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

Shares of Axis Capital Holdings Limited (NYSE:AXS) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $110.81 and last traded at $108.7850, with a volume of 44058 shares trading hands. The stock had previously closed at $109.07.

Analysts Set New Price Targets

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

Axis Capital Price Performance

The stock’s 50 day moving average is $100.32 and its two-hundred day moving average is $102.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $8.18 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 3.28 and a beta of 0.49.

Axis Capital (NYSE:AXS) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.33 by $0.09. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%. The company 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 earnings per share. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. As a group, sell-side analysts forecast that Axis Capital Holdings Limited will post 13.25 earnings per share 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. Investors of record on Tuesday, June 30th will be paid a dividend of $0.44 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.6%. Axis Capital’s payout ratio is presently 13.11%.

Insider Activity at Axis Capital

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

Institutional Trading of Axis Capital

A number of institutional investors have recently bought and sold shares of AXS. AQR Capital Management LLC raised its position in shares of Axis Capital by 30.9% during the 4th quarter. AQR Capital Management LLC now owns 4,592,270 shares of the insurance provider’s stock worth $491,786,000 after acquiring an additional 1,083,579 shares in the last quarter. Norges Bank purchased a new position in Axis Capital in the fourth quarter valued at approximately $103,001,000. Freestone Grove Partners LP acquired a new stake in Axis Capital during the third quarter worth approximately $56,705,000. Arrowstreet Capital Limited Partnership raised its holdings in Axis Capital by 147.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 745,591 shares of the insurance provider’s stock worth $79,845,000 after purchasing an additional 443,761 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Axis Capital by 374.7% during the 3rd quarter. Millennium Management LLC now owns 553,565 shares of the insurance provider’s stock worth $53,032,000 after buying an additional 436,944 shares during the last quarter. 93.44% of the stock is owned by hedge funds and other institutional investors.

Axis Capital Company Profile

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.