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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
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
iHangout
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
The Legacy News
19 Nov 14 06:14:48
BofI Holding Director John Gary Burke Sells 3,801 Shares $BOFI http://t.co/q7jh5mRCEd
Penny Stock Secret
18 Nov 14 08:43:59
Yesterday We Made $89,000 In Just One Trade More Info Here http://t.co/SVqoMlijqL .. $FTD $PNRA $BOFI
InterCooler
18 Nov 14 04:50:43
Insider Selling: John Gary Burke Sells 3,801 Shares of BofI Holding Stock $BOFI http://t.co/JqkcVuvSU7
LloydCreekStocks
17 Nov 14 16:29:55
$BOFI 3 Banking Stocks to Watch http://t.co/vriO20SQ2v
Sleek Money
17 Nov 14 13:34:43
John Gary Burke Sells 3,801 Shares of BofI Holding Stock $BOFI http://t.co/o1C8WbIydv
NASDAQ
17 Nov 14 13:14:11
$BOFI - Current Report Filing (8-k) http://t.co/mopMJYog3c
NASDAQ
17 Nov 14 11:46:07
$BOFI - Statement of Changes in Beneficial Ownership (4) http://t.co/dkGPpJyS1h
Matti O
16 Nov 14 20:55:54
http://t.co/jkaFJ3RE9b New position in $BOFI Entry comments: Could be slightly early on this but it has hit a triple top of 81.00 and th...
TickerChirp
16 Nov 14 19:38:03
Hot Tweets Concerning $BOFI (Bofi Hldg Inc symbol BOFI) on 11/17/2014 http://t.co/SsS5k3Pw6J
Analyst Ratings
14 Nov 14 12:57:14
Get the latest ratings for $SNDK $CGV $TNET $BOFI $PERY in your inbox with ARN Daily http://t.co/nSJuDtP5Bv
Rich Henss
14 Nov 14 10:40:59
@IBD_KShreve any interest in lower bases like $CRTO or $BOFI that sold off in winter and have executed but stocks just beginning recovery?
				
				
  +Follow March 28, 2014 11:20AM
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