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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
18 Apr 15 01:51:47
$LFAP Change Click Here: http://t.co/11lrAyKara Also See: $TRTH $BOFI $MITJF $HWFGQ ~
Breaking News Now
17 Apr 15 14:55:02
$TROV $BOFI: San Diego Stock Exchange: http://t.co/DREzmg7nXR
Cody Freeman
17 Apr 15 14:41:59
Several of my Growth names coming close to stops. Downside follow through could take some or all of them out: $HAIN $YDKN $AAON $OMED $BOFI
17 Apr 15 12:30:19
$BOFI $COF have a huge advantage over established banks: they don't operate costly branch networks. Details here: http://t.co/GKsIRlxxKI
Media Sentiment
16 Apr 15 14:50:42
$BOFI received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 446
16 Apr 15 14:46:27
Bearish Engulfing http://t.co/NvVJiuNCbz $BLK $AGZ $BOFI $MSG $HCA $AXE $HEI $TPX $WST $NSP $PRI $EXCU $DTSI $SCSS $WMS $DKT $DTK $WOR
15 Apr 15 14:46:10
Chris J Mattingly
15 Apr 15 09:29:01
@petenajarian @MandysMounds maybe be looking at $INFN and $INVN and $BOFI and $SCTY
Greg Harmon, CMT
14 Apr 15 10:25:51
does give me a warm and fuzzy feeling that everytime my bank emails me it shows up as suspicious $BOFI http://t.co/rFXPpXzJcK
13 Apr 15 13:20:02
$BOFI: Wall Street Places $103 Price Target on BofI Holding, Inc. (NASDAQ ...: http://t.co/AYjRLlOM3E
Stock Status
13 Apr 15 09:58:39
The Best Stocks to Invest in the Future of Banking $AXP $BOFI $COST $DBD - http://t.co/KERjzaNDyh #banking-stocks #stockmarket #stockquotes
David Bach
12 Apr 15 11:27:36
$BOFI looks interesting to me above the 10 day with a bounce off the 50 day.
12 Apr 15 02:56:14
$BOFI The 3 Best Stocks to Invest in the Future of Banking http://t.co/6qGBn9lD8N
12 Apr 15 02:56:14
$BOFI The Battle for Your Banking Business Is Taking an Interesting Turn http://t.co/un2Sn9L9Aj
11 Apr 15 23:15:25
$BOFI Since last ER, stock gained 9%. Will it continue aftr ER on 4/30 Before Open (Confirmed)? http://t.co/azC6JqFlHR
11 Apr 15 16:20:17
$BOFI $DBD: The 3 Best Stocks to Invest in the Future of Banking: http://t.co/cmmWQxjqLL
11 Apr 15 16:16:08
$BOFI - The 3 Best Stocks to Invest in the Future of Banking http://t.co/ZrsElHnKit
11 Apr 15 12:11:13
RT @TigreCapital: $BOFI article on seeking alpha makes some interestesting points but having the whole thing in bullets is annoying http://…
11 Apr 15 04:16:03
$BOFI - The Battle for Your Banking Business Is Taking an Interesting Turn http://t.co/QMVI62V27Q
  +Follow March 28, 2014 11:20AM



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