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

Shares of AXIS Capital Holdings Limited (NYSE:AXS) hit a new 52-week high on Monday . The stock traded as high as $98.26 and last traded at $98.03, with a volume of 815955 shares traded. The stock had previously closed at $95.00.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AXS shares. TD Cowen raised their price target on AXIS Capital from $118.00 to $127.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. JMP Securities reissued a “market perform” rating on shares of AXIS Capital in a research report on Monday, February 3rd. Wells Fargo & Company lowered their price objective on shares of AXIS Capital from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 14th. BMO Capital Markets began coverage on AXIS Capital in a research report on Monday, January 13th. They issued a “market perform” rating and a $93.00 target price on the stock. Finally, Keefe, Bruyette & Woods lifted their price target on AXIS Capital from $115.00 to $118.00 and gave the stock an “outperform” rating in a research report on Thursday, March 13th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.25.

AXIS Capital Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 0.60 and a quick ratio of 0.60. The stock has a fifty day simple moving average of $92.39 and a 200-day simple moving average of $87.42. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 8.06, a P/E/G ratio of 3.96 and a beta of 0.91.

AXIS Capital (NYSE:AXS) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.29. AXIS Capital had a net margin of 18.16% and a return on equity of 18.89%. On average, equities research analysts anticipate that AXIS Capital Holdings Limited will post 11.19 EPS for the current year.

AXIS Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Monday, March 31st. AXIS Capital’s payout ratio is 14.25%.

Insider Activity at AXIS Capital

In other news, Director Charles A. Davis sold 2,139,037 shares of AXIS Capital stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $93.50, for a total value of $199,999,959.50. Following the sale, the director now owns 2,404,133 shares in the company, valued at $224,786,435.50. This trade represents a 47.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AXIS Capital

Several hedge funds and other institutional investors have recently made changes to their positions in AXS. True Wealth Design LLC acquired a new stake in AXIS Capital during the 3rd quarter worth $40,000. Steward Partners Investment Advisory LLC acquired a new position in AXIS Capital during the fourth quarter worth about $53,000. Versant Capital Management Inc raised its holdings in AXIS Capital by 24.0% in the 4th quarter. Versant Capital Management Inc now owns 671 shares of the insurance provider’s stock valued at $59,000 after acquiring an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in AXIS Capital by 73.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 671 shares of the insurance provider’s stock valued at $59,000 after acquiring an additional 285 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in AXIS Capital in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors 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.