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

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

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

AXIS Capital Announces Dividend

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

Analyst Ratings Changes

Several research firms have weighed in on AXS. UBS Group upped their target price on AXIS Capital from $77.00 to $80.00 and gave the company a “buy” rating in a report on Monday, February 5th. Wells Fargo & Company lowered their target price on AXIS Capital from $59.00 to $57.00 and set an “underweight” rating on the stock in a report on Thursday, April 11th. Keefe, Bruyette & Woods upped their target price on AXIS Capital from $75.00 to $80.00 and gave the company 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 research report on Friday. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $67.33.

Insider Buying and Selling

In other AXIS Capital news, Director Stanley A. Galanski bought 7,000 shares of AXIS Capital stock in a transaction that occurred on Tuesday, February 6th. The shares were purchased at an average cost of $58.45 per share, for a total transaction of $409,150.00. Following the completion of the transaction, the director now owns 9,763 shares of the company’s stock, valued at approximately $570,647.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AXIS Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its stake in AXIS Capital by 1.7% during the first quarter. Jennison Associates LLC now owns 1,246,288 shares of the insurance provider’s stock worth $81,034,000 after acquiring an additional 20,746 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of AXIS Capital by 600.0% in the first 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 in the last quarter. Connecticut Wealth Management LLC acquired a new stake in shares of AXIS Capital in the first quarter valued at about $838,000. Janney Montgomery Scott LLC acquired a new stake in shares of AXIS Capital in the first quarter valued at about $683,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of AXIS Capital in the first quarter valued at about $669,000. 93.44% of the stock is currently owned by institutional investors and hedge funds.

AXIS Capital Trading Up 0.4 %

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 firm has a market cap of $5.54 billion, a price-to-earnings ratio of 10.01, a price-to-earnings-growth ratio of 1.22 and a beta of 0.80. The business has a 50 day moving average price of $62.84 and a 200-day moving average price of $58.73.

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.