Axis Capital (NYSE:AXS) Given New $122.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Axis Capital’s price target from $112 to $122 and maintained an “overweight” rating, implying 16.6% potential upside.
• Analyst sentiment remains favorable: nine analysts rate the stock a Buy and five rate it a Hold, resulting in a “Moderate Buy” consensus and an average target of $119.46.
• Axis Capital exceeded quarterly expectations, reporting $3.12 in adjusted earnings per share versus the $2.85 estimate and revenue of $1.79 billion versus $1.69 billion expected.

Axis Capital (NYSE:AXS - Get Free Report) had its target price lifted by research analysts at Wells Fargo & Company from $112.00 to $122.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's target price would suggest a potential upside of 16.60% from the stock's current price.

Several other equities analysts also recently commented on AXS. UBS Group cut their price target on shares of Axis Capital from $131.00 to $126.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Roth Capital set a $115.00 price target on Axis Capital in a report on Thursday. Atlantic Securities set a $122.00 price objective on shares of Axis Capital in a research note on Wednesday, July 15th. Capital One Financial set a $108.00 price objective on shares of Axis Capital in a research report on Wednesday, July 29th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Axis Capital in a research note on Thursday. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $119.46.

Axis Capital Stock Performance

NYSE AXS opened at $104.63 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.64 and a quick ratio of 0.64. The stock has a market capitalization of $7.51 billion, a PE ratio of 7.99, a P/E/G ratio of 3.50 and a beta of 0.38. Axis Capital has a 1-year low of $92.23 and a 1-year high of $119.99. The business has a 50 day simple moving average of $98.73 and a two-hundred day simple moving average of $101.99.

Axis Capital (NYSE:AXS - Get Free Report) last posted its earnings results on Wednesday, October 28th. The insurance provider reported $3.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.85 by $0.27. Axis Capital had a net margin of 14.62% and a return on equity of 16.61%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the firm posted $3.25 earnings per share. On average, research analysts predict that Axis Capital will post 12.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Chicago Partners Investment Group LLC lifted its holdings in Axis Capital by 30.3% in the third quarter. Chicago Partners Investment Group LLC now owns 14,422 shares of the insurance provider's stock valued at $1,480,000 after acquiring an additional 3,355 shares during the period. Covestor Ltd increased its position in Axis Capital by 24.6% during the third quarter. Covestor Ltd now owns 832 shares of the insurance provider's stock worth $78,000 after buying an additional 164 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Axis Capital by 42.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,270 shares of the insurance provider's stock valued at $496,000 after purchasing an additional 1,570 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Axis Capital during the third quarter valued at approximately $150,000. Finally, Parcion Private Wealth LLC lifted its stake in shares of Axis Capital by 20.1% during the 3rd quarter. Parcion Private Wealth LLC now owns 5,166 shares of the insurance provider's stock worth $487,000 after purchasing an additional 866 shares during the period. 93.44% of the stock is currently owned by institutional investors and hedge funds.

About Axis Capital

Axis Capital Holdings Limited NYSE: AXS is a Bermuda-based specialty insurance and reinsurance company. Through its operating subsidiaries, the company provides coverage and risk-management solutions for businesses, institutions and other insurers facing complex or difficult-to-place risks.

AXIS offers a range of commercial property and casualty insurance products, including professional liability, cyber, marine, aviation, energy, environmental, political risk, credit and surety, and accident and health coverage.

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