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

Several other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its stake in Axos Financial by 1.1% in the first quarter. New York State Common Retirement Fund now owns 17,143 shares of the company's stock worth $1,106,000 after purchasing an additional 181 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in Axos Financial by 1.6% in the first quarter. SummerHaven Investment Management LLC now owns 13,386 shares of the company's stock worth $864,000 after purchasing an additional 206 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Axos Financial by 1.4% during the first quarter. Exchange Traded Concepts LLC now owns 15,844 shares of the company's stock worth $1,022,000 after acquiring an additional 223 shares during the period. Stifel Financial Corp increased its position in shares of Axos Financial by 3.4% during the fourth quarter. Stifel Financial Corp now owns 7,310 shares of the company's stock worth $511,000 after acquiring an additional 241 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Axos Financial by 0.9% during the fourth quarter. Janus Henderson Group PLC now owns 50,399 shares of the company's stock worth $3,520,000 after acquiring an additional 427 shares during the period. Institutional investors own 83.79% of the company's stock.

Axos Financial Stock Performance

Shares of AX stock opened at $90.06 on Tuesday. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of 12.07 and a beta of 1.32. The company's 50 day moving average is $83.11 and its 200 day moving average is $72.05. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.17. Axos Financial, Inc has a 52-week low of $54.46 and a 52-week high of $91.17.

Axos Financial (NYSE:AX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.12. The company 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%. Axos Financial's 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, sell-side analysts anticipate that Axos Financial, Inc will post 7.22 EPS for the current fiscal year.

Axos Financial declared that its board has initiated a stock buyback program on Monday, May 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Transactions at Axos Financial

In other Axos Financial news, EVP Andrew J. Micheletti sold 13,960 shares of Axos Financial stock in a transaction on 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 transaction, the executive vice president directly owned 67,460 shares of the company's stock, valued at approximately $5,759,734.80. The trade was a 17.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.07% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on AX shares. Needham & Company LLC raised their target price 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. Keefe, Bruyette & Woods raised their target price 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. Raymond James Financial reaffirmed an "outperform" rating and set a $95.00 target price (up from $90.00) on shares of Axos Financial 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, August 2nd. Finally, Jefferies Financial Group started coverage on shares of Axos Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $90.00 target price on the stock. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.86.

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.

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