Axos Financial (NYSE:AX) Reaches New 12-Month High – Here’s Why

Axos Financial, Inc (NYSE:AX)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $102.18 and last traded at $101.6280, with a volume of 310088 shares traded. The stock had previously closed at $98.16.

Wall Street Analyst Weigh In

AX has been the subject of a number of research analyst reports. Benchmark began coverage on shares of Axos Financial in a research note on Wednesday, July 8th. They issued a “buy” rating and a $115.00 target price for the company. Weiss Ratings upgraded shares of Axos Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Raymond James Financial raised shares of Axos Financial from an “outperform” rating to a “strong-buy” rating and decreased their price target for the company from $110.00 to $100.00 in a research note on Tuesday, April 7th. Finally, Zacks Research lowered shares of Axos Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Axos Financial has an average rating of “Buy” and an average target price of $110.33.

Axos Financial Stock Performance

The firm has a fifty day moving average of $90.79 and a 200-day moving average of $91.25. The firm has a market cap of $5.66 billion, a P/E ratio of 12.08 and a beta of 1.23. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.38.

Axos Financial (NYSE:AX) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.23). Axos Financial had a return on equity of 16.48% and a net margin of 22.53%.The firm had revenue of $392.25 million for the quarter, compared to the consensus estimate of $372.51 million. During the same period in the prior year, the firm posted $1.81 earnings per share. Research analysts predict that Axos Financial, Inc will post 8.38 earnings per share for the current fiscal year.

Insider Activity at Axos Financial

In related news, EVP Michael James Watson sold 1,653 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $83.77, for a total transaction of $138,471.81. Following the completion of the sale, the executive vice president directly owned 4,592 shares of the company’s stock, valued at $384,671.84. The trade was a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Roque A. Santi sold 500 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $87.77, for a total transaction of $43,885.00. Following the completion of the transaction, the director owned 7,646 shares in the company, valued at $671,089.42. This represents a 6.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. State Street Corp increased its holdings in Axos Financial by 0.5% in the fourth quarter. State Street Corp now owns 2,696,323 shares of the company’s stock valued at $232,315,000 after purchasing an additional 13,669 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Axos Financial by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,177,003 shares of the company’s stock worth $185,234,000 after buying an additional 7,509 shares during the period. Geode Capital Management LLC grew its position in shares of Axos Financial by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 1,775,539 shares of the company’s stock worth $154,687,000 after buying an additional 62,269 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Axos Financial by 8.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 740,652 shares of the company’s stock valued at $56,319,000 after acquiring an additional 58,774 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Axos Financial by 7.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 721,572 shares of the company’s stock valued at $62,171,000 after acquiring an additional 52,250 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

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.