Shares of BofI Holding, Inc. (BOFI) crafted a new 52-week high, touching $76.89 in the second half of the trading session on Nov 22, 2013. The stock closed the session at $76.48, registering a solid year-to-date return of 168.8%. The trading volume for the session was 0.12 million shares.
Despite the strong price appreciation, this Zacks Rank #2 (Buy) stock has plenty of upside left, given the estimate revisions over the last 30 days.
Growth Drivers
Impressive fiscal first-quarter 2014 (ended Sep 30) results, reflecting year over year earnings growth of 26.9%, along with improvement in loan and deposit balances were the primary growth drivers for BofI Holding.
On Nov 5, BofI Holding reported fiscal first-quarter results. The company’s earnings of 85 cents per share were in line with the Zacks Consensus Estimate and above the year-ago figure of 67 cents. Results benefited from a rise in revenues, partially offset by higher expenses.
Additionally, in September, BofI Holding completed the acquisition of nearly $173 million in deposits from Principal Bank. The deal was announced in June.
Estimate Revisions
Over the last 30 days, 1 out of 2 estimates for 2013 have been revised upward, lifting the Zacks Consensus Estimate by roughly 1% to $3.68 per share. For 2014, both estimates moved north over the same time frame, causing the Zacks Consensus Estimate to rise 6.2% to $4.30 per share.
Some better-ranked stocks in the finance sector include Glacier Bancorp Inc. (GBCI), SVB Financial Group (SIVB) and Preferred Bank (PFBC). All these carry a Zacks Rank #1 (Strong Buy).
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment