Why Finance Stocks Like Upstart and Axos Financial Soared Today
So far this earnings season, stocks in the ever-crowded finance sector have done rather well, broadly speaking. That winning streak continued on Friday, with several notching notable gains in price.
Upstart Holdings (NASDAQ: UPST) rose by almost 11%, followed by Byline Bancorp's (NYSE: BY) 9%-plus gain, and Axos Financial's (NYSE: AX) 5% increase. The latter two companies reported solid quarterly earnings, boosting general sentiment on the sector as the week came to a close.
Of the pair publishing earnings, arguably the better results came from Axos Financial. For its fourth quarter of fiscal 2023, the niche bank generated revenue of nearly $236.5 million, for a meaty year-over-year improvement of almost 23%. Non-GAAP (adjusted) net income zoomed even higher, rising by 32% to hit $89.4 million, or $1.50 per share. That trounced the average $1.27 per share estimate from analysts tracking the stock.
Source Fool.com
