Axis Capital Holdings Limited (AXS) Upgraded to “Hold” by Zacks Investment Research
Axis Capital Holdings Limited (NYSE:AXS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
According to Zacks, “AXIS Capital reported third-quarter 2017 operating loss, slightly wider than the Zacks Consensus Estimate and also compared unfavorably with the operating income in the year-ago quarter. Significantly higher catastrophe loss was mainly responsible for such a dismal earnings performance. Nonetheless, Axis Capital continues to build on its Specialty Insurance, Reinsurance, Accident and Health to pave way for long-term growth. It remains focused on deploying resources prudently, while enhancing efficiencies. It has also been improving its portfolio mix and underwriting profitability apart from strengthening the casualty and professional lines in the insurance segment. Its inorganic growth story remains impressive with strategic buyouts. But, stiff competition in the reinsurance industry along with escalating expenses are concerns. Also, shares have underperformed the industry, since the release of its third quarter results.”
AXS has been the subject of several other research reports. Bank of America Corporation decreased their price objective on Axis Capital Holdings Limited from $73.00 to $67.00 and set a “buy” rating for the company in a report on Friday, October 13th. ValuEngine cut Axis Capital Holdings Limited from a “hold” rating to a “sell” rating in a report on Friday, October 6th. Citigroup Inc. decreased their price objective on Axis Capital Holdings Limited from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Monday, October 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $67.00 price objective on shares of Axis Capital Holdings Limited in a report on Friday, August 18th. Finally, MKM Partners decreased their price objective on Axis Capital Holdings Limited from $80.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, October 18th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $61.45.
Axis Capital Holdings Limited (NYSE:AXS) last issued its quarterly earnings results on Wednesday, October 25th. The insurance provider reported ($5.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($5.34) by ($0.01). Axis Capital Holdings Limited had a negative return on equity of 2.54% and a negative net margin of 4.55%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $972.10 million. During the same period in the prior year, the firm posted $1.78 EPS.
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Several institutional investors have recently made changes to their positions in AXS. Meeder Asset Management Inc. purchased a new stake in Axis Capital Holdings Limited during the 2nd quarter worth approximately $150,000. BlueMountain Capital Management LLC increased its stake in Axis Capital Holdings Limited by 62.0% during the 2nd quarter. BlueMountain Capital Management LLC now owns 2,559 shares of the insurance provider’s stock worth $165,000 after buying an additional 979 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Axis Capital Holdings Limited during the 2nd quarter worth approximately $203,000. The Manufacturers Life Insurance Company purchased a new stake in Axis Capital Holdings Limited during the 2nd quarter worth approximately $207,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in Axis Capital Holdings Limited during the 3rd quarter worth approximately $256,000. Hedge funds and other institutional investors own 85.79% of the company’s stock.
About Axis Capital Holdings Limited
AXIS Capital Holdings Limited is a holding company. The Company provides a range of specialty (re)insurance, through subsidiaries and branch networks- based in Bermuda, the United States, Canada, Europe and Singapore. Its business consists of two global underwriting platforms: AXIS Insurance and AXIS Re.
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