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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
NASDAQ
30 Oct 14 03:15:11
$BOFI - Securities Registration: Employee Benefit Plan (s-8) http://t.co/HYNWFHza9t
Stock Relay
29 Oct 14 01:38:42
stockblaster14: Stock Alerts: Bofi Holding (BOFI) 73.07 $BOFI REMINDER: BofI http://t.co/qqKANo1mq0
BV Financials
28 Oct 14 04:30:58
$BOFI REMINDER: BofI Holding, Inc. to Announce First Quarter Fiscal 2015 Results on November 4, 2014.. http://t.co/vtfvGcgWeC
wininstocks2014
27 Oct 14 23:11:09
BOFI 71.00 Stock Charts $BOFI BofI Holding Inc. (NASDAQ) Last Updated: 10/28/2014 01:11:12 BOFI Stock Chart - http://t.co/FmGmzxeKHo
4-traders.com
27 Oct 14 13:55:04
BOFI : Submission of Matters to a Vote of Security Holders (form 8-K) http://t.co/qCWi7T8aug $BOFI
Instrumental Data
27 Oct 14 13:50:51
BOFI HOLDING, INC. $BOFI 8-K now available
TickerChirp
26 Oct 14 23:18:07
Most Popular Tweets Pertaining to $BOFI (Bofi Hldg Inc symbol BOFI) on 10/27/2014 http://t.co/d2Xdk8Wapx
wininstocks2014
25 Oct 14 17:50:03
BOFI 70.47 Stock Charts $BOFI BofI Holding Inc. (NASDAQ) Last Updated: 10/25/2014 19:50:01 BOFI Stock Chart - http://t.co/fvrUloPckD
wininstocks2014
25 Oct 14 01:44:04
BOFI 70.47 Stock Charts $BOFI BofI Holding Inc. (NASDAQ) Last Updated: 10/25/2014 03:44:04 BOFI Stock Chart - http://t.co/NBsUtmjJgN
Penny Stock Secret
23 Oct 14 22:45:13
The Hottest Way to Make Millions From Stock Market.Click HERE http://t.co/SVqoMkrw2z .. $FTD $PNRA $BOFI
Mark Palmer
23 Oct 14 13:56:41
$hrb and $bofi affirm commitment to H&R Block Bank sale with amended Purchase & Assumption Agreement: http://t.co/UQfkLRgfst
4-traders.com
23 Oct 14 13:55:12
BOFI : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K) http://t.co/k6H8bOxMCc $BOFI
Instrumental Data
23 Oct 14 13:53:08
BOFI HOLDING, INC. $BOFI 8-K now available
wininstocks2014
22 Oct 14 21:16:48
BOFI 70.33 Stock Charts $BOFI BofI Holding Inc. (NASDAQ) Last Updated: 10/22/2014 23:16:46 BOFI Stock Chart - http://t.co/tEW2CseQy1
				
				
  +Follow March 28, 2014 11:20AM
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