Empirical Finance LLC Makes New $2.68 Million Investment in Axos Financial, Inc (NYSE:AX)

Key Points

• Empirical Finance LLC has acquired a new position in Axos Financial with an investment of approximately $2.68 million, totaling 41,515 shares, which represents a 0.07% stake in the company as of the latest reporting period.
• Axos Financial is undergoing significant institutional interest, with several firms increasing their holdings, notably Wealth Enhancement Advisory Services boosting its stake by nearly 95%.
• The company's board has authorized a $100 million share buyback plan, indicating confidence in the company's value, while its stock currently trades within a 52-week range of $54.46 to $88.46.

Empirical Finance LLC purchased a new position in shares of Axos Financial, Inc (NYSE:AX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 41,515 shares of the company's stock, valued at approximately $2,679,000. Empirical Finance LLC owned 0.07% of Axos Financial at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Heck Capital Advisors LLC acquired a new stake in shares of Axos Financial in the fourth quarter valued at approximately $35,000. NewEdge Advisors LLC boosted its stake in Axos Financial by 1,700.0% in the 4th quarter. NewEdge Advisors LLC now owns 900 shares of the company's stock worth $63,000 after purchasing an additional 850 shares during the period. GAMMA Investing LLC boosted its stake in Axos Financial by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 1,834 shares of the company's stock worth $118,000 after purchasing an additional 516 shares during the period. Covestor Ltd boosted its stake in Axos Financial by 24.1% in the 4th quarter. Covestor Ltd now owns 2,274 shares of the company's stock worth $158,000 after purchasing an additional 442 shares during the period. Finally, Palouse Capital Management Inc. lifted its position in Axos Financial by 37.2% in the 1st quarter. Palouse Capital Management Inc. now owns 2,649 shares of the company's stock worth $171,000 after buying an additional 718 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Axos Financial Stock Performance

NYSE:AX traded up $1.27 during mid-day trading on Wednesday, reaching $86.87. The company's stock had a trading volume of 97,230 shares, compared to its average volume of 390,029. The firm's fifty day moving average price is $76.70 and its two-hundred day moving average price is $69.86. The stock has a market cap of $4.90 billion, a P/E ratio of 11.83 and a beta of 1.29. Axos Financial, Inc has a 12-month low of $54.46 and a 12-month high of $88.46. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.19.

Axos Financial (NYSE:AX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.07. The business had revenue of $432.72 million during the quarter, compared to analyst estimates of $305.04 million. Axos Financial had a net margin of 21.93% and a return on equity of 17.58%. During the same period last year, the firm posted $1.91 EPS. On average, equities analysts forecast that Axos Financial, Inc will post 7.22 EPS for the current fiscal year.

Axos Financial declared that its Board of Directors has approved a stock buyback plan on Monday, May 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

AX has been the topic of several recent research reports. Piper Sandler decreased their target price on shares of Axos Financial from $84.00 to $80.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Jefferies Financial Group initiated coverage on shares of Axos Financial in a research note on Wednesday, May 21st. They set a "buy" rating and a $90.00 price target for the company. Wall Street Zen cut shares of Axos Financial from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. Keefe, Bruyette & Woods upped their price target on shares of Axos Financial from $85.00 to $90.00 and gave the company a "market perform" rating in a report on Friday, July 11th. Finally, Needham & Company LLC increased their target price on shares of Axos Financial from $88.00 to $92.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.86.

Insiders Place Their Bets

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

Axos Financial Profile

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.