Axos Financial (NYSE:AX) Hits New 1-Year High - Time to Buy?

Key Points

• Axos Financial shares hit a new 52-week high, trading as high as $102.18 before easing slightly. The move came despite the stock having closed previously at $98.16.
• Wall Street sentiment remains constructive, with the consensus analyst rating at “Buy” and an average price target of $110.33. Benchmark recently initiated coverage with a $115 target, while some firms have also upgraded the stock.
• Recent results were mixed: Axos beat revenue expectations with $392.25 million in quarterly sales, but EPS of $1.90 missed estimates of $2.13. The company also saw insider selling, though institutional ownership remains very high at 83.79%.

Axos Financial, Inc (NYSE:AX - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $102.18 and last traded at $101.6280, with a volume of 310088 shares trading hands. The stock had previously closed at $98.16.

Analyst Ratings Changes

A number of analysts recently commented on AX shares. Weiss Ratings raised shares of Axos Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 1st. Raymond James Financial upgraded Axos Financial from an "outperform" rating to a "strong-buy" rating and lowered their price target for the stock from $110.00 to $100.00 in a report on Tuesday, April 7th. Zacks Research downgraded Axos Financial from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 8th. Finally, Benchmark initiated coverage on Axos Financial in a report on Wednesday, July 8th. They issued a "buy" rating and a $115.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $110.33.

Axos Financial Price Performance

The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 12.26 and a beta of 1.23. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.38. The company's 50 day simple moving average is $90.27 and its 200-day simple moving average is $91.11.

Axos Financial (NYSE:AX - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.23). The firm had revenue of $392.25 million for the quarter, compared to analysts' expectations of $372.51 million. Axos Financial had a net margin of 22.53% and a return on equity of 16.48%. During the same period in the previous year, the company posted $1.81 EPS. On average, equities research analysts predict that Axos Financial, Inc will post 8.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Roque A. Santi sold 500 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $87.77, for a total value of $43,885.00. Following the completion of the transaction, the director directly owned 7,646 shares in the company, valued at approximately $671,089.42. This represents a 6.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael James Watson sold 1,653 shares of the firm's 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 sale, the executive vice president directly owned 4,592 shares in the company, valued at approximately $384,671.84. The trade was a 26.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Axos Financial

A number of institutional investors have recently added to or reduced their stakes in AX. Franklin Resources Inc. lifted its position in Axos Financial by 198.0% during the third quarter. Franklin Resources Inc. now owns 414,178 shares of the company's stock valued at $35,060,000 after buying an additional 275,191 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Axos Financial by 56.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 371,086 shares of the company's stock valued at $31,973,000 after acquiring an additional 133,529 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Axos Financial by 38.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 432,739 shares of the company's stock valued at $37,203,000 after acquiring an additional 119,523 shares in the last quarter. UBS Group AG boosted its position in Axos Financial by 65.7% during the 3rd quarter. UBS Group AG now owns 267,312 shares of the company's stock worth $22,628,000 after purchasing an additional 106,003 shares during the period. Finally, Militia Capital Management LLC acquired a new stake in Axos Financial in the 1st quarter valued at $8,509,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

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.

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