Destination Wealth Management Acquires New Shares in Axos Financial, Inc $AX

Destination Wealth Management acquired a new stake in Axos Financial, Inc (NYSE:AX) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 24,400 shares of the company’s stock, valued at approximately $2,102,000.

Other large investors have also made changes to their positions in the company. American Century Companies Inc. increased its position 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 valued at $204,304,000 after buying an additional 35,391 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Axos Financial by 18.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 330,886 shares of the company’s stock valued at $28,010,000 after buying an additional 50,902 shares in the last quarter. Stieven Capital Advisors L.P. increased its position in shares of Axos Financial by 8.0% in the 4th quarter. Stieven Capital Advisors L.P. now owns 255,859 shares of the company’s stock valued at $22,045,000 after buying an additional 18,900 shares in the last quarter. Jackson Creek Investment Advisors LLC increased its position in shares of Axos Financial by 714.0% in the 4th quarter. Jackson Creek Investment Advisors LLC now owns 20,725 shares of the company’s stock valued at $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 in the 3rd quarter worth $688,000. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on AX shares. Raymond James Financial raised shares of Axos Financial from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $110.00 to $100.00 in a research note on Tuesday, April 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 target price on shares of Axos Financial in a research note on Monday, March 16th. Weiss Ratings lowered shares of Axos Financial from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 14th. Finally, Zacks Research lowered shares of Axos Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $109.40.

Axos Financial Price Performance

Shares of NYSE AX opened at $90.21 on Friday. The firm has a market cap of $5.13 billion, a PE ratio of 10.96 and a beta of 1.24. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.38. Axos Financial, Inc has a 1-year low of $69.25 and a 1-year high of $101.92. The company has a fifty day moving average price of $89.69 and a 200 day moving average price of $89.51.

Axos Financial (NYSE:AX) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.23). The company had revenue of $392.25 million during 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 business earned $1.81 EPS. Research analysts predict that Axos Financial, Inc will post 8.49 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Michael James Watson sold 1,653 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $83.77, for a total value of $138,471.81. Following the completion of the transaction, the executive vice president owned 4,592 shares in the company, valued at $384,671.84. This trade represents a 26.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roque A. Santi sold 500 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $87.77, for a total value of $43,885.00. Following the completion of the transaction, 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. 4.85% of the stock is owned by company 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.