Assenagon Asset Management S.A. has significantly reduced its stake in Axos Financial, Inc., trimming its holdings by 57% in the third quarter of 2023. According to Holdings Channel.com, the firm sold 30,320 shares and now owns 22,898 shares of Axos Financial, valued at approximately $1.94 million.
The reduction in Assenagon’s stake reflects broader trends in the investment community, as several large investors have made adjustments in their positions in Axos Financial. Notably, True Wealth Design LLC increased its holdings by 120.9% in the second quarter, acquiring an additional 237 shares, bringing its total to 433 shares, valued at $33,000. Similarly, EverSource Wealth Advisors LLC raised its position by 294.7%, now holding 446 shares worth $34,000 after purchasing 333 additional shares. IFP Advisors Inc also saw a dramatic increase, boosting its holdings by 360.7%, now owning 493 shares valued at approximately $37,000.
In addition, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main and Sprucegrove Investment Management Ltd. both established new positions in Axos Financial, valued at $96,000 and $99,000 respectively. Institutional investors now own 83.79% of the company’s stock.
Insider Transactions and Market Trends
Recent insider transactions have also impacted Axos Financial’s stock dynamics. On December 5, 2023, Director Edward James Ratinoff sold 2,145 shares at an average price of $84.59, resulting in a total value of $181,445.55. Following this sale, Ratinoff retained 46,209 shares valued at approximately $3.91 million, reflecting a 4.44% decrease in his ownership.
Just days later, on December 8, Director Tamara N. Bohlig also sold 2,145 shares, this time at an average price of $86.23, totaling $184,963.35. Bohlig’s sale led to a 14.24% reduction in her ownership, leaving her with 12,919 shares valued at about $1.11 million. Corporate insiders collectively hold 4.85% of Axos Financial’s stock.
Current Trading Performance and Financial Outlook
Axos Financial’s stock opened at $88.59 on November 1, 2023, reflecting a slight 0.3% decline. The company has a market capitalization of $5.02 billion, with a P/E ratio of 11.86. Its 52-week performance shows a low of $54.46 and a high of $93.84. Analysts anticipate that Axos Financial will achieve an earnings per share (EPS) of $7.22 for the current fiscal year.
In its latest earnings report released on October 30, 2023, Axos Financial reported an EPS of $2.07, surpassing analysts’ expectations of $1.86 by $0.21. The company achieved a net margin of 22.41% and a return on equity of 16.72%, with total revenue reaching $323.39 million, compared to the consensus estimate of $319.96 million.
Founded in 1999 and headquartered in San Diego, California, Axos Financial, Inc. operates through its wholly owned subsidiary, Axos Bank. The company offers a technology-driven banking platform that provides a range of financial services, including various deposit products and retirement accounts, catering to both retail and commercial clients across the United States.
