We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Axos Financial (AX) Moves 7.7% Higher: Will This Strength Last?
Read MoreHide Full Article
Axos Financial (AX - Free Report) shares ended the last trading session 7.7% higher at $70.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 23.2% gain over the past four weeks.
Shares of Axos Financial rallied for the six straight trading session and hit a 52-week high of $71.95. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks’ funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving AX higher.
This bank holding company is expected to post quarterly earnings of $1.83 per share in its upcoming report, which represents a year-over-year change of +22%. Revenues are expected to be $296.02 million, up 25.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Axos Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AX going forward to see if this recent jump can turn into more strength down the road.
Axos Financial belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, NewtekOne (NEWT - Free Report) , closed the last trading session 3.9% higher at $14.74. Over the past month, NEWT has returned 10%.
NewtekOne's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.41. Compared to the company's year-ago EPS, this represents a change of +57.7%. NewtekOne currently boasts a Zacks Rank of #3 (Hold).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Axos Financial (AX) Moves 7.7% Higher: Will This Strength Last?
Axos Financial (AX - Free Report) shares ended the last trading session 7.7% higher at $70.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 23.2% gain over the past four weeks.
Shares of Axos Financial rallied for the six straight trading session and hit a 52-week high of $71.95. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks’ funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving AX higher.
This bank holding company is expected to post quarterly earnings of $1.83 per share in its upcoming report, which represents a year-over-year change of +22%. Revenues are expected to be $296.02 million, up 25.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Axos Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Axos Financial belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, NewtekOne (NEWT - Free Report) , closed the last trading session 3.9% higher at $14.74. Over the past month, NEWT has returned 10%.
NewtekOne's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.41. Compared to the company's year-ago EPS, this represents a change of +57.7%. NewtekOne currently boasts a Zacks Rank of #3 (Hold).