Wasatch Advisors LP Trims Holdings in Axos Financial, Inc $AX

Key Points

• Wasatch Advisors reduced its Axos Financial stake by 16.4% in the second quarter, selling 100,805 shares and retaining 515,576 shares valued at approximately $50.2 million. Institutional investors collectively own 83.79% of the company.
• Analysts remain broadly positive, with Axos Financial carrying a consensus “Buy” rating and an average price target of $114.83; Needham raised its target to $128.
• Axos Financial reported quarterly EPS of $2.53, beating estimates of $2.16, while revenue of $379.77 million also exceeded expectations. Shares opened at $100.09, near their 52-week high of $105.74.

Wasatch Advisors LP reduced its position in shares of Axos Financial, Inc (NYSE:AX - Free Report) by 16.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 515,576 shares of the company's stock after selling 100,805 shares during the period. Wasatch Advisors LP owned 0.91% of Axos Financial worth $50,212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AX. Franklin Resources Inc. lifted its stake in shares of Axos Financial by 198.0% during the third quarter. Franklin Resources Inc. now owns 414,178 shares of the company's stock valued at $35,060,000 after buying an additional 275,191 shares during the period. Goldman Sachs Group Inc. boosted its position in Axos Financial by 56.2% during the fourth 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 during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Axos Financial by 38.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 432,739 shares of the company's stock worth $37,203,000 after acquiring an additional 119,523 shares during the period. UBS Group AG grew its stake in Axos Financial by 65.7% in the 3rd quarter. UBS Group AG now owns 267,312 shares of the company's stock worth $22,628,000 after acquiring an additional 106,003 shares during the period. Finally, Militia Capital Management LLC acquired a new position in Axos Financial in the 1st quarter valued at $8,509,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on AX shares. Needham & Company LLC increased their price target on Axos Financial from $110.00 to $128.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods lifted their price objective on Axos Financial from $105.00 to $110.00 and gave the company a "market perform" rating in a research report on Friday, July 31st. Benchmark initiated coverage on Axos Financial in a research note on Wednesday, July 8th. They issued a "buy" rating and a $115.00 target price for the company. Weiss Ratings upgraded Axos Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 1st. Finally, DA Davidson set a $121.00 price target on Axos Financial in a research note on Friday, July 31st. Two research analysts have 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.com, the stock presently has an average rating of "Buy" and a consensus target price of $114.83.

Axos Financial Stock Up 0.9%

Shares of AX opened at $100.09 on Wednesday. Axos Financial, Inc has a fifty-two week low of $74.89 and a fifty-two week high of $105.74. The company's fifty day moving average is $95.49 and its two-hundred day moving average is $92.26. The firm has a market cap of $5.69 billion, a PE ratio of 11.82 and a beta of 1.22. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.24.

Axos Financial (NYSE:AX - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $2.53 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.37. The business had revenue of $379.77 million during the quarter, compared to the consensus estimate of $375.54 million. Axos Financial had a return on equity of 16.96% and a net margin of 22.39%.During the same period in the prior year, the firm posted $1.94 EPS. Analysts forecast that Axos Financial, Inc will post 9.59 earnings per share for the current year.

Insider Transactions at Axos Financial

In other Axos Financial news, Director Roque A. Santi sold 500 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.30, for a total transaction of $52,650.00. Following the completion of the sale, the director directly owned 7,146 shares in the company, valued at $752,473.80. This represents a 6.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael James Watson sold 1,653 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $83.77, for a total value of $138,471.81. Following the completion of the transaction, the executive vice president owned 4,592 shares in the company, valued at approximately $384,671.84. This trade represents a 26.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.85% of the stock is currently owned by 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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