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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.

 

 

 

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Results for BOFI
Chris J Mattingly
28 May 15 04:22:31
Eh... Need to look at $BOFI, Bank of Internet. Who needs more bank branches https://t.co/jhw1SAhqYa
Capital Market Labs
28 May 15 04:01:19
$BOFI Revenue and Earnings are Rising. #CML_BOFI #CML_Revenue #CML_Earnings http://t.co/xuQFdfNv4n http://t.co/xR7HmqFJfq
Capital Market Labs
28 May 15 02:37:14
$BOFI Revenue is Rising. #CML_BOFI #CML_Revenue http://t.co/It3L6Kt1fd http://t.co/TdnHdZYkV1
future youtube
27 May 15 16:30:01
RT @CML_VisualFeed: $BOFI Earnings are Improving. #CML_BOFI #CML_Earnings http://t.co/Oi7SKDHETw http://t.co/AjUH4KdILS
Capital Market Labs
27 May 15 16:27:47
$BOFI Earnings are Improving. #CML_BOFI #CML_Earnings http://t.co/tojQ6o1qUz http://t.co/LCZPHfM31m
Edward Gofsky
27 May 15 14:34:40
RT @CapitalistBull: BOFI Holdings $BOFI - First Stage Cup and Handle Base http://t.co/Yoe1j7gwhN -- $QQQ $SPY http://t.co/6kTZmEr9Ip
Gennady Kupershteyn
27 May 15 12:53:14
Review recent trading ideas: $SWKS $SYNA $GTN $KANG $ACT $BOFI $PSXP $EQM $MDXG $FLY $TNK http://t.co/Yoe1j7gwhN -- $SPY $QQQ
Capital Market Labs
27 May 15 11:06:55
$BOFI Assets and Earnings are Increasing. #CML_BOFI #CML_Assets #CML_Earnings http://t.co/YsoaBmygJu http://t.co/WBYdoQlEfO
Gennady Kupershteyn
27 May 15 11:03:37
BOFI Holdings $BOFI - First Stage Cup and Handle Base http://t.co/Yoe1j7gwhN -- $QQQ $SPY http://t.co/6kTZmEr9Ip
Gennady Kupershteyn
27 May 15 10:49:41
Four Cup and Handle Bases Worth Watching http://t.co/PkS3q6eL6T $EQM $PSXP $BOFI $MDXG -- $QQQ $SPY
Penny Stock Secret
27 May 15 08:34:26
Don't Wait Untill 2016 To Realize This POWERFUL Stock Alert Service! $240,000 GAINS! http://t.co/NovWYe2RAx .. $FTD $PNRA $BOFI
Portfolio Strategy
27 May 15 05:49:41
Cocktail Stocks And The 'Reverse Value Trap' http://t.co/jwsxxiJj6R $BOFI $LNG
Quantpost Basic Mats
27 May 15 05:49:41
$LNG News: "Cocktail Stocks And The 'Reverse Value Trap' $BOFI $LNG" http://t.co/CbeIuTOly4 Analyze: https://t.co/uLgRsRROW1
Seeking Alpha
27 May 15 05:49:41
Cocktail Stocks And The 'Reverse Value Trap' http://t.co/phtDXbRNVx $BOFI $LNG
Dakota Financial
27 May 15 05:24:32
BofI Holding Rating Increased to Buy at Zacks $BOFI http://t.co/K4aLzovpiY
ProTradersNews
27 May 15 05:18:03
$BOFI: BofI Holding Rating Increased to Buy at Zacks (BOFI): http://t.co/q8fKwIeHxd
Capital Market Labs
27 May 15 03:35:32
$BOFI Revenue and Earnings are Growing. #CML_BOFI #CML_Revenue #CML_Earnings http://t.co/xuQFdfNv4n http://t.co/JfA7vicwYj
WKRB News
26 May 15 17:35:37
BofI Holding Upgraded to Buy at Zacks $BOFI http://t.co/f0OpXSzGtx
ProTradersNews
26 May 15 17:34:02
$BOFI: BofI Holding Upgraded to Buy at Zacks (BOFI): http://t.co/VV3jxxVWIl
Sleek Money
26 May 15 17:20:12
BofI Holding Upgraded at Zacks $BOFI http://t.co/0L5ZALx1iO
dailystockplays.com
26 May 15 15:56:24
Hammer http://t.co/A9wE8kNwKG $BOFI $NGG $POOL $SPSC $HAYN $PJC $BKH $PRI $PNK $HTLF $SONC $LDL $BHLB $IFN $PRGS $MRKT $FMO $EDE
Capital Market Labs
26 May 15 14:55:31
$BOFI Operating Margin is Rising. #CML_BOFI #CML_Operating_Margin http://t.co/4nklNsQoiy http://t.co/CtCDbKFTGl
Cody Freeman
26 May 15 11:30:37
Looking for holdings coming off the lows: $DATA $BOFI $GS $AMCX $CUDA $ADUS $MLM $GT. Not exactly a "risk off" group. Leaders
Doris Force
