OP Asset Management Ltd Acquires New Position in Axos Financial, Inc $AX

Key Points

• OP Asset Management initiated a new position in Axos Financial during the first quarter, buying 19,397 shares valued at about $1.65 million.
• Institutional interest in Axos Financial remains high, with several large funds adding to positions and 83.79% of the stock now held by institutional investors.
• Analysts are mostly constructive on the stock, with an average rating of “Moderate Buy” and an average price target of $109.40, even as the company recently reported earnings that missed estimates.

OP Asset Management Ltd acquired a new stake in Axos Financial, Inc (NYSE:AX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 19,397 shares of the company's stock, valued at approximately $1,650,000.

A number of other hedge funds have also added to or reduced their stakes in AX. Franklin Resources Inc. raised its holdings in shares of Axos Financial by 198.0% in the third quarter. Franklin Resources Inc. now owns 414,178 shares of the company's stock valued at $35,060,000 after acquiring an additional 275,191 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Axos Financial by 56.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 371,086 shares of the company's stock worth $31,973,000 after acquiring an additional 133,529 shares in the last quarter. UBS Group AG increased its position in Axos Financial by 65.7% during the 3rd quarter. UBS Group AG now owns 267,312 shares of the company's stock valued at $22,628,000 after purchasing an additional 106,003 shares during the period. Cerity Partners LLC raised its holdings in shares of Axos Financial by 712.9% in the 4th quarter. Cerity Partners LLC now owns 112,014 shares of the company's stock valued at $9,651,000 after purchasing an additional 98,235 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Axos Financial by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 528,300 shares of the company's stock valued at $45,518,000 after purchasing an additional 82,888 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AX. Weiss Ratings downgraded shares of Axos Financial from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 14th. Zacks Research downgraded shares of Axos Financial from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 8th. Raymond James Financial upgraded Axos Financial from an "outperform" rating to a "strong-buy" rating and lowered their target price for the stock from $110.00 to $100.00 in a report on Tuesday, April 7th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $110.00 price target on shares of Axos Financial in a report on Monday, March 16th. One 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 company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $109.40.

Axos Financial Trading Up 0.2%

Axos Financial stock opened at $96.38 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a market cap of $5.48 billion, a PE ratio of 11.71 and a beta of 1.24. The stock has a 50-day moving average of $89.69 and a two-hundred day moving average of $90.12. Axos Financial, Inc has a one year low of $74.89 and a one year high of $101.92.

Axos Financial (NYSE:AX - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.23). Axos Financial had a net margin of 22.53% and a return on equity of 16.48%. The firm had revenue of $392.25 million during the quarter, compared to analyst estimates of $372.51 million. During the same period in the previous year, the company earned $1.81 earnings per share. On average, research analysts anticipate that Axos Financial, Inc will post 8.38 EPS for the current fiscal year.

Insider Transactions at Axos Financial

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