Bank of America Corp DE Sells 187,037 Shares of Axos Financial, Inc. (NYSE:AX)

Bank of America Corp DE cut its position in shares of Axos Financial, Inc. (NYSE:AX - Free Report) by 78.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 50,713 shares of the company's stock after selling 187,037 shares during the quarter. Bank of America Corp DE owned 0.09% of Axos Financial worth $3,542,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ameriprise Financial Inc. increased its position in shares of Axos Financial by 8.7% in the fourth quarter. Ameriprise Financial Inc. now owns 677,546 shares of the company's stock worth $47,330,000 after acquiring an additional 54,238 shares in the last quarter. Algert Global LLC boosted its position in Axos Financial by 9.5% during the 4th quarter. Algert Global LLC now owns 173,634 shares of the company's stock worth $12,128,000 after acquiring an additional 15,017 shares during the period. Ategra Capital Management LLC grew its stake in Axos Financial by 47.9% during the 4th quarter. Ategra Capital Management LLC now owns 214,280 shares of the company's stock valued at $14,967,000 after acquiring an additional 69,438 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of Axos Financial by 71.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,155 shares of the company's stock valued at $639,000 after purchasing an additional 3,810 shares during the period. Finally, Schonfeld Strategic Advisors LLC lifted its position in shares of Axos Financial by 33.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 34,806 shares of the company's stock worth $2,431,000 after purchasing an additional 8,807 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Insider Buying and Selling

In other news, Director Paul Grinberg sold 30,000 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $68.09, for a total value of $2,042,700.00. Following the sale, the director now owns 113,295 shares of the company's stock, valued at approximately $7,714,256.55. This represents a 20.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AX shares. Piper Sandler reduced their price target on Axos Financial from $84.00 to $80.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and set a $88.00 price target on shares of Axos Financial in a report on Thursday, May 1st. Jefferies Financial Group started coverage on shares of Axos Financial in a report on Wednesday, May 21st. They issued a "buy" rating and a $90.00 price objective for the company. DA Davidson reduced their price target on Axos Financial from $88.00 to $84.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Raymond James reiterated an "outperform" rating and set a $72.00 price target (down previously from $80.00) on shares of Axos Financial in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $82.71.

Axos Financial Stock Performance

Shares of AX stock traded down $0.68 during trading hours on Wednesday, reaching $70.11. 18,362 shares of the company's stock were exchanged, compared to its average volume of 503,381. Axos Financial, Inc. has a fifty-two week low of $44.10 and a fifty-two week high of $88.46. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $3.95 billion, a P/E ratio of 9.43 and a beta of 1.25. The business has a fifty day moving average price of $65.15 and a 200-day moving average price of $69.32.

Axos Financial (NYSE:AX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.07. Axos Financial had a net margin of 22.10% and a return on equity of 18.67%. The firm had revenue of $432.72 million during the quarter, compared to the consensus estimate of $305.04 million. During the same period in the prior year, the firm earned $1.91 EPS. Analysts predict that Axos Financial, Inc. will post 7.22 EPS for the current fiscal year.

Axos Financial announced that its Board of Directors has approved a stock repurchase program on Monday, May 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

About Axos Financial

Axos Financial, Inc, together with its subsidiaries, provides consumer and business banking products in the United States. It operates through two segments, Banking Business and Securities Business. The company offers deposits products, including consumer and business checking, demand, savings, time deposit, money market, zero balance, and insured cash sweep accounts.