Axos Financial (NYSE:AX) Announces Earnings Results

Axos Financial (NYSE:AX) announced its quarterly earnings results on Thursday. The company reported $2.53 EPS for the quarter, topping the consensus estimate of $2.16 by $0.37, FiscalAI reports. Axos Financial had a net margin of 22.53% and a return on equity of 16.48%.

Axos Financial Price Performance

AX stock traded up $0.32 during trading on Thursday, hitting $98.50. 406,456 shares of the company’s stock traded hands, compared to its average volume of 400,790. Axos Financial has a 52 week low of $74.89 and a 52 week high of $102.18. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 11.97 and a beta of 1.23. The business has a fifty day simple moving average of $92.85 and a 200 day simple moving average of $91.74. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.15 and a current ratio of 1.15.

Insider Transactions at Axos Financial

In related news, Director Roque A. Santi sold 500 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $87.77, for a total value of $43,885.00. Following the completion of the transaction, the director owned 7,646 shares of the company’s stock, valued at approximately $671,089.42. This trade represents a 6.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael James Watson sold 1,653 shares of Axos Financial stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $83.77, for a total value of $138,471.81. Following the completion of the transaction, the executive vice president owned 4,592 shares of the company’s stock, valued at approximately $384,671.84. This represents a 26.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 4.85% of the company’s stock.

Institutional Investors Weigh In On Axos Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC increased its position in shares of Axos Financial by 6.6% during the 4th quarter. Corient Private Wealth LLC now owns 2,696 shares of the company’s stock valued at $232,000 after purchasing an additional 168 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Axos Financial by 7.3% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 11,697 shares of the company’s stock worth $1,008,000 after buying an additional 798 shares during the last quarter. Summit Global Investments lifted its position in Axos Financial by 35.7% in the fourth quarter. Summit Global Investments now owns 14,203 shares of the company’s stock worth $1,224,000 after buying an additional 3,734 shares during the last quarter. State of Tennessee Department of Treasury boosted its stake in Axos Financial by 29.6% during the fourth quarter. State of Tennessee Department of Treasury now owns 31,196 shares of the company’s stock worth $2,688,000 after buying an additional 7,118 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Axos Financial by 22.8% during the fourth quarter. NewEdge Advisors LLC now owns 1,105 shares of the company’s stock worth $95,000 after buying an additional 205 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AX shares. Raymond James Financial raised Axos Financial from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $110.00 to $100.00 in a report on Tuesday, April 7th. Benchmark started coverage on Axos Financial in a report on Wednesday, July 8th. They set a “buy” rating and a $115.00 price target for the company. Weiss Ratings upgraded Axos Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Finally, Zacks Research cut Axos Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $110.33.

About Axos Financial

Axos Financial, Inc (NYSE: AX) is a diversified online banking and financial services holding company headquartered in San Diego, California. The firm traces its origins to 1999 with the launch of Bank of Internet USA and rebranded as Axos Financial in December 2018 to reflect an expanded suite of digital offerings. Axos Financial operates through its wholly owned subsidiary, Axos Bank, providing a technology-driven banking platform that serves both retail and commercial clients across the United States.

Through its digital banking platform, Axos Financial delivers a range of deposit products, including checking and savings accounts, money market and certificate of deposit accounts, as well as individual retirement accounts.