26 May 15 08:13:45
RT @TV_TradingIdeas: Another Set to go. $BOFI http://t.co/0HhZDuKJNT
TV_Trading Ideas
26 May 15 08:07:33
Another Set to go. $BOFI http://t.co/0HhZDuKJNT
Νιcholaς
26 May 15 08:07:33
$BOFI chart: Another Set to go.. http://t.co/uL7vZpPndE
Capital Market Labs
26 May 15 08:01:54
$BOFI Earnings are Growing. #CML_BOFI #CML_Earnings http://t.co/tojQ6o1qUz http://t.co/GBIfK15fuT
Capital Market Labs
25 May 15 20:15:56
$BOFI Assets and Earnings are Expanding. #CML_BOFI #CML_Assets #CML_Earnings http://t.co/YsoaBmygJu http://t.co/4O1rrwTgPr
Carmen Hill
25 May 15 09:54:09
$BOFI locks 2.51 in maximum drawdown: http://t.co/giDHLHcU9a
Capital Market Labs
25 May 15 07:25:46
$BOFI Revenue and Earnings are Rising. #CML_BOFI #CML_Revenue #CML_Earnings http://t.co/xuQFdfNv4n http://t.co/nctYvl9F24
Capital Market Labs
24 May 15 22:28:04
$BOFI Revenue is Growing. #CML_BOFI #CML_Revenue http://t.co/It3L6Kt1fd http://t.co/0n6fXz0tuk
Capital Market Labs
24 May 15 17:48:24
$BOFI Earnings are Rising. #CML_BOFI #CML_Earnings http://t.co/tojQ6o1qUz http://t.co/lcxHdHmgmQ
shambhupandey
24 May 15 17:09:21
RT @QP_BAC: $BAC News: "Rising Interest Rates: Bear On Banks $BAC $BOFI $COF" http://t.co/bTS5M5u945 Analyze: https://t.co/NBrHIzRfXb
US Banking News
24 May 15 14:40:42
BofI Holding Raised to “Buy” at Zacks $BOFI http://t.co/I2jkjjVRxc
Capital Market Labs
24 May 15 10:05:01
$BOFI Assets are Increasing. #CML_BOFI #CML_Assets http://t.co/TsSwDhAVbO http://t.co/1IuT8bnnh2
Sleek Money
24 May 15 06:20:27
BofI Holding Cut to Hold at Zacks $BOFI http://t.co/9o7HDjr3LQ
Capital Market Labs
23 May 15 17:01:21
$BOFI Assets and Earnings are Rising. #CML_BOFI #CML_Assets #CML_Earnings http://t.co/YsoaBmygJu http://t.co/iX5V4fFNUF
Capital Market Labs
23 May 15 06:56:50
$BOFI Revenue and Earnings are Expanding. #CML_BOFI #CML_Revenue #CML_Earnings http://t.co/xuQFdfNv4n http://t.co/BPyQXz539o
StockNewsWires
23 May 15 05:18:02
$BOFI: Zacks Downgrades BofI Holding to Hold (BOFI): http://t.co/PNdPBVbv4S
Capital Market Labs
23 May 15 04:49:32
$BOFI Operating Margin is Rising. #CML_BOFI #CML_Operating_Margin http://t.co/4nklNsQoiy http://t.co/0CdJtIFaQj
Capital Market Labs
22 May 15 17:39:56
$BOFI Assets are Growing. #CML_BOFI #CML_Assets http://t.co/TsSwDhAVbO http://t.co/UKSbkoIpPE
dailystockplays.com
22 May 15 14:53:10
Parabolic SAR Sell http://t.co/NOGgAuDcPF $MLM $BOFI $FMX $TSO $JACK $PLUS $KOF $KALU $NSRGY $TCO $AXE $DOOR $NICE $RGLD $VGSH $MRK $SAFT
FirstToMarkets
22 May 15 14:00:07
BofI Holding, Inc. Downgrade by Zacks (Ranked 77th) to Hold $BOFI #BOFI http://t.co/RuEU6CyQFU
US Consumer News
22 May 15 13:55:03
BofI Holding downgraded by Zacks to hold. http://t.co/wyjCsMERGO $BOFI #BOFI
The Legacy News
22 May 15 13:54:03
BofI Holding Downgraded to Hold at Zacks $BOFI http://t.co/bWwkuYxVJK
Media Sentiment
22 May 15 13:53:40
$BOFI received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 407
ProVesting
22 May 15 13:53:04
$BOFI: BofI Holding Downgraded to Hold at Zacks (BOFI): http://t.co/tvXvurvIFk
WKRB News
22 May 15 13:51:12
BofI Holding Downgraded by Zacks $BOFI http://t.co/z2EkEnlgoM
Analyst Ratings
22 May 15 13:48:50
BofI Holding downgraded by Zacks to hold. http://t.co/KkvpXH1Y5G $BOFI #BOFI
Ticker Report
22 May 15 13:47:33
BofI Holding Downgraded by Zacks $BOFI http://t.co/IXDusp6eXn
				
				
  +Follow March 28, 2014 11:20AM
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