Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Axos Financial (AX) : This company which provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors and selected specialty finance receivables, has seen the Zacks Consensus Estimate for its current year earnings increasing 27.6% over the last 60 days.Li Auto (LI) : This company which designs, develops, manufactures, and sells premium smart electric SUVs, has seen the Zacks Con ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Nissan Motor Co., Ltd. (NSANY) : This automobile company has seen the Zacks Consensus Estimate for its current year earnings increasing 9.9% over the last 60 days.Toll Brothers, Inc. (TOL) : This luxury home builder company has seen the Zacks Consensus Estimate for its current year earnings increasing 11% over the last 60 days.Axos Financial, Inc. (AX) : This company which provides consumer and business banking products has seen the Zac ...

Axos Financial, Inc. (AX) announced an additional share repurchase program. Per the plan, the company is authorized to buy back up to $100 million worth of shares. There is no specific start or end date for the newly announced plan.This new share buyback plan supplements the existing repurchase program, which was approved on Apr 26, 2023. As part of the existing plan, it has almost $20 million worth of authorization remaining. AX repurchased $83.2 million worth of shares during the first half of fiscal 2024 ...

Core Viewpoint - Axos Financial, Inc. has authorized a new share repurchase program of up to $100 million, in addition to the remaining $20 million from the previous plan approved on April 26, 2023 [1] Group 1: Share Repurchase Program - The new share repurchase program allows the company to buy back shares on the open market or through private transactions at management's discretion [1] - There is no specified start or end date for the new common stock repurchase program [1] Group 2: Company Overview - As of December 31, 2023, Axos Financial, Inc. has approximately $21.6 billion in consolidated assets [2] - The company operates Axos Bank, Axos Clearing LLC, and Axos Invest, Inc., providing a range of banking and investment services [2] - Axos Clearing LLC manages approximately $34.4 billion in assets under custody and/or administration as of December 31, 2023 [2] - Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol "AX" and is part of several indices including the Russell 2000® Index and the S&P SmallCap 600® Index [2]

Core Insights - Axos Bank has been recognized in Forbes Advisor's "Best Business Checking Accounts of February 2024," particularly for its compatibility with QuickBooks [1] - The bank offers a Basic Business Checking account with zero monthly maintenance fees, no minimum balance requirement, and free incoming domestic wires, distinguishing itself from competitors [1] - Axos Bank was also acknowledged by GOBankingRates.com as a Top Bank in America for "Best Checking Accounts" [1] Company Overview - Axos Financial, Inc. has approximately $21.6 billion in consolidated assets as of December 31, 2023 [2] - The company operates Axos Bank, Axos Clearing LLC, and Axos Invest, Inc., providing a range of banking and investment services [2] - Axos Clearing LLC manages approximately $34.4 billion in assets under custody and/or administration as of December 31, 2023 [2] - Axos Financial, Inc. is publicly traded on the NYSE under the symbol "AX" and is included in several financial indices [2]

No matter if it is a start-up or a well-known company, earnings growth is the main priority for any organization. This is because if the company doesn’t make money, it won’t last long.So, what is earnings growth? Study a company’s revenues over a given period, subtract the production cost, and you have earnings. By the way, this is also considered the most important variable influencing share price. But, expectations of earnings play a noteworthy role.Earnings Estimates & Share Price MovementsFrequently, we ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:United States Cellular Corporation (USM) : This company which provides wireless telecommunications services has seen the Zacks Consensus Estimate for its current year earnings increasing 6.7% over the last 60 days.The Bank of New York Mellon Corporation (BK) : This company which provides financial products and services has seen the Zacks Consensus Estimate for its current year earnings increasing 3.8% over the last 60 days.Coca-Cola FEM ...

