Needham & Company LLC Initiates Coverage on Axos Financial (NYSE:AX)

Needham & Company LLC began coverage on shares of Axos Financial (NYSE:AX) in a report released on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $82.00 price objective on the stock.

AX has been the subject of a number of other research reports. Piper Sandler boosted their target price on Axos Financial from $68.00 to $84.00 and gave the stock an overweight rating in a report on Wednesday, July 31st. Wedbush decreased their price target on shares of Axos Financial from $80.00 to $75.00 and set a neutral rating for the company in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods lowered Axos Financial from an outperform rating to a market perform rating and set a $79.00 price objective on the stock. in a research report on Wednesday, July 31st. Finally, Raymond James upped their target price on Axos Financial from $67.00 to $81.00 and gave the stock an outperform rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $80.20.

Axos Financial Stock Up 6.2 %

AX opened at $64.13 on Friday. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 8.32 and a beta of 1.39. Axos Financial has a 12 month low of $32.05 and a 12 month high of $79.15. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 1.08. The business has a 50-day moving average of $64.31 and a two-hundred day moving average of $59.94.

Axos Financial (NYSE:AX) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.80. Axos Financial had a net margin of 23.96% and a return on equity of 18.57%. The company had revenue of $484.29 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the business earned $1.50 EPS. On average, research analysts expect that Axos Financial will post 7.12 earnings per share for the current year.

Insider Transactions at Axos Financial

In related news, EVP Andrew J. Micheletti sold 5,197 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $63.13, for a total transaction of $328,086.61. Following the transaction, the executive vice president now directly owns 424,149 shares in the company, valued at $26,776,526.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Scarborough Advisors LLC acquired a new position in shares of Axos Financial during the fourth quarter valued at $253,000. Virtu Financial LLC acquired a new position in Axos Financial during the 4th quarter valued at about $380,000. Goldman Sachs Group Inc. raised its position in shares of Axos Financial by 114.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 795,381 shares of the company’s stock worth $43,428,000 after buying an additional 423,930 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Axos Financial by 162.7% during the 4th quarter. Wellington Management Group LLP now owns 214,950 shares of the company’s stock worth $11,736,000 after buying an additional 133,113 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Axos Financial by 8.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,318 shares of the company’s stock worth $290,000 after acquiring an additional 394 shares during the period. Institutional investors and hedge funds 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.