Axis Capital (NYSE:AXS) Reaches New 12-Month High – Time to Buy?

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

Analyst Upgrades and Downgrades

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

Axis Capital Price Performance

The stock has a market capitalization of $8.43 billion, a price-to-earnings ratio of 8.52, a P/E/G ratio of 3.46 and a beta of 0.49. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.25. The stock has a fifty day moving average of $101.35 and a 200-day moving average of $102.39.

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

Axis Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. Axis Capital’s payout ratio is presently 13.11%.

Insider Activity

In related news, Director Henry B. Smith sold 2,542 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $98.69, for a total transaction of $250,869.98. Following the transaction, the director owned 46,347 shares in the company, valued at $4,573,985.43. This trade represents a 5.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axis Capital

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada grew its holdings in shares of Axis Capital by 12.4% during the first quarter. Royal Bank of Canada now owns 63,457 shares of the insurance provider’s stock worth $6,361,000 after buying an additional 7,023 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Axis Capital by 6.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 205,553 shares of the insurance provider’s stock worth $20,605,000 after acquiring an additional 12,680 shares during the period. Jane Street Group LLC lifted its position in Axis Capital by 86.2% during the 1st quarter. Jane Street Group LLC now owns 47,277 shares of the insurance provider’s stock worth $4,739,000 after acquiring an additional 21,892 shares during the period. Focus Partners Wealth grew its stake in shares of Axis Capital by 42.1% in the 1st quarter. Focus Partners Wealth now owns 10,417 shares of the insurance provider’s stock valued at $1,044,000 after purchasing an additional 3,085 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its stake in shares of Axis Capital by 33.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,924 shares of the insurance provider’s stock valued at $407,000 after purchasing an additional 987 shares during the last quarter. 93.44% of the stock is currently owned by hedge funds and other institutional investors.

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.