Axis Capital (NYSE:AXS) Sets New 1-Year High - Here's What Happened

Key Points

• Axis Capital shares hit a new 52-week high, trading as high as $116.63 intraday before settling near $115.94, driven by continued momentum in the stock.
• Analyst sentiment remains positive, with multiple firms raising price targets; the consensus rating is Moderate Buy and the average target price is $124.45.
• The company recently beat earnings expectations, reporting $3.42 EPS versus the $3.33 forecast, and it also paid a quarterly dividend of $0.44 per share.

Shares of Axis Capital Holdings Limited (NYSE:AXS - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company 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 Analyst Weigh In

AXS has been the subject of a number of research analyst reports. UBS Group boosted their target price on Axis Capital from $129.00 to $131.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods increased their price target on Axis Capital from $126.00 to $131.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Bank of America reduced their price objective on Axis Capital from $115.00 to $106.00 and set a "neutral" rating for the company in a research note on Tuesday, April 14th. Wells Fargo & Company upped their target price on Axis Capital from $119.00 to $134.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Finally, Atlantic Securities set a $122.00 target price on Axis Capital in a research report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $124.45.

Axis Capital Price Performance

The business has a 50 day moving average price of $103.24 and a two-hundred day moving average price of $102.60. The stock has a market cap of $8.55 billion, a PE ratio of 8.64, a P/E/G ratio of 3.40 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 - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $3.42 EPS for the quarter, beating analysts' consensus estimates of $3.33 by $0.09. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.72 billion. Axis Capital had a return on equity of 18.12% and a net margin of 16.00%.Axis Capital's revenue was up 8.0% on a year-over-year basis. During the same period last year, the business posted $3.17 earnings per share. Research analysts expect that Axis Capital Holdings Limited will post 13.2 earnings per share for the current fiscal year.

Axis Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Tuesday, June 30th. Axis Capital's payout ratio is presently 13.11%.

Insider Buying and Selling at Axis Capital

In related news, Director Henry B. Smith sold 2,542 shares of the business's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $98.69, for a total value of $250,869.98. Following the transaction, the director directly owned 46,347 shares of the company's stock, valued at approximately $4,573,985.43. The trade was a 5.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.60% of the company's stock.

Institutional Trading of Axis Capital

Hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB boosted 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 last quarter. Janus Henderson Group PLC increased its stake in shares of Axis Capital by 1.2% during the 1st 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 last quarter. Bull Harbor Capital LLC bought a new stake in shares of Axis Capital in the 1st quarter worth approximately $910,000. Amundi raised its holdings in shares of Axis Capital by 88.5% in the 1st quarter. Amundi now owns 11,647 shares of the insurance provider's stock worth $1,181,000 after purchasing an additional 5,469 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Axis Capital by 7.5% in the first 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 last quarter. Institutional investors own 93.44% of the company's stock.

Axis Capital Company Profile

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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