Axos Financial (NYSE:AX) to Buyback $100.00 million in Stock

Axos Financial (NYSE:AX - Get Free Report) declared that its board has approved a share repurchase program on Monday, May 12th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AX. Raymond James restated an "outperform" rating and set a $72.00 price target (down from $80.00) on shares of Axos Financial in a research note on Friday, May 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $88.00 price objective on shares of Axos Financial in a research note on Thursday, May 1st. Piper Sandler reduced their price objective on Axos Financial from $84.00 to $80.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Keefe, Bruyette & Woods reduced their price objective on Axos Financial from $91.00 to $90.00 and set a "market perform" rating on the stock in a research note on Wednesday, January 29th. Finally, DA Davidson reduced their price objective on Axos Financial from $88.00 to $84.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Axos Financial presently has an average rating of "Moderate Buy" and a consensus target price of $81.50.

Axos Financial Stock Down 0.3%

Axos Financial stock traded down $0.23 during midday trading on Friday, reaching $72.49. The company's stock had a trading volume of 320,481 shares, compared to its average volume of 521,341. Axos Financial has a fifty-two week low of $44.10 and a fifty-two week high of $88.46. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.20. The company has a market cap of $4.09 billion, a P/E ratio of 9.74 and a beta of 1.25. The business has a 50-day simple moving average of $63.68 and a 200-day simple moving average of $69.83.

Axos Financial (NYSE:AX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.07. The company had revenue of $432.72 million for the quarter, compared to analysts' expectations of $305.04 million. Axos Financial had a return on equity of 18.67% and a net margin of 22.10%. During the same period last year, the firm earned $1.91 earnings per share. On average, research analysts expect that Axos Financial will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Axos Financial news, Director Sara Wardell-Smith acquired 3,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were bought at an average price of $64.73 per share, with a total value of $194,190.00. Following the acquisition, the director now owns 10,250 shares of the company's stock, valued at $663,482.50. This trade represents a 41.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Grinberg sold 30,000 shares of Axos Financial stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $68.09, for a total value of $2,042,700.00. Following the completion of the sale, the director now directly owns 113,295 shares in the company, valued at $7,714,256.55. This represents a 20.94% decrease in their position. The disclosure for this sale can be found here. Corporate 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.