There's also the rapid growth of the company's banking operation which could mean an "eventual increase in regulatory oversight."
Nevertheless, says Kramm, the results reiterate the strength of the core business, while external factors (rates) drive sentiment on the stock. The current multiple, he says, "does not give full credit" to the chances of higher rates.
He keeps his Buy rating and $37 price target (15% upside).
Shares are up 1.2% today.