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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
31 Mar 15 05:32:31
$BOFI opening put buyer on the October 70s 22$ OTM paying 1.30 2149X. Puts bot to sold 5:1
Livevol Community
31 Mar 15 05:00:04
HIGH PUT VOLU $ASPX 12880% $CMA 5214% $SBNY 4515% $MSG 2881% $AR 2792% $ALTR 2467% $CTRX 1970% $BOFI 1856% http://t.co/gwzPxhnztr
31 Mar 15 00:58:28
$BOFI Central Pacific (CPF) in Focus: Stock Goes Down 5.9% - Tale of the Tape http://t.co/1Obg7sARo6
30 Mar 15 15:34:15
$BOFI:US BofI Holding Given Consensus Rating of "Buy" by Brokerages (NASDAQ:BOFI) #BOFI HOLDING INC http://t.co/7RDjb5Ac9R #NASDAQ
Livevol Community
30 Mar 15 09:00:04
HIGH PUT VOLU $CMA 5205% $AR 2762% $MSG 2050% $ALTR 1978% $AGEN 1713% $BOFI 1627% $CAKE 1517% $CTRX 1401% http://t.co/gwzPxhnztr
Ticker Report
30 Mar 15 07:11:17
BofI Holding Given Consensus Rating of “Buy” by Brokerages $BOFI http://t.co/RfIcvVa3YQ
US Banking News
30 Mar 15 07:05:02
BofI Holding Given Consensus Rating of “Buy” by Brokerages $BOFI http://t.co/Aii6YtSkMj
The Legacy News
30 Mar 15 06:57:44
BofI Holding Given Consensus Rating of “Buy” by Brokerages $BOFI http://t.co/K9pevosqqQ
Stock Trade Alerts
27 Mar 15 09:04:44
SHORT Seller Alert $BOFI - BOFI HOLDINGS #ShortSeller #Stocks ~ via #AlertTrade
Penny Stock Secret
25 Mar 15 11:17:11
Yesterday We Made $94,000 In Just One Trade More Info Here http://t.co/NovWYe2RAx .. $FTD $PNRA $BOFI
Capital Market Labs
24 Mar 15 10:54:03
$HLSS, $BOFI, $AF, $OCN, $PFS Assets Trend Comparison http://t.co/Ti9W6XH47N https://t.co/O7J0gCmb5F
  +Follow March 28, 2014 11:20AM



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