Axis Capital (NYSE:AXS) Reaches New 1-Year High – Time to Buy?

Axis Capital Holdings Limited (NYSE:AXS)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $110.81 and last traded at $108.7850, with a volume of 44058 shares changing hands. The stock had previously closed at $109.07.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AXS shares. Weiss Ratings lowered Axis Capital from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday, June 4th. Wells Fargo & Company cut their target price on Axis Capital from $123.00 to $119.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods reduced their target price on Axis Capital from $130.00 to $126.00 and set an “outperform” rating for the company in a report on Tuesday, April 7th. Bank of America decreased their price target on Axis Capital from $115.00 to $106.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Finally, Mizuho set a $137.00 price target on Axis Capital in a research note on Monday, May 4th. Eight equities 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 target price of $122.10.

Axis Capital Trading Down 0.1%

The company has a market cap of $8.35 billion, a price-to-earnings ratio of 8.44, a price-to-earnings-growth ratio of 3.46 and a beta of 0.49. The company’s 50 day moving average price is $100.81 and its 200 day moving average price is $102.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.65 and a current ratio of 0.65.

Axis Capital (NYSE:AXS) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.09. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.72 billion. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%. Axis Capital’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.17 EPS. Research analysts anticipate that Axis Capital Holdings Limited will post 13.25 EPS for the current year.

Axis Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, June 30th. Axis Capital’s dividend payout ratio is 13.11%.

Insider Activity

In other news, Director Henry B. Smith sold 2,542 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $98.69, for a total transaction of $250,869.98. Following the transaction, the director owned 46,347 shares of the company’s stock, valued at approximately $4,573,985.43. This represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Axis Capital

Large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in shares of Axis Capital by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 4,592,270 shares of the insurance provider’s stock valued at $491,786,000 after purchasing an additional 1,083,579 shares during the period. Norges Bank bought a new stake in shares of Axis Capital during the 4th quarter worth $103,001,000. Freestone Grove Partners LP bought a new stake in shares of Axis Capital during the 3rd quarter worth $56,705,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Axis Capital by 147.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 745,591 shares of the insurance provider’s stock worth $79,845,000 after buying an additional 443,761 shares during the period. Finally, Millennium Management LLC grew its stake in Axis Capital by 374.7% in the 3rd quarter. Millennium Management LLC now owns 553,565 shares of the insurance provider’s stock valued at $53,032,000 after buying an additional 436,944 shares during the last quarter. Institutional investors own 93.44% of the company’s stock.

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.