Axis Capital (NYSE:AXS) Issues Quarterly Earnings Results, Misses Expectations By $0.41 EPS

Axis Capital (NYSE:AXS) announced its quarterly earnings results on Tuesday. The insurance provider reported $2.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.25 by ($0.41), FiscalAI reports. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.74 billion. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%.

Axis Capital Stock Performance

Shares of Axis Capital stock traded up $2.14 during trading on Tuesday, reaching $119.19. The company’s stock had a trading volume of 908,411 shares, compared to its average volume of 640,980. The company has a 50-day moving average price of $105.53 and a two-hundred day moving average price of $103.03. Axis Capital has a fifty-two week low of $88.07 and a fifty-two week high of $119.99. The firm has a market cap of $8.79 billion, a PE ratio of 8.88, a P/E/G ratio of 3.40 and a beta of 0.49. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.25.

Axis Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, June 30th. Axis Capital’s payout ratio is presently 13.11%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AXS. Mizuho raised their price objective on shares of Axis Capital from $137.00 to $142.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Atlantic Securities set a $122.00 target price on shares of Axis Capital in a report on Wednesday, July 15th. Weiss Ratings raised shares of Axis Capital from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Wells Fargo & Company lifted their price target on shares of Axis Capital from $119.00 to $134.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Bank of America reduced their price target on shares of Axis Capital from $115.00 to $106.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $124.45.

Insiders Place Their Bets

In related news, Director Henry B. Smith sold 2,542 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $98.69, for a total transaction of $250,869.98. Following the completion of the sale, the director owned 46,347 shares in the company, valued at $4,573,985.43. This represents a 5.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Axis Capital during the fourth quarter worth about $224,000. Corient Private Wealth LLC increased its position in Axis Capital by 43.4% in the 4th quarter. Corient Private Wealth LLC now owns 86,024 shares of the insurance provider’s stock valued at $9,212,000 after acquiring an additional 26,018 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Axis Capital by 82.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 40,330 shares of the insurance provider’s stock valued at $4,319,000 after acquiring an additional 18,234 shares during the period. NewEdge Advisors LLC raised its stake in Axis Capital by 36.1% during the 4th quarter. NewEdge Advisors LLC now owns 4,740 shares of the insurance provider’s stock valued at $508,000 after acquiring an additional 1,257 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Axis Capital during the 4th quarter valued at approximately $171,000. 93.44% of the stock is currently owned by institutional investors and hedge funds.

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.