AXIS Capital (NYSE:AXS) Sets New 12-Month High on Insider Buying Activity

AXIS Capital Holdings Limited (NYSE:AXS)’s stock price hit a new 52-week high during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $69.49 and last traded at $69.47, with a volume of 90416 shares trading hands. The stock had previously closed at $68.81.

Specifically, Director W Marston Becker acquired 3,025 shares of AXIS Capital stock in a transaction on Monday, May 6th. The stock was bought at an average cost of $66.58 per share, with a total value of $201,404.50. Following the completion of the purchase, the director now owns 21,821 shares of the company’s stock, valued at $1,452,842.18. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wells Fargo & Company reduced their price objective on shares of AXIS Capital from $59.00 to $57.00 and set an “underweight” rating for the company in a research note on Thursday, April 11th. Keefe, Bruyette & Woods increased their price target on shares of AXIS Capital from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. UBS Group increased their price target on shares of AXIS Capital from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, February 5th. Finally, StockNews.com raised shares of AXIS Capital from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, AXIS Capital has an average rating of “Hold” and a consensus target price of $67.33.

AXIS Capital Stock Performance

The stock has a market cap of $5.92 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 1.29 and a beta of 0.80. The firm’s 50-day moving average is $63.36 and its two-hundred day moving average is $59.04. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.38.

AXIS Capital (NYSE:AXS) last issued its quarterly earnings data on Thursday, May 2nd. The insurance provider reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.17. AXIS Capital had a net margin of 10.34% and a return on equity of 19.11%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm earned $2.33 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, research analysts expect that AXIS Capital Holdings Limited will post 10.17 EPS for the current year.

AXIS Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Monday, March 4th were paid a $0.44 dividend. The ex-dividend date was Friday, March 1st. This represents a $1.76 annualized dividend and a dividend yield of 2.52%. AXIS Capital’s payout ratio is 26.91%.

Institutional Investors Weigh In On AXIS Capital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of AXIS Capital during the fourth quarter valued at $52,845,000. AQR Capital Management LLC lifted its holdings in shares of AXIS Capital by 89.5% during the third quarter. AQR Capital Management LLC now owns 1,230,822 shares of the insurance provider’s stock valued at $69,381,000 after acquiring an additional 581,409 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of AXIS Capital by 185.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 488,556 shares of the insurance provider’s stock valued at $27,051,000 after acquiring an additional 317,169 shares during the period. Scout Investments Inc. lifted its holdings in shares of AXIS Capital by 61.3% during the first quarter. Scout Investments Inc. now owns 550,215 shares of the insurance provider’s stock valued at $35,769,000 after acquiring an additional 209,181 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of AXIS Capital by 2.5% during the third quarter. Vanguard Group Inc. now owns 8,632,025 shares of the insurance provider’s stock valued at $486,587,000 after acquiring an additional 207,233 shares during the period. Institutional investors and hedge funds own 93.44% of the company’s stock.

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.