Axos Financial’s (AX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Axos Financial (NYSE:AX) in a research report released on Monday,Benzinga reports. Needham & Company LLC currently has a $88.00 price target on the stock.

Other research analysts have also issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Axos Financial in a report on Wednesday, May 21st. They issued a “buy” rating and a $90.00 target price for the company. Piper Sandler decreased their target price 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. DA Davidson cut their price target on Axos Financial from $88.00 to $84.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Raymond James reiterated an “outperform” rating and issued a $72.00 target price (down previously from $80.00) on shares of Axos Financial in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.71.

Axos Financial Stock Down 1.1%

Shares of NYSE AX opened at $72.15 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.20. Axos Financial has a 52 week low of $51.39 and a 52 week high of $88.46. The firm’s fifty day moving average is $66.20 and its 200 day moving average is $68.99. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 9.70 and a beta of 1.29.

Axos Financial (NYSE:AX) last posted its earnings results on Wednesday, April 30th. The company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.07. The business had revenue of $432.72 million for the quarter, compared to analysts’ expectations of $305.04 million. Axos Financial had a net margin of 22.10% and a return on equity of 18.67%. During the same quarter in the prior year, the business earned $1.91 EPS. On average, equities research analysts expect that Axos Financial will post 7.22 earnings per share for the current year.

Axos Financial declared that its Board of Directors has authorized a share repurchase plan on Monday, May 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Paul Grinberg sold 30,000 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $68.09, for a total transaction of $2,042,700.00. Following the completion of the sale, the director now owns 113,295 shares in the company, valued at $7,714,256.55. This represents a 20.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axos Financial

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Axos Financial by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 6,129,602 shares of the company’s stock worth $428,153,000 after purchasing an additional 49,695 shares during the last quarter. American Century Companies Inc. lifted its holdings in Axos Financial by 14.7% in the 1st quarter. American Century Companies Inc. now owns 2,151,229 shares of the company’s stock worth $138,797,000 after buying an additional 276,450 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Axos Financial by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 1,488,259 shares of the company’s stock worth $103,975,000 after buying an additional 43,503 shares in the last quarter. Northern Trust Corp lifted its holdings in Axos Financial by 4.7% in the 4th quarter. Northern Trust Corp now owns 742,837 shares of the company’s stock worth $51,887,000 after buying an additional 33,207 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Axos Financial by 0.6% in the 1st quarter. Ameriprise Financial Inc. now owns 681,878 shares of the company’s stock worth $43,994,000 after purchasing an additional 4,332 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

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.