Axis Capital (NYSE:AXS) Sets New 52-Week High – Here’s What Happened

Axis Capital Holdings Limited (NYSE:AXS) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $115.91 and last traded at $114.3680, with a volume of 867077 shares changing hands. The stock had previously closed at $113.06.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AXS shares. Mizuho set a $137.00 price objective on shares of Axis Capital in a research report on Monday, May 4th. Keefe, Bruyette & Woods dropped their price target on shares of Axis Capital from $130.00 to $126.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 7th. Wells Fargo & Company cut their price target on shares of Axis Capital from $123.00 to $119.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Weiss Ratings lowered Axis Capital from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, June 4th. Finally, Bank of America dropped their target price on Axis Capital from $115.00 to $106.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Axis Capital presently has an average rating of “Moderate Buy” and a consensus target price of $122.10.

Axis Capital Stock Up 1.2%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market capitalization of $8.43 billion, a PE ratio of 8.52, a price-to-earnings-growth ratio of 3.46 and a beta of 0.49. The firm’s 50-day simple moving average is $101.35 and its 200 day simple moving average is $102.39.

Axis Capital (NYSE:AXS) last announced its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $3.42 EPS for the quarter, beating the consensus estimate of $3.33 by $0.09. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter last year, the business earned $3.17 earnings per share. As a group, equities research analysts forecast that Axis Capital Holdings Limited will post 13.25 earnings per share for the current year.

Axis Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.44 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.5%. Axis Capital’s dividend payout ratio is currently 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 sale, the director directly owned 46,347 shares in the company, valued at $4,573,985.43. The trade was a 5.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Axis Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Activest Wealth Management acquired a new stake in shares of Axis Capital in the fourth quarter valued at approximately $30,000. Assetmark Inc. raised its position in shares of Axis Capital by 80.8% during the 1st quarter. Assetmark Inc. now owns 396 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 177 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Axis Capital in the 1st quarter valued at approximately $43,000. Fideuram Asset Management Ireland dac purchased a new stake in Axis Capital in the 4th quarter valued at approximately $47,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in Axis Capital during the 4th quarter valued at $51,000. Institutional investors and hedge funds 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.