HomeMarket NewsNeedham Begins Coverage of Axos Financial (AX) with Positive Outlook

Needham Begins Coverage of Axos Financial (AX) with Positive Outlook

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Axos Financial Receives ‘Buy’ Rating from Needham, Projects Significant Price Increase

Date: October 11, 2024

A Bright Forecast for Investors

Needham has officially started its coverage of Axos Financial (NYSE:AX) with a Buy recommendation. As of September 25, 2024, analysts suggest an average one-year price target of $82.11 per share for Axos Financial. This target indicates a potential growth of 28.04%, considering the most recent closing price of $64.13 per share, with estimates ranging from a low of $75.75 to a high of $94.50.

Financial Outlook and Performance Metrics

Axos Financial is forecasting an annual revenue of $1.042 billion, representing a slight decline of 1.62%. The expected annual non-GAAP earnings per share is projected at $5.63.

Institutional Interest Grows

Currently, 683 funds or institutions hold positions in Axos Financial, an increase of 28 holders, or 4.27%, from the previous quarter. The average portfolio weight allocated to AX among funds has also risen by 13.10% to 0.24%. Total institutional shares owned increased by 0.33% over the past three months, amounting to 55.361 million shares. The put/call ratio for Axos Financial stands at 1.35, which signals a bearish sentiment in the market.

Recent Activity from Shareholders

Several significant shareholders have made noteworthy moves recently:

  • IJR – iShares Core S&P Small-Cap ETF: Holds 3,279K shares, reflecting 5.76% ownership. This was a decrease from 3,415K shares, marking a 4.17% decline, though the portfolio allocation in AX was increased by 5.44% last quarter.
  • American Century Companies: Owns 1,550K shares, up from 1,228K shares, indicating a 20.74% increase. Their allocation in AX grew by 29.94% over the last quarter.
  • VTSMX – Vanguard Total Stock Market Index Fund: Holds 1,538K shares, which is down from 1,654K shares, a decline of 7.55%. Their portfolio allocation in AX decreased by 4.38%.
  • Davis Asset Management: Maintains 1,500K shares with no changes in the last quarter.
  • Citadel Advisors: Increased its holdings to 1,382K shares from 1,362K, an increase of 1.44%, with a 12.62% rise in allocation over the previous quarter.

Understanding Axos Financial

Axos Financial, Inc. is the parent company of Axos Bank, a nationwide institution offering a variety of banking products for consumers and businesses. With approximately $14.4 billion in assets, the bank operates using low-cost distribution channels and partnerships. Additionally, Axos Clearing LLC and Axos Invest, Inc. provide comprehensive securities clearing services and digital investment advisory solutions, respectively. The company’s stock is listed under the symbol ‘AX’ on the NYSE and is part of several indices, including the Russell 2000® Index, the KBW Nasdaq Financial Technology Index, and the S&P SmallCap 600® Index.

Fintel is a leading investment research platform that provides extensive data for individual investors, traders, and financial advisors, ensuring informed decision-making.

This article was initially published on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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