Axos Financial, Inc (NYSE:AX) Stake Lifted by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in AXOS FINANCIAL by 46%, owning approximately $12.73 million worth of shares as of the last reporting period.
• AXOS FINANCIAL reported a quarterly earnings per share of $1.94, exceeding analysts' expectations of $1.82, with a 10.5% increase in revenue compared to the previous year.
• A share repurchase program of $100 million was approved by AXOS FINANCIAL's board, indicating confidence in the company's valuation.

Public Sector Pension Investment Board increased its stake in shares of Axos Financial, Inc (NYSE:AX - Free Report) by 46.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 197,341 shares of the company's stock after purchasing an additional 62,198 shares during the period. Public Sector Pension Investment Board owned 0.35% of Axos Financial worth $12,732,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Nuveen LLC acquired a new position in Axos Financial in the 1st quarter valued at $35,240,000. Raymond James Financial Inc. purchased a new stake in shares of Axos Financial during the 4th quarter valued at $16,464,000. Epoch Investment Partners Inc. grew its stake in shares of Axos Financial by 255.3% during the 4th quarter. Epoch Investment Partners Inc. now owns 199,662 shares of the company's stock valued at $13,946,000 after buying an additional 143,474 shares during the period. GAMMA Investing LLC grew its stake in shares of Axos Financial by 8,878.0% during the 1st quarter. GAMMA Investing LLC now owns 118,330 shares of the company's stock valued at $7,635,000 after buying an additional 117,012 shares during the period. Finally, Hsbc Holdings PLC grew its stake in shares of Axos Financial by 1,619.2% during the 4th quarter. Hsbc Holdings PLC now owns 117,940 shares of the company's stock valued at $8,269,000 after buying an additional 111,080 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AX shares. Raymond James Financial reissued an "outperform" rating and set a $95.00 price objective (up from $90.00) on shares of Axos Financial in a research note on Thursday, July 31st. DA Davidson boosted their price objective on shares of Axos Financial from $96.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Needham & Company LLC upped their price target on shares of Axos Financial from $92.00 to $102.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Piper Sandler decreased their price target on shares of Axos Financial from $84.00 to $80.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, Jefferies Financial Group initiated coverage on shares of Axos Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $90.00 price target for the company. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $90.86.

Axos Financial Stock Down 1.3%

NYSE:AX traded down $1.20 on Friday, reaching $87.87. The stock had a trading volume of 656,810 shares, compared to its average volume of 352,383. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average of $81.16 and a 200 day moving average of $71.33. The stock has a market cap of $4.95 billion, a P/E ratio of 11.78 and a beta of 1.32. Axos Financial, Inc has a 12-month low of $54.46 and a 12-month high of $89.49.

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

Axos Financial announced that its Board of Directors has initiated a share repurchase plan on Monday, May 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

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

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.