Axos Financial, Inc. (NYSE:AX) has reported a significant stock transaction by one of its top executives. Andrew J Micheletti, the company's Executive Vice President of Finance, sold 13,000 shares of common stock on March 13, 2024. The total value of the stock sold amounted to approximately $665,080, with the weighted average sales price reported at $51.16 per share.
The transactions were carried out in multiple trades, with prices ranging from $51.05 to $51.32 per share. After the sale, Micheletti's remaining direct holdings in Axos Financial are substantial, consisting of 422,583 shares of common stock. Additionally, Micheletti has an indirect ownership of 28,817 shares through a 401(k) plan and 39,000 shares by a trust, where he serves as a trustee.
This move by a key executive at Axos Financial comes as the latest in a series of insider transactions that can offer insights into the company's financial health and the confidence level of its top management. Investors often keep a close eye on such sales and purchases, as they may reflect the insiders' perspective on the company's future prospects.
For those interested in the details of the transaction, Micheletti has committed to providing full information regarding the number of shares sold and the specific prices at which each trade was effected, upon request by the SEC staff, the issuer, or a security holder of the issuer.
Axos Financial, formerly known as BofI Holding , Inc., is a federally chartered savings institution with a fiscal year-end on June 30. The company, headquartered in Las Vegas, Nevada, operates under a business model that emphasizes digital financial services.
InvestingPro Insights
Following the recent insider transactions at Axos Financial, Inc., investors are keen to understand the underlying financial metrics that may influence such decisions. According to InvestingPro data, Axos Financial currently holds a market capitalization of $2.81 billion, with a P/E ratio of 7.27, which is considered low relative to the company's earnings growth. The company's adjusted P/E ratio for the last twelve months as of Q2 2024 stands at 8.1. Moreover, Axos has demonstrated a robust revenue growth of 19.85% over the same period, highlighting a strong upward trajectory in its financial performance.
InvestingPro Tips suggest that analysts have revised their earnings estimates upwards for the upcoming period, indicating potential optimism about the company's future profitability. Additionally, Axos Financial is trading at a low earnings multiple and is expected to be profitable this year. It's noteworthy that the company has been profitable over the last twelve months, yet it does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
While the company's gross profit margins have been identified as weak, the overall financial indicators and analyst predictions provide a more comprehensive picture of Axos Financial's health. For those looking to delve deeper into the company's financials and future outlook, there are more InvestingPro Tips available, which can be accessed at Investing.com/pro/AX. Additionally, readers can use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that could inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.