Financial Data and Key Metrics Changes - The company reported net income of $152 million and earnings per share of $2.62 for Q2 2024, representing year-over-year growth of 86% and 94% respectively [6] - Non-GAAP adjusted earnings per share increased by 15.7% year-over-year to $1.56 [7] - Tangible book value per share was $33.45 at December 31, 2023, up 25% from December 31, 2022 [7] - Net interest margin was 4.55% for Q2 2024, up 19 basis points from the previous quarter and up 9 basis points from the same period last year [8] Business Line Data and Key Metrics Changes - Ending loans for investment balance net of discount were $18.5 billion, up 8% linked quarter or 32% annualized [7] - Growth was broad-based with increases in real estate and non-real estate lender finance, equipment leasing, and fund finance, offsetting lower origination volumes in single-family warehouse [7] - Broker-dealer fee income increased 27.6% year-over-year due to higher interest rates and increased client activity [8] Market Data and Key Metrics Changes - Total deposits increased by approximately $638 million linked quarter, with a total deposit growth of $1 billion from June 30, 2023, or 12.6% annualized [18] - Non-interest-bearing deposits were approximately $2.8 billion, relatively flat quarter-over-quarter [19] - The company had approximately $550 million of deposits off balance sheet with partnered banks and another $750 million held at other banks by software clients [21] Company Strategy and Development Direction - The company is focused on widening its lead relative to competitors by investing in systems, processes, and talent to generate attractive future returns for shareholders [30] - The company is actively recruiting across various commercial deposit, lending, and business verticals to build and accelerate strategic initiatives [29] - The FDIC loan purchase is expected to provide incremental net interest income and after-tax income over the next several years [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow loan balances organically by high single digits to low teens year-over-year for the next few quarters [33] - The company anticipates that the pace of cash sorting at Axos Advisory Services has stabilized, representing 4% of assets under custody as of December 31, 2023 [20] - Management noted that the market dislocation and corporate restructuring among competitors have created significant opportunities for growth [29] Other Important Information - The company completed the purchase of two performing commercial real estate and multifamily loan pools from the FDIC with a combined unpaid principal balance of approximately $1.25 billion at 63% of par value [9] - Total noninterest expenses increased by $1.3 million or 1.1% to $122 million in Q2 2024 compared to the previous quarter [31] Q&A Session Summary Question: Margin outlook excluding FDIC loans - Management confirmed that the net interest margin guidance of 4.25% to 4.35% will still hold for the calendar year of 2024 [37] Question: Expense growth details - Management indicated that expense growth generally aligns with the loan growth rate of high single digits to low teens, with some seasonal increases expected [39][40] Question: Loan loss provision increase - Management explained that the higher loan loss provision included aspects related to the loan purchase and unfunded commitments, with a total of $13.5 million for the quarter [46] Question: Specifics around loan loss provision - Management detailed that the loan loss provision was based on a loan-by-loan analysis considering various economic scenarios and attributes of the loans [50]

Axos Q2 Fiscal 2024 Earnings Supplement January 30, 2024 NYSE: AX Loan Growth by Category for Second Quarter Ended December 31, 2023 $ Millions Q2 FY24 Q1 FY24 Inc (Dec) Single Family Jumbo Mortgage $ 3,993 $ 4,019 $ (26) Mortgage & Warehouse SF Warehouse Lending 99 295 (196) Multifamily & Multifamily 2,708 2,130 578 Commercial Mortgage* Small Balance Commercial 1,357 832 525 ...

Core Insights - Axos Financial reported a revenue of $352.74 million for the quarter ended December 2023, marking a 54.6% increase year-over-year and a surprise of +42.77% over the Zacks Consensus Estimate of $247.07 million [1] - The earnings per share (EPS) for the quarter was $1.60, compared to $1.38 in the same quarter last year, resulting in an EPS surprise of +15.11% over the consensus estimate of $1.39 [1] Financial Metrics - Net Interest Margin was reported at 4.6%, exceeding the average estimate of 4.3% from four analysts [2] - Efficiency ratio stood at 34.5%, significantly better than the average estimate of 48.7% from four analysts [2] - Net charge-offs to average loans were 0%, compared to the estimated 0.1% from three analysts [2] - Average Interest-Earning Assets reached $20.12 billion, surpassing the average estimate of $19.89 billion from three analysts [2] - Total Non-performing loans were $122.51 million, slightly above the average estimate of $115.70 million from two analysts [2] - Total Non-performing Assets were reported at $129.83 million, compared to the estimated $124.84 million from two analysts [2] - Net Interest Income was $228.61 million, exceeding the average estimate of $215.27 million from four analysts [2] - Mortgage Banking Income was $0.75 million, below the average estimate of $1.22 million from three analysts [2] - Banking and service fees totaled $10.06 million, higher than the average estimate of $8.93 million from two analysts [2] - Prepayment penalty fee income was $1.04 million, lower than the estimated $1.88 million from two analysts [2] Stock Performance - Shares of Axos Financial have returned +4.2% over the past month, outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]