AXIS Capital (NYSE:AXS) Reaches New 12-Month High – Still a Buy?

AXIS Capital Holdings Limited (NYSE:AXS) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $81.58 and last traded at $81.51, with a volume of 37288 shares changing hands. The stock had previously closed at $79.53.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AXS shares. Roth Mkm increased their target price on shares of AXIS Capital from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. TD Cowen began coverage on AXIS Capital in a research note on Friday. They set a “buy” rating and a $118.00 price objective on the stock. Bank of America boosted their target price on AXIS Capital from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods raised their price target on AXIS Capital from $86.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their price objective on AXIS Capital from $63.00 to $74.00 and gave the company an “underweight” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.86.

AXIS Capital Stock Up 2.7 %

The firm has a 50-day moving average price of $76.64 and a two-hundred day moving average price of $71.07. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 0.26 and a beta of 0.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.62 and a quick ratio of 0.62.

AXIS Capital (NYSE:AXS) last issued its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share for the quarter, topping the consensus estimate 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 period last year, the business earned $2.23 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts anticipate that AXIS Capital Holdings Limited will post 10.71 earnings per share for the current fiscal year.

AXIS Capital Announces Dividend

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 paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.15%. AXIS Capital’s dividend payout ratio is 26.91%.

Institutional Trading of AXIS Capital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc increased its position in shares of AXIS Capital by 55.6% during the 2nd quarter. Versant Capital Management Inc now owns 462 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 165 shares during the last quarter. GAMMA Investing LLC raised its position in AXIS Capital by 80.4% during the second quarter. GAMMA Investing LLC now owns 507 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 226 shares in the last quarter. Covestor Ltd lifted its stake in AXIS Capital by 45.9% in the first quarter. Covestor Ltd now owns 588 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 185 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew 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 valued at $43,000 after acquiring an additional 148 shares during the period. Finally, Argent Trust Co acquired a new position in shares of AXIS Capital during the 2nd quarter worth about $205,000. 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.