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

Axos Financial, Inc. (NYSE:AX)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 changing hands.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Axos Financial from a “sell” rating to a “hold” rating in a report on Monday, February 5th. Wedbush restated a “neutral” rating and issued a $60.00 price target on shares of Axos Financial in a report on Wednesday. Raymond James boosted their target price on Axos Financial from $45.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Finally, Piper Sandler boosted their price target on shares of Axos Financial from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.33.

Insider Buying and Selling at Axos Financial

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

Institutional Trading of Axos Financial

A number of institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its holdings in Axos Financial by 37.6% during the 1st quarter. BNP Paribas Financial Markets now owns 45,960 shares of the company’s stock worth $2,484,000 after acquiring an additional 12,560 shares during the period. Argent Capital Management LLC increased its holdings in shares of Axos Financial by 10.4% in the first quarter. Argent Capital Management LLC now owns 5,999 shares of the company’s stock worth $324,000 after purchasing an additional 567 shares during the period. Raymond James & Associates raised its position in shares of Axos Financial by 7.8% in the first quarter. Raymond James & Associates now owns 88,301 shares of the company’s stock worth $4,772,000 after buying an additional 6,362 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Axos Financial by 96.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 207,891 shares of the company’s stock valued at $11,234,000 after buying an additional 102,205 shares during the period. Finally, CCG Wealth Management LLC grew its position in Axos Financial by 441.5% during the first quarter. CCG Wealth Management LLC now owns 54,211 shares of the company’s stock worth $2,930,000 after buying an additional 44,200 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Axos Financial Price Performance

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

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.