Davis Asset Management L.P. Buys New Stake in Axos Financial, Inc $AX

Key Points

• Davis Asset Management bought 1.54 million Axos Financial shares worth approximately $149.5 million, making up 3.8% of its portfolio and representing a 2.7% ownership stake in the company.
• Institutional investors and hedge funds own 83.79% of Axos Financial, while recent insider activity included a director selling 500 shares for approximately $52,650.
• Analysts maintain a positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $115.67, compared with a recent price of $96.62.

Davis Asset Management L.P. purchased a new position in shares of Axos Financial, Inc (NYSE:AX - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,535,219 shares of the company's stock, valued at approximately $149,515,000. Axos Financial comprises 3.8% of Davis Asset Management L.P.'s holdings, making the stock its 10th largest position. Davis Asset Management L.P. owned 2.70% of Axos Financial as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Axos Financial by 0.9% in the first quarter. Royal Bank of Canada now owns 108,986 shares of the company's stock valued at $7,031,000 after purchasing an additional 1,015 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Axos Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,539 shares of the company's stock worth $2,099,000 after buying an additional 1,429 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Axos Financial during the 1st quarter worth approximately $212,000. Cetera Investment Advisers boosted its holdings in shares of Axos Financial by 1.8% in the 2nd quarter. Cetera Investment Advisers now owns 8,197 shares of the company's stock valued at $623,000 after buying an additional 141 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Axos Financial in the 2nd quarter valued at $6,252,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Axos Financial Stock Performance

NYSE:AX opened at $96.62 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 11.41 and a beta of 1.22. The firm's fifty day moving average price is $97.18 and its 200 day moving average price is $92.52. Axos Financial, Inc has a 1-year low of $74.89 and a 1-year high of $105.74.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AX shares. Benchmark lifted their price target on shares of Axos Financial from $115.00 to $120.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. DA Davidson set a $121.00 price objective on shares of Axos Financial in a research note on Friday, July 31st. Keefe, Bruyette & Woods raised their price objective on Axos Financial from $105.00 to $110.00 and gave the stock a "market perform" rating in a report on Friday, July 31st. Weiss Ratings upgraded Axos Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. Finally, Needham & Company LLC boosted their target price on Axos Financial from $110.00 to $128.00 and gave the company a "buy" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Axos Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.67.

Insider Buying and Selling at Axos Financial

In other news, Director Roque A. Santi sold 500 shares of Axos Financial stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.30, for a total value of $52,650.00. Following the sale, the director owned 7,146 shares of the company's stock, valued at $752,473.80. The trade was a 6.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.85% of the stock is currently owned by insiders.

Axos Financial Company Profile

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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