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

Axis Capital Holdings Limited (NYSE:AXS) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $116.92 and last traded at $116.7890, with a volume of 60144 shares. The stock had previously closed at $114.62.

Analyst Ratings Changes

AXS has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Axis Capital from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. Atlantic Securities set a $122.00 price target on Axis Capital in a report on Wednesday, July 15th. Wells Fargo & Company raised their price target on Axis Capital from $119.00 to $134.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Mizuho raised their target price on Axis Capital from $137.00 to $142.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Axis Capital from $126.00 to $131.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.45.

Axis Capital Price Performance

The firm has a 50-day moving average of $104.84 and a 200-day moving average of $102.85. 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 cap of $8.54 billion, a PE ratio of 8.63, a PEG ratio of 3.32 and a beta of 0.49.

Axis Capital (NYSE:AXS) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share for the quarter, beating the consensus estimate of $3.33 by $0.09. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Axis Capital had a return on equity of 18.12% and a net margin of 16.00%.The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $3.17 EPS. Research analysts predict that Axis Capital Holdings Limited will post 13.23 EPS for the current year.

Axis Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, June 30th. Axis Capital’s dividend 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 completion of the sale, the director directly owned 46,347 shares of the company’s stock, valued at approximately $4,573,985.43. This trade represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in Axis Capital by 12.4% during the 1st quarter. Royal Bank of Canada now owns 63,457 shares of the insurance provider’s stock valued at $6,361,000 after acquiring an additional 7,023 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of 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 purchasing an additional 12,680 shares during the last quarter. Jane Street Group LLC boosted its position in Axis Capital by 86.2% during the first quarter. Jane Street Group LLC now owns 47,277 shares of the insurance provider’s stock valued at $4,739,000 after purchasing an additional 21,892 shares in the last quarter. Focus Partners Wealth boosted its position in Axis Capital by 42.1% during the first 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 in the last quarter. Finally, Sivia Capital Partners LLC grew its stake in Axis Capital by 33.6% in the second 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. Institutional investors own 93.44% of the company’s stock.

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.