nov 14 04:15:54
BofI Holding initiated by FBR Capital Markets at outperform. $95.00 PT. http://t.co/SSZJKqKKtm $BOFI #BOFI
Analyst Ratings
26 Nov 14 04:10:31
BofI Holding initiated by FBR Capital Markets at outperform. $95.00 PT. http://t.co/xuGxg1Zhhe $BOFI #BOFI
Media Sentiment
26 Nov 14 03:34:54
$BOFI received a new alert. Find out why at http://t.co/5lwmDm2SCs #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 17
26 Nov 14 03:28:12
FBR Capital Starts BofI Holding $BOFI at Outperform http://t.co/alSOlSJKNk
26 Nov 14 02:47:41
$BOFI: FBR Capital starts at Outperform
Elias S
25 Nov 14 13:45:52
$BOFI Now that is a tidy chart. Good for a swing, too.
23 Nov 14 19:46:04
The Top Tweets for $BOFI (Bofi Hldg Inc symbol BOFI) on 11/24/2014 http://t.co/CyjsXzisB3
23 Nov 14 18:03:14
RT @Triforcetrader: http://t.co/jkaFJ3RE9b $8,470 profit in $BOFI Was calling this in @super_trades chat, for almost 2 weeks. Even posted a…
23 Nov 14 18:02:43
RT @Triforcetrader: http://t.co/jkaFJ3RE9b $8,470 profit in $BOFI Was calling this in @super_trades chat, for almost 2 weeks. Even posted a…
Matti O
23 Nov 14 16:14:34
http://t.co/jkaFJ3RE9b $8,470 profit in $BOFI Was calling this in @super_trades chat, for almost 2 weeks. Even posted a report of some g...
Day Trade Alerts
21 Nov 14 08:39:27
via #AlertTrade SHORT Seller Alert $BOFI - BOFI HOLDINGS #ShortSeller #Stocks http://t.co/VS8RO1tb5N
Matti O
20 Nov 14 20:22:48
Encourage anyone to go through $BOFI 10Q and 10K and company Bio and tell me how you didn't see that short coming. Fundamental shorting.
G. Thomas Lackey Jr
20 Nov 14 15:37:11
November 20, 2014 RS Movers http://t.co/yOcaChGybg $ITB $IDU $IAI $DD $KO $SBAC $EMN $COG $PPG $INTC $TMO $LL $BOFI $LNKD $CRM $SCHW
20 Nov 14 05:20:11
http://t.co/v9Q35OcbGf chartguy89: Stock Charts: BOFI 74.25 Stock Charts $BOFI BofI Holding Inc. http://t.co/TWLDr9AXFL
G. Thomas Lackey Jr
19 Nov 14 16:37:04
November 19, 2014 RS Movers http://t.co/RwWENj3w7R $IYC $IAK $COV $MJN $GGP $CSCO $PRGO $TWX $BA $PPG $TMO $SNDK $BOFI $SF $GMT $CMI
  +Follow March 28, 2014 11:20AM



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