AXIS Capital (NYSE:AXS) Sets New 1-Year High on Earnings Beat

AXIS Capital Holdings Limited (NYSE:AXS)’s stock price hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $66.74 and last traded at $63.65, with a volume of 152220 shares traded. The stock had previously closed at $61.94.

The insurance provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.49 billion. AXIS Capital had a return on equity of 19.53% and a net margin of 10.34%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.33 earnings per share.

AXIS Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Monday, March 4th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Friday, March 1st. AXIS Capital’s payout ratio is presently 26.91%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on AXS shares. Wells Fargo & Company decreased their price target on AXIS Capital from $59.00 to $57.00 and set an “underweight” rating on the stock in a report on Thursday, April 11th. UBS Group raised their target price on AXIS Capital from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, February 5th. Keefe, Bruyette & Woods raised their target price on AXIS Capital from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Finally, StockNews.com upgraded AXIS Capital from a “hold” rating to a “buy” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $67.33.

Insider Transactions at AXIS Capital

In other AXIS Capital news, Director Stanley A. Galanski purchased 7,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were bought at an average price of $58.45 per share, with a total value of $409,150.00. Following the completion of the transaction, the director now directly owns 9,763 shares in the company, valued at approximately $570,647.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AXIS Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC raised its position in AXIS Capital by 1.7% in the 1st quarter. Jennison Associates LLC now owns 1,246,288 shares of the insurance provider’s stock valued at $81,034,000 after buying an additional 20,746 shares during the last quarter. Daiwa Securities Group Inc. raised its position in AXIS Capital by 600.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,000 shares of the insurance provider’s stock valued at $455,000 after buying an additional 6,000 shares during the last quarter. Connecticut Wealth Management LLC acquired a new stake in AXIS Capital in the 1st quarter valued at approximately $838,000. Janney Montgomery Scott LLC acquired a new stake in AXIS Capital in the 1st quarter valued at approximately $683,000. Finally, Commonwealth Equity Services LLC bought a new position in AXIS Capital in the first quarter valued at approximately $669,000. Institutional investors and hedge funds own 93.44% of the company’s stock.

AXIS Capital Stock Performance

The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $62.84 and a two-hundred day simple moving average of $58.73. The stock has a market capitalization of $5.54 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.22 and a beta of 0.80.

About AXIS Capital

AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products in Bermuda, the United States, and internationally. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers professional insurance products that cover directors' and officers' liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, and other financial insurance related coverages for commercial enterprises, financial institutions, not-for-profit organizations, and other professional service providers; and property insurance products for commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism.