Destination Wealth Management Acquires Shares of 24,400 Axos Financial, Inc $AX

Destination Wealth Management bought a new position in Axos Financial, Inc (NYSE:AX) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 24,400 shares of the company’s stock, valued at approximately $2,102,000.

Other institutional investors and hedge funds have also modified their holdings of the company. American Century Companies Inc. boosted its holdings in shares of Axos Financial by 1.5% in 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. JPMorgan Chase & Co. lifted its holdings in Axos Financial by 18.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 330,886 shares of the company’s stock worth $28,010,000 after buying an additional 50,902 shares in the last quarter. Stieven Capital Advisors L.P. lifted its holdings in Axos Financial by 8.0% during the 4th quarter. Stieven Capital Advisors L.P. now owns 255,859 shares of the company’s stock worth $22,045,000 after buying an additional 18,900 shares in the last quarter. Jackson Creek Investment Advisors LLC lifted its holdings in Axos Financial by 714.0% during the 4th quarter. Jackson Creek Investment Advisors LLC now owns 20,725 shares of the company’s stock worth $1,786,000 after buying an additional 18,179 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Axos Financial during the 3rd quarter worth $688,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Axos Financial Stock Performance

Shares of Axos Financial stock opened at $90.21 on Friday. The firm has a fifty day moving average of $89.69 and a two-hundred day moving average of $89.51. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of 10.96 and a beta of 1.24. Axos Financial, Inc has a 52 week low of $69.25 and a 52 week high of $101.92. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.15 and a current ratio of 1.15.

Axos Financial (NYSE:AX) last issued its earnings results on Thursday, April 30th. The company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.23). The business had revenue of $392.25 million for the quarter, compared to the consensus estimate of $372.51 million. Axos Financial had a net margin of 22.53% and a return on equity of 16.48%. During the same quarter in the previous year, the firm posted $1.81 EPS. As a group, equities research analysts predict that Axos Financial, Inc will post 8.49 EPS for the current year.

Insider Buying and Selling at Axos Financial

In other Axos Financial news, EVP Michael James Watson sold 1,653 shares of the company’s stock in a transaction 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 owned 4,592 shares in the company, valued at approximately $384,671.84. The trade was a 26.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Roque A. Santi sold 500 shares of the company’s stock in a transaction 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 sale, the director owned 7,646 shares of the company’s stock, valued at $671,089.42. The trade was a 6.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 4.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AX shares. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of Axos Financial in a report on Monday, March 16th. Zacks Research downgraded Axos Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 8th. Weiss Ratings downgraded Axos Financial from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 14th. Finally, Raymond James Financial raised Axos Financial from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the stock from $110.00 to $100.00 in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Axos Financial currently has an average rating of “Moderate Buy” and a consensus price target of $109.40.

Axos Financial 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.