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5 Lean and Mean Bank Stocks

4. BOFI Holding, Inc.

Shares of BOFI Holding (BOFI) of San Diego closed at $64.72 Friday, returning 133% this year.

The shares trade for 3.4 times their reported June 30 tangible book value of $19.16, and for 15.3 times the consensus fiscal 2015 EPS estimate of $3.68. The consensus 2014 EPS estimate is $3.68. The company's fiscal 2013 ended on June 30.

The company's efficiency ratio for the 12-months ended June 30 was 40.73%, while its ROA was 1.46% and its ROTCE was 16.87%.

BOFI Holding had $3.1 billion in total assets as of June 30. Its main subsidiary BOFI Federal Bank gathers deposits through its Bank of Internet USA Web site. The company on Sept. 9 announced it had completed the purchase of $173 million in deposits from Principal Bank.

After the company reported a 35% year-over-year increase in fiscal fourth-quarter earnings available to common shareholders of $11.1 million, or 78 cents a share, KBW analyst Juliana Balicka on Aug. 15 reiterated her "market perform" rating for BOFI Holding, while increasing her price target for the shares to $64 from $48. Balicka raised her fiscal 2014 EPS estimate to $3.60 from $3.05 and introduced a fiscal 2015 EPS estimate of $3.90.

In a note to clients Balicka wrote that "In 2014, we think that expense growth will moderate and that revenue will continue to ramp from the new initiatives. For example: [commercial and industrial] healthcare finance -- very strong pipeline growth plus associated fee income; structured settlement sales to the secondary market -- a new exit for an older loan product and source of recurring fee income."

"The bank is targeting a 40% efficiency in the intermediate term and 35% in the long-term as new business growth settles out," she added.

BOFI Chart BOFI data by YCharts

Interested in more on BOFI Holding, Inc.? See TheStreet Ratings' report card for this stock.
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