Axis Capital (NYSE:AXS) Releases Earnings Results, Beats Estimates By $0.28 EPS

Axis Capital (NYSE:AXS) announced its quarterly earnings data on Wednesday. The insurance provider reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.28, FiscalAI reports. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Axis Capital had a return on equity of 18.99% and a net margin of 16.08%.The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period last year, the business posted $3.38 earnings per share.

Axis Capital Trading Up 2.2%

Shares of AXS stock opened at $104.73 on Thursday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $103.41 and a 200-day simple moving average of $98.79. Axis Capital has a fifty-two week low of $84.81 and a fifty-two week high of $110.34. The stock has a market cap of $8.07 billion, a P/E ratio of 8.66, a P/E/G ratio of 0.96 and a beta of 0.65.

Axis Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.44 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.76 dividend on an annualized basis and a yield of 1.7%. Axis Capital’s dividend payout ratio (DPR) is 14.55%.

Institutional Trading of Axis Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AXS. Freestone Grove Partners LP acquired a new stake in Axis Capital in the 3rd quarter valued at $56,705,000. Millennium Management LLC boosted its holdings in shares of Axis Capital by 374.7% in the third quarter. Millennium Management LLC now owns 553,565 shares of the insurance provider’s stock valued at $53,032,000 after acquiring an additional 436,944 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Axis Capital by 196.5% in the third quarter. Woodline Partners LP now owns 484,619 shares of the insurance provider’s stock valued at $46,426,000 after buying an additional 321,145 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Axis Capital by 137.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 326,137 shares of the insurance provider’s stock valued at $31,244,000 after purchasing an additional 188,866 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Axis Capital in the 3rd quarter valued at approximately $8,941,000. Hedge funds and other institutional investors own 93.44% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on AXS. Bank of America lowered their target price on Axis Capital from $119.00 to $115.00 and set a “neutral” rating for the company in a research note on Thursday. The Goldman Sachs Group restated a “neutral” rating and set a $110.00 target price on shares of Axis Capital in a research note on Wednesday, January 7th. Weiss Ratings downgraded shares of Axis Capital from a “buy (a-)” rating to a “buy (b)” rating in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Axis Capital from $121.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Finally, Royal Bank Of Canada assumed coverage on shares of Axis Capital in a research report on Monday, November 24th. They set an “outperform” rating and a $125.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Axis Capital currently has an average rating of “Moderate Buy” and a consensus price target of $121.89.

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.