Axos Financial, Inc $AX Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 168,773 Axos Financial shares worth approximately $16.4 million in the second quarter, joining several other institutions that initiated positions. Institutional investors now own 83.79% of the company.
• Analyst sentiment remains positive, with Axos carrying a “Moderate Buy” consensus rating and an average price target of $115.67. Recent target increases included Needham’s move to $128 and Benchmark’s move to $120.
• Axos exceeded quarterly expectations, reporting $2.53 in earnings per share versus the $2.16 consensus and revenue of $379.77 million versus $375.54 million expected. A company director later sold 500 shares, while insiders retain a 4.85% ownership stake.

Bank of America Corp DE purchased a new position in shares of Axos Financial, Inc (NYSE:AX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 168,773 shares of the company's stock, valued at approximately $16,437,000. Bank of America Corp DE owned about 0.30% of Axos Financial at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Axos Financial in the second quarter worth $817,051,000. Davis Asset Management L.P. purchased a new stake in Axos Financial during the 2nd quarter worth $149,515,000. Bank of New York Mellon Corp acquired a new stake in Axos Financial in the 2nd quarter valued at $36,816,000. Osterweis Capital Management Inc. acquired a new stake in Axos Financial in the 2nd quarter valued at $16,136,000. Finally, Legal & General Group Plc purchased a new position in Axos Financial in the second quarter valued at about $12,434,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AX has been the topic of a number of recent research reports. Weiss Ratings upgraded Axos Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. DA Davidson set a $121.00 target price on Axos Financial in a report on Friday, July 31st. Needham & Company LLC boosted their price target on Axos Financial from $110.00 to $128.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Keefe, Bruyette & Woods upped their price target on Axos Financial from $105.00 to $110.00 and gave the stock a "market perform" rating in a report on Friday, July 31st. Finally, Benchmark increased their price objective on shares of Axos Financial from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Axos Financial currently has an average rating of "Moderate Buy" and an average target price of $115.67.

Axos Financial Stock Up 1.2%

Shares of NYSE AX opened at $88.64 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.07 and a current ratio of 1.07. Axos Financial, Inc has a 1 year low of $74.89 and a 1 year high of $105.74. The stock's 50-day simple moving average is $96.85 and its 200-day simple moving average is $92.44. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 10.46 and a beta of 1.22.

Axos Financial (NYSE:AX - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.16 by $0.37. Axos Financial had a return on equity of 16.96% and a net margin of 22.39%.The firm had revenue of $379.77 million during the quarter, compared to the consensus estimate of $375.54 million. During the same quarter in the prior year, the business posted $1.94 earnings per share. As a group, equities analysts anticipate that Axos Financial, Inc will post 9.64 earnings per share for the current fiscal year.

Insider Activity at Axos Financial

In other news, Director Roque Santi sold 500 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.30, for a total transaction of $52,650.00. Following the completion of the transaction, the director directly owned 7,146 shares in the company, valued at approximately $752,473.80. This represents a 6.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.85% of the company's stock.

Axos Financial Company Profile

Axos Financial, Inc is the parent company of Axos Bank, a digital-first financial institution that provides banking and financial services to consumers, businesses and institutional clients. The company operates primarily through online and mobile platforms, supplemented by relationship-based banking and specialized service teams.

Axos Bank offers deposit products, personal and business checking and savings accounts, certificates of deposit, consumer lending, residential mortgage loans, commercial and industrial loans, commercial real estate financing and treasury management services.

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