Nick Mosich, a director at Axos Financial, Inc. (NYSE:AX), recently sold shares of the company in a transaction dated November 20, 2024. According to a filing with the Securities and Exchange Commission, Mosich sold a total of 2,862 shares of common stock at prices ranging from $80.25 to $80.251 per share. The total value of the sales amounted to $229,676.
Following the transaction, Mosich holds 84,495 shares of Axos Financial in direct ownership. The sales were reported on November 22, 2024.
In other recent news, Axos Financial showcased robust financial performance in the first quarter of fiscal year 2025, with a 36% surge in net income to approximately $112 million and a 40% increase in earnings per share to $1.93. Deposits also grew significantly, rising by $614 million, primarily in interest-bearing accounts. However, the company's loan growth was slightly below expectations due to cautious lending in certain sectors.
Investors also cast their votes on key proposals during Axos Financial's recent annual meeting. This included the election of Class II directors and a non-binding advisory vote on executive compensation. BDO USA, P.C. was ratified as the independent public accounting firm for fiscal year 2025 with an overwhelming majority.
Investment firm Needham maintained its Buy rating for Axos Financial and increased the price target to $85, acknowledging the company's strong start to the fiscal year and its management's ability to capitalize on market conditions. Despite a challenging lending environment, Axos Financial reported a minor increase in loan balances by 0.3% to $19.3 billion and an improvement in the net interest margin to 5.17%.
However, the company did note an increase in non-performing assets, particularly in single-family jumbo mortgages and commercial real estate loans. Non-interest expenses also rose to approximately $147 million, influenced by new hires and data processing costs. These are recent developments that investors should consider.
InvestingPro Insights
While Nick Mosich's recent sale of Axos Financial shares might raise eyebrows, a closer look at the company's financials and market performance reveals a more nuanced picture. According to InvestingPro data, Axos Financial has demonstrated strong financial health and market performance.
The company's stock has shown remarkable growth, with a 110.73% price total return over the past year. This impressive performance is further underscored by the fact that Axos is currently trading near its 52-week high, with its price at 98.97% of the highest point in the past year. These metrics suggest that despite the director's sale, investor confidence in Axos remains robust.
InvestingPro Tips highlight that Axos is trading at a low P/E ratio relative to its near-term earnings growth, indicating potential undervaluation. This is supported by the company's P/E ratio of 10.04, which is relatively low for the financial sector. Additionally, analysts predict that Axos will be profitable this year, a positive sign for potential investors.
It's worth noting that InvestingPro offers 12 additional tips for Axos Financial, providing a more comprehensive analysis for those seeking deeper insights into the company's prospects. These tips, along with real-time metrics, can be invaluable for investors looking to make informed decisions in the dynamic financial services sector.
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