JPMorgan Chase & Co. Boosts Stake in Axos Financial, Inc $AX

JPMorgan Chase & Co. lifted its holdings in Axos Financial, Inc (NYSE:AX) by 18.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 330,886 shares of the company’s stock after acquiring an additional 50,902 shares during the quarter. JPMorgan Chase & Co.’s holdings in Axos Financial were worth $28,010,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Salomon & Ludwin LLC purchased a new stake in shares of Axos Financial during the third quarter valued at approximately $26,000. Bessemer Group Inc. lifted its holdings in Axos Financial by 59.6% during the third quarter. Bessemer Group Inc. now owns 348 shares of the company’s stock worth $29,000 after acquiring an additional 130 shares during the period. Brown Brothers Harriman & Co. purchased a new position in Axos Financial in the third quarter worth $29,000. EverSource Wealth Advisors LLC boosted its position in Axos Financial by 294.7% in the second quarter. EverSource Wealth Advisors LLC now owns 446 shares of the company’s stock worth $34,000 after purchasing an additional 333 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in Axos Financial in the 3rd quarter valued at $40,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AX. DA Davidson raised their target price on Axos Financial from $107.50 to $112.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Axos Financial in a report on Monday, March 16th. Weiss Ratings restated a “buy (b)” rating on shares of Axos Financial in a research report on Monday, December 29th. Jefferies Financial Group raised their price objective on shares of Axos Financial from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Axos Financial from $100.00 to $110.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Axos Financial presently has an average rating of “Buy” and a consensus target price of $104.50.

Insider Activity at Axos Financial

In other Axos Financial news, CEO Gregory Garrabrants sold 43,294 shares of the stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $99.10, for a total transaction of $4,290,435.40. Following the completion of the transaction, the chief executive officer owned 1,418,751 shares in the company, valued at $140,598,224.10. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James John Court sold 11,163 shares of Axos Financial stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $101.01, for a total transaction of $1,127,574.63. Following the completion of the transaction, the director owned 32,169 shares of the company’s stock, valued at $3,249,390.69. The trade was a 25.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 59,303 shares of company stock worth $5,908,474. Company insiders own 4.85% of the company’s stock.

Axos Financial Stock Performance

NYSE:AX opened at $83.80 on Tuesday. The company has a market capitalization of $4.75 billion, a P/E ratio of 10.62 and a beta of 1.27. The business has a fifty day simple moving average of $92.21 and a two-hundred day simple moving average of $87.17. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.08 and a quick ratio of 1.08. Axos Financial, Inc has a 1 year low of $54.46 and a 1 year high of $101.92.

Axos Financial (NYSE:AX) last issued its quarterly earnings results on Thursday, January 29th. The company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.18. The firm had revenue of $385.09 million for the quarter, compared to analysts’ expectations of $345.89 million. Axos Financial had a return on equity of 16.98% and a net margin of 22.66%.The business’s revenue for the quarter was up 25.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.82 EPS. On average, analysts expect that Axos Financial, Inc will post 7.22 earnings per share for the current year.

About Axos Financial

Axos Financial, Inc (NYSE: AX) is a diversified online banking and financial services holding company headquartered in San Diego, California. The firm traces its origins to 1999 with the launch of Bank of Internet USA and rebranded as Axos Financial in December 2018 to reflect an expanded suite of digital offerings. Axos Financial operates through its wholly owned subsidiary, Axos Bank, providing a technology-driven banking platform that serves both retail and commercial clients across the United States.

Through its digital banking platform, Axos Financial delivers a range of deposit products, including checking and savings accounts, money market and certificate of deposit accounts, as well as individual retirement accounts.