In a remarkable display of market confidence, shares of AX have surged to an all-time high, with the stock price peaking at $86.01. This milestone underscores a period of significant growth for the company, which has seen its value more than double over the past year. Investors have rallied behind AX, propelling the stock to new heights and reflecting a bullish outlook on the company's prospects. The 1-year change data for BofI Holding , which is associated with AX, further illustrates this positive trend, showcasing an impressive 120.76% increase. This surge in stock value is a testament to the company's strong performance and the favorable market conditions that have supported its ascent.
In other recent news, Axos Financial (NYSE:AX) has reported impressive earnings and revenue results for the first quarter of fiscal year 2025. The company's net income rose by 36% to approximately $112 million, and earnings per share saw a 40% increase to $1.93. Additionally, Axos Financial experienced significant growth in deposits, increasing by $614 million, primarily in interest-bearing accounts.
Despite a challenging lending environment, the company 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%, up 81 basis points year-over-year. However, Axos Financial did see 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.
In recent developments, Axos Financial held its annual meeting, during which shareholders elected Class II directors and ratified the appointment of BDO USA, P.C. as the independent public accounting firm for the fiscal year 2025. The company's executive compensation proposal saw mixed results.
Investment firm Needham maintained its Buy rating for Axos Financial and increased the price target to $85, citing the company's strong start to the new fiscal year and its management's ability to capitalize on market conditions. These are recent developments that investors should consider.
InvestingPro Insights
The recent surge in AX's stock price to an all-time high is supported by several key metrics from InvestingPro. The company's 1-year price total return of 120.76% aligns perfectly with the article's mention of the stock more than doubling over the past year. Additionally, AX is currently trading at 98.97% of its 52-week high, further confirming its strong market position.
InvestingPro Tips highlight that AX has shown strong returns over various time frames, including the last month, three months, and decade, which corroborates the article's emphasis on the company's growth trajectory. The tip noting that AX is "Trading near 52-week high" directly supports the article's main focus on the stock reaching an all-time high.
For investors seeking a deeper understanding of AX's financial health, InvestingPro offers 8 additional tips beyond those mentioned here. These insights could provide valuable context for the company's recent stock performance and future potential.
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