Axos Financial, Inc (NYSE:AX) Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc significantly reduced its holdings in Axos Financial by 78.1% during Q1, owning only 3,613 shares valued at $233,000 after selling 12,865 shares.
• Several institutional investors, including Geode Capital Management and Northern Trust Corp, increased their positions in Axos Financial, indicating continued interest in the stock among major players.
• Analysts have raised their price targets for Axos Financial, with a consensus rating of "Moderate Buy" and an average target price of $90.86, following positive earnings reports.

Vestcor Inc cut its stake in shares of Axos Financial, Inc (NYSE:AX - Free Report) by 78.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,613 shares of the company's stock after selling 12,865 shares during the period. Vestcor Inc's holdings in Axos Financial were worth $233,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in Axos Financial by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 1,488,259 shares of the company's stock worth $103,975,000 after buying an additional 43,503 shares during the period. Northern Trust Corp boosted its holdings in shares of Axos Financial by 4.7% during the 4th quarter. Northern Trust Corp now owns 742,837 shares of the company's stock valued at $51,887,000 after purchasing an additional 33,207 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Axos Financial by 8.7% during the 4th quarter. Ameriprise Financial Inc. now owns 677,546 shares of the company's stock valued at $47,330,000 after purchasing an additional 54,238 shares during the last quarter. Emerald Advisers LLC lifted its holdings in shares of Axos Financial by 11.4% in the 1st quarter. Emerald Advisers LLC now owns 533,586 shares of the company's stock valued at $34,427,000 after acquiring an additional 54,466 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Axos Financial by 7.0% in the 4th quarter. Invesco Ltd. now owns 484,561 shares of the company's stock valued at $33,847,000 after acquiring an additional 31,530 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AX has been the subject of a number of analyst reports. Piper Sandler lowered their price target on shares of Axos Financial from $84.00 to $80.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Needham & Company LLC increased their price target on shares of Axos Financial from $92.00 to $102.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Keefe, Bruyette & Woods increased their price objective on shares of Axos Financial from $90.00 to $94.00 and gave the stock a "market perform" rating in a research report on Thursday, July 31st. Wall Street Zen raised shares of Axos Financial from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, DA Davidson increased their price objective on shares of Axos Financial from $96.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $90.86.

Axos Financial Trading Down 0.7%

Shares of NYSE:AX traded down $0.62 during trading on Wednesday, reaching $85.28. 285,630 shares of the company were exchanged, compared to its average volume of 394,875. The firm has a market capitalization of $4.81 billion, a PE ratio of 11.43 and a beta of 1.32. The business's fifty day simple moving average is $78.53 and its 200-day simple moving average is $70.51. Axos Financial, Inc has a 12-month low of $54.46 and a 12-month high of $88.46. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.09 and a quick ratio of 1.09.

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

Axos Financial declared that its Board of Directors has initiated a stock 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 shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Axos Financial

In related news, EVP Andrew J. Micheletti sold 13,960 shares of Axos Financial stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $85.38, for a total transaction of $1,191,904.80. Following the transaction, the executive vice president directly owned 67,460 shares of the company's stock, valued at $5,759,734.80. This trade represents a 17.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 5.07% of the company's stock.

Axos Financial Company 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.