6. BOFI Holding, Inc.
Shares of BOFI Holding, Inc. (BOFI) of San Diego closed at $16.54 Friday, for a 36% return since Sept. 3, 2010.
The company had $2.1 billion in total assets as of Sept. 30, running its deposit gathering and lending operations online through its BOFI Federal Bank subsidiary, which was formerly known as Bank of Internet USA.BOFI on Wednesday priced a public offering of 750,000 common shares at $16.00, saying that the proceeds would be used "for general corporate purposes and possible future acquisitions and growth opportunities. " The company raised $7 million through a convertible preferred share offering in November, after raising $13.2 million in preferred equity during its fiscal fourth quarter, which ended Sept. 30. BOFI reported net income attributable to common stock of $6.4 million for its fiscal first quarter of 2012 ended Sept. 30, or 58 cents a share, increasing from $4.8 million, or 45 cents a share, a year earlier. Third-quarter net interest income increased 43% year-over-year, to $18.2 million, as the company grew its loan portfolio 65% year-over-year, to $1.4 billion. Noninterest income more than doubled year-over-year to $4.6 million in the fiscal first quarter, "primarily due to gain on sale of agency mortgage loans which increased to $2.1 million compared to $1.4 million for the quarter ended September 30, 2010," but also due to a $2.7 million gain on the transfer of $72.3 million in portfolio loans to held-for-sale. BOFI's net interest margin during the fiscal first quarter was 3.65%, increasing from 3.55% a year earlier. The ROA for the fiscal first quarter was 1.28%. Sandler O'Neill analyst Andrew Liesch rates BOFI a buy, with a $19 price target, saying in early November that although the company's shares trade at a "substantial premium to other U.S. thrifts on a book value basis," the premium "is well deserved given its superior credit quality, solid operating efficiency, positive earnings outlook and balance sheet growth prospects." The shares trade for 7.4 times the consensus 2012 EPS estimate of $2.24 among analysts polled by FactSet, and for 1.2 times tangible book value, according to SNL Financial. Both analysts covering BOFI rate the shares a buy.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV