Wellington Management Group LLP Cuts Holdings in Axos Financial, Inc $AX

Key Points

• Wellington Management Group LLP has reduced its stake in Axos Financial, Inc by 41.2%, selling 264,172 shares in the first quarter, leaving them with a total of 377,079 shares valued at approximately $24.3 million.
• Axos Financial recently surpassed earnings expectations, reporting $1.94 earnings per share for the quarter, beating estimates by $0.12 and achieving a revenue of $321.45 million, up 10.5% from the previous year.
• The company has initiated a stock buyback program allowing for the repurchase of up to $100 million in shares, which often indicates management's belief that the stock is undervalued.

Wellington Management Group LLP decreased its stake in shares of Axos Financial, Inc (NYSE:AX - Free Report) by 41.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 377,079 shares of the company's stock after selling 264,172 shares during the quarter. Wellington Management Group LLP owned approximately 0.67% of Axos Financial worth $24,329,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Heck Capital Advisors LLC purchased a new stake in Axos Financial during the 4th quarter worth about $35,000. NewEdge Advisors LLC boosted its position in shares of Axos Financial by 1,700.0% during the 4th quarter. NewEdge Advisors LLC now owns 900 shares of the company's stock worth $63,000 after acquiring an additional 850 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Axos Financial by 39.2% during the 1st quarter. GAMMA Investing LLC now owns 1,834 shares of the company's stock worth $118,000 after acquiring an additional 516 shares in the last quarter. Palouse Capital Management Inc. boosted its position in shares of Axos Financial by 37.2% during the 1st quarter. Palouse Capital Management Inc. now owns 2,649 shares of the company's stock worth $171,000 after acquiring an additional 718 shares in the last quarter. Finally, Bridgefront Capital LLC acquired a new position in shares of Axos Financial during the 4th quarter worth about $201,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their price objective on Axos Financial from $90.00 to $94.00 and gave the stock a "market perform" rating in a research report on Thursday, July 31st. Raymond James Financial reaffirmed an "outperform" rating and set a $95.00 price objective (up from $90.00) on shares of Axos Financial in a research report on Thursday, July 31st. Needham & Company LLC upped their price objective on Axos Financial from $92.00 to $102.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Jefferies Financial Group assumed coverage on Axos Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $90.00 price objective for the company. Finally, DA Davidson upped their price objective on Axos Financial from $96.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.86.

Axos Financial Stock Performance

Shares of NYSE AX traded down $0.26 during trading hours on Friday, reaching $91.09. The stock had a trading volume of 212,601 shares, compared to its average volume of 327,321. The firm has a market cap of $5.15 billion, a price-to-earnings ratio of 12.21 and a beta of 1.32. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. Axos Financial, Inc has a fifty-two week low of $54.46 and a fifty-two week high of $92.99. The firm has a 50-day moving average of $84.77 and a 200-day moving average of $72.62.

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

Axos Financial declared that its board has initiated a share buyback 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

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 that occurred on Monday, August 4th. The stock was sold at an average price of $85.38, for a total value of $1,191,904.80. Following the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.07% of the company's stock.

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.