AXIS Capital (NYSE:AXS) Hits New 12-Month High on Better-Than-Expected Earnings

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

The insurance provider reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.17. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.49 billion. AXIS Capital had a net margin of 10.34% and a return on equity of 19.53%. AXIS Capital’s revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 EPS.

AXIS Capital Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AXS. StockNews.com upgraded AXIS Capital from a “hold” rating to a “buy” rating in a research report on Friday. Wells Fargo & Company decreased their target price on shares of 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 increased their target price on shares of AXIS Capital from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, February 5th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of AXIS Capital from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $67.33.

Insider Activity

In other 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 acquired at an average price of $58.45 per share, with a total value of $409,150.00. Following the completion of the purchase, the director now directly owns 9,763 shares in the company, valued at $570,647.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of AXIS Capital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new stake in shares of AXIS Capital in the 4th quarter worth approximately $43,000. VisionPoint Advisory Group LLC bought a new stake in AXIS Capital in the third quarter worth $51,000. Daiwa Securities Group Inc. bought a new position in shares of AXIS Capital during the fourth quarter valued at about $55,000. Parkside Financial Bank & Trust increased its holdings in shares of AXIS Capital by 14.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,833 shares of the insurance provider’s stock worth $101,000 after buying an additional 237 shares during the period. Finally, TFO Wealth Partners LLC lifted its stake in shares of AXIS Capital by 61,675.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,471 shares of the insurance provider’s stock valued at $137,000 after acquiring an additional 2,467 shares during the last quarter. Hedge funds and other institutional investors own 93.44% of the company’s stock.

AXIS Capital Price Performance

The firm has a fifty day moving average of $62.84 and a two-hundred day moving average of $58.73. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $5.54 billion, a PE ratio of 10.01, a PEG 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.