Stock Repurchase Plan Announced by Axos Financial (NYSE:AX) Board of Directors

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AX. Needham & Company LLC restated a "buy" rating and set a $88.00 price target on shares of Axos Financial in a research report on Thursday, May 1st. Piper Sandler lowered their price target on Axos Financial from $84.00 to $80.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. 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 report on Friday, May 2nd. Keefe, Bruyette & Woods lowered their price target on Axos Financial from $91.00 to $90.00 and set a "market perform" rating for the company in a research report on Wednesday, January 29th. Finally, DA Davidson lowered their price target on Axos Financial from $88.00 to $84.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.50.

Axos Financial Stock Up 4.9%

NYSE:AX traded up $3.40 during midday trading on Monday, reaching $72.19. The company had a trading volume of 341,503 shares, compared to its average volume of 521,051. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 9.70 and a beta of 1.25. The stock's fifty day simple moving average is $62.92 and its 200-day simple moving average is $69.68. Axos Financial has a 12-month low of $44.10 and a 12-month high of $88.46. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.20.

Axos Financial (NYSE:AX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.07. The company had revenue of $432.72 million during the quarter, compared to the consensus estimate 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 in the previous year, the business earned $1.91 EPS. On average, sell-side analysts anticipate that Axos Financial will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul Grinberg sold 30,000 shares of Axos Financial stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $68.09, for a total transaction of $2,042,700.00. Following the sale, the director now owns 113,295 shares in the company, valued at approximately $7,714,256.55. The trade was a 20.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sara Wardell-Smith bought 3,000 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $64.73 per share, for a total transaction of $194,190.00. Following the transaction, the director now directly owns 10,250 shares of the company's stock, valued at approximately $663,482.50. This represents a 41.38% increase in their position. The disclosure for this purchase can be found here. 5.07% of the stock is owned by company insiders.

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.

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