AXIS Capital (NYSE:AXS) Hits New 1-Year High – Here’s What Happened

AXIS Capital Holdings Limited (NYSE:AXS)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $82.40 and last traded at $82.35, with a volume of 169166 shares trading hands. The stock had previously closed at $80.93.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AXS shares. Keefe, Bruyette & Woods increased their price target on shares of AXIS Capital from $86.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Roth Mkm increased their target price on AXIS Capital from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Bank of America lifted their price target on AXIS Capital from $81.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Jefferies Financial Group increased their price objective on AXIS Capital from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, TD Cowen started coverage on shares of AXIS Capital in a research report on Friday, October 4th. They set a “buy” rating and a $118.00 target price on the stock. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.86.

AXIS Capital Stock Up 0.4 %

The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average price of $77.55 and a 200-day moving average price of $71.99. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 0.27 and a beta of 0.89.

AXIS Capital (NYSE:AXS) last announced its earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.41. AXIS Capital had a net margin of 11.28% and a return on equity of 19.70%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the business posted $2.23 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities analysts forecast that AXIS Capital Holdings Limited will post 10.72 EPS for the current year.

AXIS Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Monday, September 30th. AXIS Capital’s dividend payout ratio (DPR) is 26.91%.

Institutional Trading of AXIS Capital

A number of hedge funds have recently added to or reduced their stakes in AXS. Versant Capital Management Inc boosted its position in shares of AXIS Capital by 55.6% in the second quarter. Versant Capital Management Inc now owns 462 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 165 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of AXIS Capital by 80.4% in the 2nd quarter. GAMMA Investing LLC now owns 507 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 226 shares during the last quarter. Covestor Ltd increased its holdings in shares of AXIS Capital by 45.9% during the 1st quarter. Covestor Ltd now owns 588 shares of the insurance provider’s stock worth $38,000 after buying an additional 185 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in shares of AXIS Capital by 32.6% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 602 shares of the insurance provider’s stock worth $43,000 after buying an additional 148 shares during the period. Finally, Argent Trust Co acquired a new position in AXIS Capital in the second quarter valued at $205,000. 93.44% of the stock is owned by institutional investors and hedge funds.

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.