Axos Financial’s acquired FDIC portfolio a win, says Wedbush

Wedbush analyst David Chiaverini made no change to the firm’s Neutral rating or $43 price target on Axos Financial (AX) after the company announced the purchase of two performing commercial real estate loan portfolios, including multi-family and other CRE loans, from the FDIC totaling $1.253B of principal. The transaction is a clear positive for Axos given the attractive terms, but the first glimpse of the market value being placed on legacy multifamily loans could be a negative read-through for other multifamily lenders with similar exposure like New York Community Bancorp (NYCB), the firm says.