Axis Capital (NYSE:AXS) Sets New 12-Month High – Here’s Why

Axis Capital Holdings Limited (NYSE:AXS)’s stock price hit a new 52-week high on Friday . The stock traded as high as $116.63 and last traded at $115.9380, with a volume of 8945 shares traded. The stock had previously closed at $113.62.

Wall Street Analysts Forecast Growth

AXS has been the topic of several analyst reports. Bank of America cut their price objective on shares of Axis Capital from $115.00 to $106.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Keefe, Bruyette & Woods lifted their target price on shares of Axis Capital from $126.00 to $131.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Wells Fargo & Company upped their target price on shares of Axis Capital from $119.00 to $134.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Atlantic Securities set a $122.00 price target on Axis Capital in a research report on Wednesday. Finally, UBS Group lifted their price objective on Axis Capital from $129.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $124.45.

Axis Capital Stock Up 1.0%

The business’s 50-day moving average is $103.54 and its two-hundred day moving average is $102.68. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 8.55, a P/E/G ratio of 3.35 and a beta of 0.49. 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 issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.09. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the company earned $3.17 earnings per share. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities analysts anticipate that Axis Capital Holdings Limited will post 13.23 earnings per share for the current year.

Axis Capital Announces Dividend

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

Insider Activity

In related news, Director Henry B. Smith sold 2,542 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $98.69, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB grew its stake in Axis Capital by 11.3% in the second quarter. Handelsbanken Fonder AB now owns 26,700 shares of the insurance provider’s stock valued at $2,869,000 after acquiring an additional 2,700 shares during the period. Janus Henderson Group PLC raised its position in shares of Axis Capital by 1.2% during the first quarter. Janus Henderson Group PLC now owns 1,710,902 shares of the insurance provider’s stock worth $173,504,000 after purchasing an additional 21,001 shares during the period. Bull Harbor Capital LLC bought a new position in shares of Axis Capital during the 1st quarter valued at about $910,000. Amundi grew its position in shares of Axis Capital by 88.5% in the 1st quarter. Amundi now owns 11,647 shares of the insurance provider’s stock valued at $1,181,000 after purchasing an additional 5,469 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Axis Capital by 7.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,289 shares of the insurance provider’s stock valued at $435,000 after purchasing an additional 301 shares during the period. 93.44% of the stock is currently owned by institutional investors.

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.