Summit Global Investments Invests $660,000 in Axos Financial, Inc $AX

Summit Global Investments bought a new stake in Axos Financial, Inc (NYSE:AX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,778 shares of the company’s stock, valued at approximately $660,000.

Several other hedge funds have also bought and sold shares of AX. Eurizon Capital SGR S.p.A. bought a new stake in Axos Financial in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC acquired a new stake in shares of Axos Financial in the fourth quarter valued at approximately $28,000. Brown Brothers Harriman & Co. bought a new position in shares of Axos Financial during the 3rd quarter worth approximately $29,000. State of Wyoming bought a new position in shares of Axos Financial during the 1st quarter worth approximately $30,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Axos Financial by 294.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 446 shares of the company’s stock worth $34,000 after acquiring an additional 333 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Axos Financial Trading Up 1.5%

Shares of NYSE:AX opened at $102.28 on Friday. Axos Financial, Inc has a 12-month low of $74.89 and a 12-month high of $105.74. The business has a 50 day moving average of $96.35 and a 200-day moving average of $92.43. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.24. The stock has a market cap of $5.82 billion, a PE ratio of 12.08 and a beta of 1.22.

Axos Financial (NYSE:AX) last announced its earnings results on Thursday, July 30th. The company reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.37. The company had revenue of $379.77 million for the quarter, compared to analyst estimates of $375.54 million. Axos Financial had a return on equity of 16.96% and a net margin of 22.39%.During the same quarter last year, the company earned $1.94 earnings per share. As a group, equities research analysts forecast that Axos Financial, Inc will post 9.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AX shares. Benchmark increased their price target on Axos Financial from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday. Keefe, Bruyette & Woods lifted their price objective on shares of Axos Financial from $105.00 to $110.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Needham & Company LLC upped their price objective on shares of Axos Financial from $110.00 to $128.00 and gave the company a “buy” rating in a report on Friday, July 31st. Weiss Ratings raised 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 report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Axos Financial has an average rating of “Moderate Buy” and an average target price of $115.67.

Insiders Place Their Bets

In other news, EVP Michael James Watson sold 1,653 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $83.77, for a total value of $138,471.81. Following the completion of the sale, the executive vice president owned 4,592 shares of the company’s stock, valued at approximately $384,671.84. The trade was a 26.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Roque A. Santi sold 500 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.30, for a total transaction of $52,650.00. Following the completion of the sale, the director directly owned 7,146 shares of the company’s stock, valued at approximately $752,473.80. The trade was a 6.54% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.85% of the company’s stock.

Axos Financial Company 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.