Axis Capital (NYSE:AXS) Issues Earnings Results, Beats Expectations By $0.27 EPS

Key Points

• Axis Capital beat quarterly expectations: The insurer reported EPS of $3.12, exceeding the $2.85 consensus by $0.27, while revenue reached $1.79 billion versus estimates of $1.69 billion.
• Shares declined 1.0% to $101.25 after the results. The stock has a market capitalization of $7.39 billion and trades at a price-to-earnings ratio of 7.19.
• Axis Capital declared a quarterly dividend of $0.44 per share, equivalent to an annualized $1.76 payout and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.08.

Axis Capital (NYSE:AXS - Get Free Report) released its earnings results on Wednesday. The insurance provider reported $3.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.85 by $0.27, FiscalAI reports. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.69 billion. Axis Capital had a net margin of 16.23% and a return on equity of 17.00%.

Axis Capital Trading Down 1.0%

Axis Capital stock traded down $0.99 during midday trading on Wednesday, reaching $101.25. The stock had a trading volume of 722,965 shares, compared to its average volume of 655,899. Axis Capital has a twelve month low of $88.07 and a twelve month high of $119.99. The stock has a market capitalization of $7.39 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 3.52 and a beta of 0.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.64 and a current ratio of 0.64. The stock's 50-day simple moving average is $98.53 and its 200 day simple moving average is $101.98.

Axis Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Wednesday, September 30th. Axis Capital's dividend payout ratio is presently 12.50%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Zacks Research upgraded Axis Capital from a "strong sell" rating to a "hold" rating in a report on Friday, October 9th. Keefe, Bruyette & Woods reduced their target price on Axis Capital from $131.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 4th. TD Cowen reiterated a "buy" rating and set a $130.00 target price on shares of Axis Capital in a research report on Tuesday, August 25th. BMO Capital Markets reissued a "market perform" rating on shares of Axis Capital in a research note on Wednesday, July 29th. Finally, Mizuho lowered their price target on Axis Capital from $118.00 to $116.00 and set an "outperform" rating for the company in a report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Axis Capital presently has an average rating of "Moderate Buy" and an average price target of $119.08.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.