AXIS Capital (NYSE:AXS) Achieves New 52-Week High Following Analyst Upgrade

AXIS Capital Holdings Limited (NYSE:AXS) reached a new 52-week high during trading on Monday. This increase came after Keefe, Bruyette & Woods raised their price target for the company from $118.00 to $120.00, maintaining an outperform rating on the stock. During trading, AXIS Capital climbed to a high of $101.42 before settling at $99.20, with a volume of 800,856 shares traded. The previous closing price was $99.64.

AXS has received attention from various analysts in recent weeks. BMO Capital Markets began coverage on AXIS Capital on January 13th, issuing a "market perform" rating with a target price of $93.00. JMP Securities also reiterated a "market perform" rating on February 3rd. On March 4th, StockNews.com upgraded AXIS Capital from a "hold" rating to a "buy" rating. However, Wells Fargo & Company reduced their price target from $89.00 to $85.00 and assigned an "equal weight" rating on January 14th. To date, three analysts have given the stock a hold rating, while seven have recommended buying it. According to MarketBeat.com, AXIS Capital has an average rating of "Moderate Buy" with a consensus target price of $100.50.

Insider Trading Activity

In related insider news, Director Charles A. Davis sold 2,234,636 shares of AXIS Capital on February 3rd. The shares were sold at an average price of $89.50, totaling approximately $200 million. Following this transaction, Davis holds 4,543,170 shares, valued at around $406.6 million, reflecting a 32.97% decrease in his holdings. This sale was filed with the Securities & Exchange Commission and can be found in public records. Notably, insiders own about 0.50% of the company’s total shares.

Institutional Investments and Changes

Many institutional investors have been active in adjusting their stakes in AXIS Capital. True Wealth Design LLC acquired a new position in the third quarter valued at $40,000, while Steward Partners Investment Advisory LLC purchased a new stake in the fourth quarter at approximately $53,000. Additionally, Versant Capital Management Inc increased its holdings by 24%, now owning 671 shares valued at $59,000 after buying 130 more shares. EverSource Wealth Advisors LLC boosted its stake by 73.8%, acquiring an additional 285 shares to own 671 shares worth $59,000. SBI Securities Co. Ltd. also bought a new position valued around $60,000 in the fourth quarter. Institutional investors collectively own 93.44% of AXIS Capital’s shares.

AXIS Capital's Financial Performance

The company reports a fifty-day simple moving average of $93.00 and a two-hundred day simple moving average of $87.91. AXIS Capital has a debt-to-equity ratio of 0.27, with both a quick ratio and current ratio of 0.60. The firm's market capitalization stands at $8.08 billion, with a PE ratio of 8.10, a PEG ratio of 3.96, and a beta of 0.91. AXIS Capital announced its quarterly earnings on January 29th, reporting earnings per share (EPS) of $2.97 for the quarter, exceeding analysts' expectations of $2.68 by $0.29. The company achieved a net margin of 18.16% and a return on equity of 18.89%. Analysts estimate that AXIS Capital will post an EPS of 11.19 for the current fiscal year.

Dividend Announcement from AXIS Capital

AXIS Capital has announced a quarterly dividend to be paid on Thursday, April 17th. Shareholders on record by March 31st will receive a dividend of $0.44 per share, leading to an annualized dividend of $1.76. The ex-dividend date is also set for March 31st. Currently, AXIS Capital's dividend payout ratio stands at 14.25%.

Overview of AXIS Capital

AXIS Capital Holdings Limited provides specialty insurance and reinsurance products through its subsidiaries across Bermuda, the United States, and internationally. The company operates in two main segments: Insurance and Reinsurance. The Insurance segment offers various professional liability coverages, including directors' and officers' liability, errors and omissions, and medical malpractice, aimed at commercial enterprises and financial institutions. Additionally, it provides property insurance solutions for residential and commercial properties, along with coverage for renewable energy installations and business interruptions after acts of terrorism.

AXIS, Stocks, Investment