Axos Financial (NYSE:AX) Announces Share Repurchase Program

Axos Financial (NYSE:AX) announced that its board has authorized a share repurchase program on Monday, May 12th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Axos Financial Stock Performance

AX opened at $72.75 on Thursday. The business’s 50 day moving average is $63.28 and its 200-day moving average is $69.73. The stock has a market cap of $4.10 billion, a PE ratio of 9.78 and a beta of 1.25. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.20. Axos Financial has a twelve month low of $44.10 and a twelve month high of $88.46.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Piper Sandler lowered their target price on Axos Financial from $84.00 to $80.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. DA Davidson cut their price objective on Axos Financial from $88.00 to $84.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Keefe, Bruyette & Woods lowered their target price on Axos Financial from $91.00 to $90.00 and set a “market perform” rating for the company in a research note on Wednesday, January 29th. Raymond James restated an “outperform” rating and set a $72.00 target price (down from $80.00) on shares of Axos Financial in a research note on Friday, May 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $88.00 price target on shares of Axos Financial in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Axos Financial presently has an average rating of “Moderate Buy” and an average target price of $81.50.

Insiders Place Their Bets

In related news, Director Paul Grinberg sold 30,000 shares of Axos Financial stock in a transaction on Monday, May 5th. The shares were sold at an average price of $68.09, for a total value of $2,042,700.00. Following the completion of the sale, the director now owns 113,295 shares of the company’s stock, valued at approximately $7,714,256.55. The trade was a 20.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sara Wardell-Smith bought 3,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $64.73 per share, with a total value of $194,190.00. Following the transaction, the director now owns 10,250 shares in the company, valued at approximately $663,482.50. The trade was a 41.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 5.07% of the company’s stock.

About Axos Financial

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.