Axis Capital (NYSE:AXS) Price Target Raised to $123.00

Axis Capital (NYSE:AXS) had its target price lifted by Wells Fargo & Company from $121.00 to $123.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the insurance provider’s stock.

AXS has been the topic of a number of other reports. Keefe, Bruyette & Woods lowered their price target on Axis Capital from $130.00 to $126.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 7th. Jefferies Financial Group reiterated a “buy” rating and issued a $122.00 price target on shares of Axis Capital in a research report on Friday, January 30th. Mizuho set a $141.00 price target on Axis Capital in a research report on Monday, February 2nd. Bank of America lowered their price target on Axis Capital from $119.00 to $115.00 and set a “neutral” rating on the stock in a research report on Thursday, January 29th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $110.00 price target on shares of Axis Capital in a research report on Wednesday, January 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Axis Capital Stock Performance

Shares of NYSE:AXS opened at $98.32 on Thursday. The business’s fifty day moving average price is $102.42 and its two-hundred day moving average price is $100.87. Axis Capital has a fifty-two week low of $88.07 and a fifty-two week high of $110.34. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of 7.94, a price-to-earnings-growth ratio of 1.94 and a beta of 0.63. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.65 and a quick ratio of 0.65.

Axis Capital (NYSE:AXS) last announced its quarterly earnings results on Wednesday, January 28th. The insurance provider reported $3.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.28. Axis Capital had a return on equity of 18.72% and a net margin of 15.37%.The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business posted $3.38 earnings per share. The business’s revenue was up 17.8% compared to the same quarter last year. As a group, analysts predict that Axis Capital will post 11.19 EPS for the current fiscal year.

Axis Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.44 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.76 annualized dividend and a yield of 1.8%. Axis Capital’s dividend payout ratio (DPR) is currently 14.21%.

Hedge Funds Weigh In On Axis Capital

Hedge funds have recently added to or reduced their stakes in the stock. Johnson Investment Counsel Inc. lifted its stake in Axis Capital by 0.5% in the third quarter. Johnson Investment Counsel Inc. now owns 1,222,932 shares of the insurance provider’s stock valued at $117,157,000 after buying an additional 6,571 shares during the period. Synergy Asset Management LLC lifted its stake in Axis Capital by 63.2% in the third quarter. Synergy Asset Management LLC now owns 352,050 shares of the insurance provider’s stock valued at $33,726,000 after buying an additional 136,313 shares during the period. Allianz Asset Management GmbH lifted its stake in Axis Capital by 30.3% in the third quarter. Allianz Asset Management GmbH now owns 970,411 shares of the insurance provider’s stock valued at $92,965,000 after buying an additional 225,569 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Axis Capital during the third quarter worth about $1,118,000. Finally, New York State Common Retirement Fund raised its position in shares of Axis Capital by 22.8% during the third quarter. New York State Common Retirement Fund now owns 110,364 shares of the insurance provider’s stock worth $10,573,000 after purchasing an additional 20,484 shares during the period. Institutional investors and hedge funds 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.