Lord Abbett & CO. LLC Grows Stock Position in Axos Financial, Inc $AX

Key Points

• Lord Abbett & CO. LLC increased its stake in AXOS FINANCIAL by 11.3% during Q1, holding 129,333 shares worth approximately $8.35 million.
• Several hedge funds, including Nuveen LLC and GAMMA Investing LLC, have also significantly increased their investments in AXOS FINANCIAL, highlighting strong institutional interest in the stock.
• AXOS FINANCIAL reported earnings of $1.94 per share for the last quarter, surpassing analyst expectations and showing a 10.5% year-over-year increase in revenue.

Lord Abbett & CO. LLC lifted its stake in shares of Axos Financial, Inc (NYSE:AX - Free Report) by 11.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 129,333 shares of the company's stock after purchasing an additional 13,127 shares during the period. Lord Abbett & CO. LLC owned 0.23% of Axos Financial worth $8,345,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners raised its stake in Axos Financial by 18.2% in the 1st quarter. Boston Partners now owns 504,815 shares of the company's stock valued at $31,191,000 after acquiring an additional 77,730 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Axos Financial by 123.4% during the first quarter. Russell Investments Group Ltd. now owns 39,552 shares of the company's stock valued at $2,552,000 after purchasing an additional 21,847 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in Axos Financial by 46.0% during the 1st quarter. Public Sector Pension Investment Board now owns 197,341 shares of the company's stock worth $12,732,000 after purchasing an additional 62,198 shares during the last quarter. Nuveen LLC bought a new stake in shares of Axos Financial during the first quarter valued at approximately $35,240,000. Finally, Townsquare Capital LLC boosted its position in shares of Axos Financial by 15.1% during the first quarter. Townsquare Capital LLC now owns 4,100 shares of the company's stock valued at $265,000 after buying an additional 537 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Insider Buying and Selling at Axos Financial

In other Axos Financial news, EVP Andrew J. Micheletti sold 13,960 shares of Axos Financial stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $85.38, for a total transaction of $1,191,904.80. Following the completion of the transaction, the executive vice president owned 67,460 shares in the company, valued at approximately $5,759,734.80. This trade represents a 17.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.07% of the company's stock.

Axos Financial Trading Down 0.6%

Shares of NYSE:AX traded down $0.4850 during trading hours on Thursday, hitting $86.1150. 57,300 shares of the company's stock traded hands, compared to its average volume of 387,674. The business has a fifty day moving average price of $82.03 and a 200-day moving average price of $71.68. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $4.85 billion, a P/E ratio of 11.60 and a beta of 1.32. Axos Financial, Inc has a 1 year low of $54.46 and a 1 year high of $89.49.

Axos Financial (NYSE:AX - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $1.94 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.12. The company had revenue of $321.45 million during the quarter, compared to analyst estimates of $311.73 million. Axos Financial had a return on equity of 17.11% and a net margin of 22.24%.Axos Financial's revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.83 earnings per share. Equities analysts expect that Axos Financial, Inc will post 7.22 earnings per share for the current year.

Axos Financial announced that its board has approved a share buyback plan on Monday, May 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods upped their target price on Axos Financial from $90.00 to $94.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. Needham & Company LLC raised their price objective on Axos Financial from $92.00 to $102.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Raymond James Financial reaffirmed an "outperform" rating and set a $95.00 price objective (up previously from $90.00) on shares of Axos Financial in a research report on Thursday, July 31st. Wall Street Zen raised Axos Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Piper Sandler dropped their price target on Axos Financial from $84.00 to $80.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $90.86.

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.