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Upgrade; "Oversold" Declaration Spark Internet Bank BofI

  +Follow March 28, 2014 11:20AM
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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.

 

 

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for BOFI
@super_trades
19 Oct 14 22:46:46
RT @Triforcetrader: http://t.co/j46bRZlVr8 $16,250 profit in $BOFI Called this in @super_trades. Also, posted it on my watch list in his ch…
Investimonials.com
19 Oct 14 17:20:25
RT @Triforcetrader: http://t.co/j46bRZlVr8 $16,250 profit in $BOFI Called this in @super_trades. Also, posted it on my watch list in his ch…
Profit.ly
19 Oct 14 17:20:11
RT @Triforcetrader: http://t.co/j46bRZlVr8 $16,250 profit in $BOFI Called this in @super_trades. Also, posted it on my watch list in his ch…
Jody Sanchez, Prez
19 Oct 14 16:59:26
RT @Triforcetrader: http://t.co/j46bRZlVr8 $16,250 profit in $BOFI Called this in @super_trades. Also, posted it on my watch list in his ch…
Matti O
19 Oct 14 16:58:14
http://t.co/j46bRZlVr8 $16,250 profit in $BOFI Called this in @super_trades. Also, posted it on my watch list in his chat, as well as, t...
PennyStock Zone
17 Oct 14 06:27:02
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/UEuynaWqWg $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
PennyStock Zone
17 Oct 14 01:16:15
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/UEuynaWqWg $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
Russell Barbour
16 Oct 14 23:13:13
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/wS6AXPfXOX $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
PennyStock Zone
16 Oct 14 20:07:41
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/UEuynaWqWg $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
PennyStock Zone
16 Oct 14 17:11:04
RT @Sw1ng_Trader: (FREE VIDEO): 5-Steps to His First Million Trading http://t.co/gPNfHCwppm $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
Russell Barbour
16 Oct 14 15:31:10
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/gPNfHCwppm $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
Russell Barbour
16 Oct 14 02:13:09
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/GxCiwhXAYf $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
PennyStock Zone
16 Oct 14 01:51:51
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/UEuynaWqWg $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
Rosemary Smith
15 Oct 14 22:48:06
Leading Tweets for $BOFI on 10/16/2014 http://t.co/wnf3ucAAVp
Penny Stock Secret
15 Oct 14 22:34:38
Secret That Has Made GREG, And 22 of his friends and family members MILLIONAIRES! FIND HERE http://t.co/SVqoMkrw2z .. $FTD $PNRA $BOFI
TickerChirp
15 Oct 14 19:54:03
Leading Tweets for $BOFI on 10/16/2014 http://t.co/cdxHV4T4DB
LloydCreekStocks
15 Oct 14 17:48:28
$BOFI H&R Block's Tax Business Bodes Well, Bank Sale Delayed - Analyst Blog http://t.co/X6niepo44C
LloydCreekStocks
15 Oct 14 17:48:28
$BOFI 5 Superball Stocks Dropped Hard Last Week -- Which One Might Bounce Back? http://t.co/xxdCkkePQY
PennyStock Zone
15 Oct 14 09:43:56
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/UEuynaWqWg $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
Maleah
14 Oct 14 21:21:31
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/CILUKG5w0i $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
Maleah
14 Oct 14 21:02:32
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/si9ARYEWxY $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
PennyStock Zone
14 Oct 14 20:57:51
(FREE VIDEO): 5-Steps to His First Million Trading http://t.co/UEuynaWqWg $RSX $CTRL $RUSL $BOFI $APT $AMLP $MMM
wizzwatch
14 Oct 14 15:10:47
After Hours Advancers: $CBAK, $MNOV, $REN, $ANN, $BBLU, $CPSS, $MILL, $CPE, $OMED, $REXX, $BOFI, $MOBI, $PES, $SCOK, $MPO, $JMI, $DRNA .....
				
				
  +Follow March 28, 2014 11:20AM
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