The Manufacturers Life Insurance Company Takes $2.87 Million Position in Axos Financial, Inc $AX

The Manufacturers Life Insurance Company purchased a new stake in Axos Financial, Inc (NYSE:AX) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 29,440 shares of the company’s stock, valued at approximately $2,867,000.

A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Axos Financial in the 2nd quarter valued at $817,051,000. Davis Asset Management L.P. acquired a new stake in shares of Axos Financial during the 2nd quarter worth $149,515,000. Bank of New York Mellon Corp acquired a new stake in shares of Axos Financial during the 2nd quarter worth $36,816,000. Franklin Resources Inc. increased its position in shares of Axos Financial by 198.0% in the third quarter. Franklin Resources Inc. now owns 414,178 shares of the company’s stock worth $35,060,000 after purchasing an additional 275,191 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Axos Financial by 56.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 371,086 shares of the company’s stock valued at $31,973,000 after purchasing an additional 133,529 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Needham & Company LLC increased their price objective on shares of Axos Financial from $110.00 to $128.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods boosted their target price on shares of Axos Financial from $105.00 to $110.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Benchmark upped their price target on shares of Axos Financial from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Axos Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 1st. Finally, DA Davidson set a $121.00 price objective on shares of Axos Financial in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Axos Financial has an average rating of “Moderate Buy” and a consensus price target of $115.67.

Axos Financial Stock Performance

Shares of Axos Financial stock opened at $94.59 on Wednesday. The company’s 50 day moving average price is $98.32 and its two-hundred day moving average price is $92.43. The firm has a market capitalization of $5.37 billion, a P/E ratio of 11.17 and a beta of 1.22. Axos Financial, Inc has a fifty-two week low of $74.89 and a fifty-two week high of $105.74. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.07 and a quick ratio of 1.07.

Axos Financial (NYSE:AX) last announced its quarterly earnings results on Thursday, July 30th. The company reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.37. Axos Financial had a net margin of 22.39% and a return on equity of 16.96%. The company had revenue of $379.77 million during the quarter, compared to the consensus estimate of $375.54 million. During the same period in the prior year, the business earned $1.94 earnings per share. On average, equities analysts forecast that Axos Financial, Inc will post 9.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Axos Financial news, Director Roque A. Santi sold 500 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.30, for a total value of $52,650.00. Following the completion of the transaction, the director owned 7,146 shares of the company’s stock, valued at $752,473.80. This represents a 6.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.85% of the stock is owned by corporate insiders.

About Axos Financial

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.