Assenagon Asset Management S.A. has significantly reduced its stake in Axos Financial, Inc. (NYSE: AX), cutting its holdings by 57% during the third quarter of 2023. According to Holdings Channel, the firm now owns 22,898 shares after selling 30,320 shares over the quarter. At the end of this period, Assenagon’s investment in Axos Financial was valued at approximately $1.94 million.
Multiple large investors have also made adjustments to their positions in Axos Financial recently. True Wealth Design LLC increased its holdings by 120.9% in the second quarter, now owning 433 shares valued at $33,000. Similarly, EverSource Wealth Advisors LLC raised its stake by 294.7%, bringing its total to 446 shares worth $34,000. IFP Advisors Inc also expanded its position by 360.7%, acquiring an additional 386 shares and totaling 493 shares valued at $37,000.
In addition, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main entered a new position valued at $96,000, while Sprucegrove Investment Management Ltd. purchased a stake valued at approximately $99,000. Institutional and hedge fund investors now hold 83.79% of Axos Financial’s stock.
Insider Transactions and Recent Stock Performance
Several insider transactions have also influenced the stock’s dynamics. Director Edward James Ratinoff sold 2,145 shares on December 5, 2023, at an average price of $84.59, resulting in a total transaction value of $181,445.55. Following this sale, Ratinoff retained 46,209 shares valued at approximately $3.91 million, marking a 4.44% decrease in his ownership.
Another director, Tamara N. Bohlig, sold the same number of shares on December 8, 2023, for an average price of $86.23, totaling $184,963.35. Bohlig’s ownership decreased by 14.24% after the sale, leaving her with 12,919 shares valued at around $1.11 million. Corporate insiders currently own 4.85% of the company’s stock.
Axos Financial’s stock opened at $88.59 on Wednesday, marking a 0.3% decline. The company’s 50-day moving average stands at $81.64, while its 200-day moving average is $83.35. Over the past year, Axos Financial has experienced a 52-week low of $54.46 and a 52-week high of $93.84.
Financial Performance and Future Outlook
Axos Financial last reported its earnings on October 30, 2023, revealing earnings per share of $2.07, which exceeded the consensus estimate of $1.86 by $0.21. The company achieved a net margin of 22.41% and a return on equity of 16.72%. Revenue for the quarter was $323.39 million, surpassing the consensus estimate of $319.96 million.
Analysts predict that Axos Financial, Inc. will report earnings per share of $7.22 for the current fiscal year. The company, headquartered in San Diego, California, is a diversified online banking and financial services holding company. Axos Financial operates through its wholly owned subsidiary, Axos Bank, providing a technology-driven banking platform for both retail and commercial clients across the United States.
As investors keenly observe these developments, the adjustments in holdings by major asset management firms and insider transactions may significantly influence Axos Financial’s market position in the coming months.
