Axis Capital Holdings Limited (NYSE:AXS) Sees Significant Increase in Short Interest

Axis Capital Holdings Limited (NYSE:AXS) was the target of a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 848,428 shares, an increase of 38.4% from the January 15th total of 613,193 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 797,248 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily trading volume, of 797,248 shares, the days-to-cover ratio is currently 1.1 days. Approximately 1.1% of the shares of the stock are short sold.

Axis Capital Stock Performance

Shares of NYSE AXS traded up $2.80 during mid-day trading on Tuesday, hitting $104.65. 95,017 shares of the company were exchanged, compared to its average volume of 669,726. The stock has a 50 day simple moving average of $104.23 and a 200-day simple moving average of $99.47. Axis Capital has a 1-year low of $84.81 and a 1-year high of $110.34. 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 firm has a market cap of $8.06 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 3.04 and a beta of 0.63.

Axis Capital (NYSE:AXS) last announced its quarterly earnings data on Wednesday, January 28th. The insurance provider reported $3.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.28. Axis Capital had a net margin of 15.37% and a return on equity of 18.90%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the company posted $3.38 EPS. Axis Capital’s revenue was up 17.8% compared to the same quarter last year. On average, sell-side analysts forecast that Axis Capital will post 11.19 EPS for the current fiscal year.

Axis Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Wednesday, December 31st. Axis Capital’s payout ratio is currently 14.21%.

Institutional Trading of Axis Capital

Several hedge funds have recently modified their holdings of AXS. Norges Bank acquired a new stake in shares of Axis Capital during the 2nd quarter worth $100,683,000. Freestone Grove Partners LP acquired a new stake in Axis Capital during the third quarter valued at approximately $56,705,000. Altrinsic Global Advisors LLC lifted its holdings in Axis Capital by 47.7% during the 2nd quarter. Altrinsic Global Advisors LLC now owns 1,817,204 shares of the insurance provider’s stock worth $188,662,000 after buying an additional 586,576 shares during the last quarter. Alberta Investment Management Corp acquired a new position in shares of Axis Capital in the 2nd quarter worth approximately $55,025,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Axis Capital by 147.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 745,591 shares of the insurance provider’s stock valued at $79,845,000 after acquiring an additional 443,761 shares during the last quarter. 93.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AXS. Compass Point set a $121.00 price objective on shares of Axis Capital in a research report on Monday, November 24th. Jefferies Financial Group reissued a “buy” rating and issued a $122.00 target price on shares of Axis Capital in a research report on Friday, January 30th. Bank of America lowered their price target on Axis Capital from $119.00 to $115.00 and set a “neutral” rating for the company in a report on Thursday, January 29th. Keefe, Bruyette & Woods increased their target price 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, Weiss Ratings downgraded Axis Capital from a “buy (a-)” rating to a “buy (b)” rating in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given 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 $124.00.

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.