Axis Capital (NYSE:AXS) Issues Quarterly Earnings Results

Key Points

• Axis Capital reported Q1 EPS of $3.42, missing the $3.46 consensus and revenue of $1.64B versus $1.73B expected; the stock fell about 2.4% to $97.93 and the company posted a 18.72% ROE and 15.37% net margin.
• The firm paid a quarterly dividend of $0.44 ($1.76 annualized) for a yield of 1.8% and a dividend payout ratio of 14.21%.
• Analysts hold a consensus “Moderate Buy” on AXS with an average price target of $122.80 (nine Buy ratings, three Holds), though several firms recently adjusted their targets up and down.

Axis Capital (NYSE:AXS - Get Free Report) released its quarterly earnings data on Wednesday. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.46 by ($0.04), FiscalAI reports. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.73 billion. Axis Capital had a return on equity of 18.72% and a net margin of 15.37%.

Axis Capital Trading Down 2.4%

AXS traded down $2.42 during trading on Wednesday, reaching $97.93. The company had a trading volume of 753,252 shares, compared to its average volume of 616,382. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.24. The business has a 50 day simple moving average of $101.67 and a 200-day simple moving average of $101.34. The stock has a market cap of $7.26 billion, a P/E ratio of 7.90, a PEG ratio of 2.03 and a beta of 0.63. Axis Capital has a 52 week low of $88.07 and a 52 week high of $110.34.

Axis Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.44 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.76 dividend on an annualized basis and a yield of 1.8%. Axis Capital's dividend payout ratio (DPR) is currently 14.21%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AXS. Keefe, Bruyette & Woods cut their target price on shares of Axis Capital from $130.00 to $126.00 and set an "outperform" rating for the company in a report on Tuesday, April 7th. UBS Group reaffirmed a "buy" rating on shares of Axis Capital in a research note on Monday, February 2nd. Wells Fargo & Company lifted their price objective on shares of Axis Capital from $121.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Roth Mkm restated a "buy" rating and issued a $120.00 target price on shares of Axis Capital in a report on Thursday, January 29th. Finally, Bank of America decreased their target price on shares of Axis Capital from $115.00 to $106.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 14th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.80.

Institutional Investors Weigh In On Axis Capital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. DV Equities LLC purchased a new position in shares of Axis Capital during the 4th quarter worth about $54,000. Johnson Financial Group Inc. purchased a new stake in Axis Capital in the 3rd quarter worth about $78,000. Kestra Advisory Services LLC purchased a new stake in Axis Capital in the 4th quarter worth about $84,000. Quadrant Capital Group LLC bought a new stake in Axis Capital in the fourth quarter worth about $101,000. Finally, Empowered Funds LLC purchased a new position in shares of Axis Capital during the fourth quarter valued at approximately $171,000. Hedge funds and other 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.

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