Geode Capital Management LLC Acquires 62,269 Shares of Axos Financial, Inc $AX

Key Points

• Geode Capital Management boosted its Axos Financial stake by 3.6% in the fourth quarter, adding 62,269 shares and bringing its total holding to 1,775,539 shares valued at about $154.7 million.
• Wall Street sentiment remains mixed but constructive: Axos has a Moderate Buy consensus rating with a $109.40 average price target, though some firms have recently downgraded the stock.
• The company reported Q1 earnings of $1.90 per share, below estimates of $2.13, even as revenue came in above expectations at $392.25 million; meanwhile, several insiders sold shares recently and the stock was trading around $84.68.

Geode Capital Management LLC increased its holdings in shares of Axos Financial, Inc (NYSE:AX - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,775,539 shares of the company's stock after buying an additional 62,269 shares during the quarter. Geode Capital Management LLC owned 3.13% of Axos Financial worth $154,687,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bessemer Group Inc. raised its position in Axos Financial by 59.6% in the third quarter. Bessemer Group Inc. now owns 348 shares of the company's stock valued at $29,000 after purchasing an additional 130 shares during the last quarter. Brown Brothers Harriman & Co. bought a new position in Axos Financial in the third quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its position in Axos Financial by 294.7% in the second quarter. EverSource Wealth Advisors LLC now owns 446 shares of the company's stock valued at $34,000 after purchasing an additional 333 shares during the last quarter. Torren Management LLC bought a new position in Axos Financial in the fourth quarter valued at about $36,000. Finally, Salomon & Ludwin LLC raised its position in Axos Financial by 43.2% in the fourth quarter. Salomon & Ludwin LLC now owns 441 shares of the company's stock valued at $39,000 after purchasing an additional 133 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on AX. Raymond James Financial upgraded Axos Financial from an "outperform" rating to a "strong-buy" rating and dropped their target price for the company from $110.00 to $100.00 in a research report on Tuesday, April 7th. Weiss Ratings downgraded Axos Financial from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, May 14th. Needham & Company LLC restated a "buy" rating and set a $110.00 price objective on shares of Axos Financial in a research report on Monday, March 16th. Finally, Zacks Research downgraded Axos Financial from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 8th. One research analyst has 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 stock has a consensus rating of "Moderate Buy" and a consensus price target of $109.40.

Insider Activity at Axos Financial

In related news, Director Roque A. Santi sold 500 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $87.77, for a total transaction of $43,885.00. Following the completion of the sale, the director owned 7,646 shares of the company's stock, valued at $671,089.42. This trade represents a 6.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael James Watson sold 1,653 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $83.77, for a total value of $138,471.81. Following the sale, the executive vice president directly owned 4,592 shares of the company's stock, valued at $384,671.84. This represents a 26.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 4.85% of the company's stock.

Axos Financial Trading Down 3.5%

NYSE AX opened at $84.68 on Thursday. The business has a 50 day simple moving average of $89.15 and a 200 day simple moving average of $89.05. Axos Financial, Inc has a one year low of $69.19 and a one year high of $101.92. The stock has a market capitalization of $4.82 billion, a P/E ratio of 10.29 and a beta of 1.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.15 and a quick ratio of 1.15.

Axos Financial (NYSE:AX - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.23). Axos Financial had a return on equity of 16.48% and a net margin of 22.53%.The business had revenue of $392.25 million for the quarter, compared to analyst estimates of $372.51 million. During the same period in the prior year, the business earned $1.81 EPS. Research analysts expect that Axos Financial, Inc will post 8.57 earnings per share for the current year.

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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