Needham & Company LLC Reiterates Buy Rating for Axos Financial (NYSE:AX)

Axos Financial (NYSE:AX)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $110.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 13.07% from the stock’s current price.

AX has been the subject of several other reports. Jefferies Financial Group increased their target price on shares of Axos Financial from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, January 30th. DA Davidson lifted their target price on Axos Financial from $107.50 to $112.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Keefe, Bruyette & Woods upped their price target on shares of Axos Financial from $100.00 to $110.00 and gave the stock a “market perform” rating in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Axos Financial in a research report on Monday, December 29th. Finally, Zacks Research raised Axos Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $104.50.

Axos Financial Stock Performance

AX stock opened at $97.29 on Friday. Axos Financial has a fifty-two week low of $54.46 and a fifty-two week high of $101.92. The company has a market capitalization of $5.51 billion, a P/E ratio of 12.33 and a beta of 1.27. The company has a 50-day simple moving average of $91.59 and a 200 day simple moving average of $86.99. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.40.

Axos Financial (NYSE:AX) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.18. The business had revenue of $385.09 million during the quarter, compared to analysts’ expectations of $345.89 million. Axos Financial had a net margin of 22.66% and a return on equity of 16.98%. The business’s revenue was up 25.1% on a year-over-year basis. During the same period last year, the firm posted $1.82 earnings per share. Sell-side analysts predict that Axos Financial will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Tamara N. Bohlig sold 2,145 shares of Axos Financial stock in a transaction on Monday, December 8th. The shares were sold at an average price of $86.23, for a total value of $184,963.35. Following the completion of the transaction, the director owned 12,919 shares of the company’s stock, valued at approximately $1,114,005.37. The trade was a 14.24% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 63,593 shares of company stock worth $6,274,883. Insiders own 4.85% of the company’s stock.

Institutional Investors Weigh In On Axos Financial

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its stake in Axos Financial by 0.5% during the 4th quarter. State Street Corp now owns 2,696,323 shares of the company’s stock worth $232,315,000 after acquiring an additional 13,669 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Axos Financial by 1.5% during the 3rd quarter. American Century Companies Inc. now owns 2,413,512 shares of the company’s stock worth $204,304,000 after acquiring an additional 35,391 shares in the last quarter. Geode Capital Management LLC increased its stake in Axos Financial by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 1,775,539 shares of the company’s stock valued at $154,687,000 after buying an additional 62,269 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Axos Financial by 8.6% during the second quarter. Ameriprise Financial Inc. now owns 740,652 shares of the company’s stock worth $56,319,000 after acquiring an additional 58,774 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its holdings in shares of Axos Financial by 6.0% in the 2nd quarter. Geneva Capital Management LLC now owns 739,374 shares of the company’s stock valued at $56,222,000 after buying an additional 42,126 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Axos Financial Company Profile

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.