Axos Financial (NYSE:AX) Shares Gap Up Following Better-Than-Expected Earnings

Axos Financial, Inc. (NYSE:AX - Get Free Report)'s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $50.61, but opened at $53.92. Axos Financial shares last traded at $55.57, with a volume of 146,373 shares traded.

The company reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.21. Axos Financial had a return on equity of 17.83% and a net margin of 24.55%. The firm had revenue of $476.73 million during the quarter, compared to the consensus estimate of $277.85 million. During the same quarter in the previous year, the business earned $1.35 earnings per share.

Analyst Ratings Changes

Several brokerages have recently weighed in on AX. StockNews.com raised Axos Financial from a "sell" rating to a "hold" rating in a research report on Monday, February 5th. Raymond James upped their target price on Axos Financial from $45.00 to $62.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 31st. Piper Sandler upped their target price on Axos Financial from $65.00 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Wedbush reaffirmed a "neutral" rating and issued a $60.00 target price on shares of Axos Financial in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $63.33.

Insider Buying and Selling

In other Axos Financial news, Director Sara Wardell-Smith purchased 5,000 shares of the business's stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average price of $49.75 per share, for a total transaction of $248,750.00. Following the completion of the purchase, the director now owns 5,000 shares in the company, valued at approximately $248,750. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Axos Financial news, EVP Andrew J. Micheletti sold 1,548 shares of the company's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $51.57, for a total transaction of $79,830.36. Following the sale, the executive vice president now owns 427,535 shares in the company, valued at $22,047,979.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sara Wardell-Smith acquired 5,000 shares of the business's stock in a transaction on Friday, March 15th. The shares were purchased at an average price of $49.75 per share, for a total transaction of $248,750.00. Following the purchase, the director now directly owns 5,000 shares of the company's stock, valued at $248,750. The disclosure for this purchase can be found here. Insiders own 4.82% of the company's stock.

Institutional Trading of Axos Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. SummerHaven Investment Management LLC raised its position in shares of Axos Financial by 1.2% during the 4th quarter. SummerHaven Investment Management LLC now owns 17,185 shares of the company's stock worth $938,000 after purchasing an additional 206 shares during the period. Covestor Ltd raised its position in shares of Axos Financial by 34.1% during the 3rd quarter. Covestor Ltd now owns 1,302 shares of the company's stock worth $49,000 after purchasing an additional 331 shares during the period. D.A. Davidson & CO. raised its position in shares of Axos Financial by 1.6% during the 3rd quarter. D.A. Davidson & CO. now owns 24,403 shares of the company's stock worth $924,000 after purchasing an additional 385 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Axos Financial by 1.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,340 shares of the company's stock worth $959,000 after purchasing an additional 392 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Axos Financial by 8.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,318 shares of the company's stock worth $290,000 after purchasing an additional 394 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Axos Financial Price Performance

The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $51.31 and a two-hundred day moving average price of $48.58. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 8.43 and a beta of 1.44.

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.