AXIS Capital (NYSE:AXS) Reaches New 12-Month High – Here’s Why

AXIS Capital Holdings Limited (NYSE:AXS)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $86.15 and last traded at $85.76, with a volume of 16830 shares traded. The stock had previously closed at $85.08.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AXS. Roth Mkm lifted their target price on AXIS Capital from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. UBS Group lifted their price target on shares of AXIS Capital from $92.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Wells Fargo & Company raised their price objective on shares of AXIS Capital from $74.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, October 10th. Bank of America increased 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. Finally, TD Cowen assumed coverage on AXIS Capital in a report on Friday, October 4th. They issued a “buy” rating and a $118.00 price objective for the company. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $95.86.

AXIS Capital Price Performance

The company’s fifty day moving average price is $80.22 and its two-hundred day moving average price is $74.85. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.27. The company has a market cap of $7.18 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.29 and a beta of 0.90.

AXIS Capital (NYSE:AXS) last posted its quarterly earnings data on Wednesday, October 30th. The insurance provider reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.16. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.57 billion. AXIS Capital had a return on equity of 19.24% and a net margin of 10.82%. During the same period last year, the company earned $2.34 earnings per share. On average, equities research analysts forecast that AXIS Capital Holdings Limited will post 10.83 EPS for the current fiscal year.

AXIS Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Monday, September 30th were given a dividend of $0.44 per share. The ex-dividend date was Monday, September 30th. This represents a $1.76 annualized dividend and a yield of 2.05%. AXIS Capital’s dividend payout ratio (DPR) is presently 24.41%.

Hedge Funds Weigh In On AXIS Capital

A number of large investors have recently modified their holdings of AXS. Victory Capital Management Inc. grew its stake in AXIS Capital by 8,717.0% in the second quarter. Victory Capital Management Inc. now owns 1,361,250 shares of the insurance provider’s stock valued at $96,172,000 after purchasing an additional 1,345,811 shares in the last quarter. Janus Henderson Group PLC increased its holdings in AXIS Capital by 30.7% during the first quarter. Janus Henderson Group PLC now owns 2,321,271 shares of the insurance provider’s stock worth $150,928,000 after buying an additional 545,546 shares during the last quarter. Jennison Associates LLC raised its position in AXIS Capital by 24.4% during the third quarter. Jennison Associates LLC now owns 1,625,057 shares of the insurance provider’s stock worth $129,371,000 after acquiring an additional 318,784 shares in the last quarter. Levin Capital Strategies L.P. acquired a new stake in AXIS Capital in the first quarter valued at $17,065,000. Finally, Millennium Management LLC grew its position in shares of AXIS Capital by 1,644.8% in the 2nd quarter. Millennium Management LLC now owns 240,754 shares of the insurance provider’s stock valued at $17,009,000 after acquiring an additional 226,956 shares during the period. 93.44% of the stock is currently owned by institutional investors and hedge funds.

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.