AXIS Capital (NYSE:AXS) Cut to Hold at StockNews.com

StockNews.com downgraded shares of AXIS Capital (NYSE:AXS) from a buy rating to a hold rating in a research note released on Friday.

AXS has been the subject of several other research reports. BMO Capital Markets started coverage on AXIS Capital in a research report on Monday, January 13th. They issued a “market perform” rating and a $93.00 price target for the company. Wells Fargo & Company dropped their target price on shares of AXIS Capital from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 14th. JMP Securities reissued a “market perform” rating on shares of AXIS Capital in a research report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods upped their price objective on AXIS Capital from $118.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, AXIS Capital currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.50.

AXIS Capital Price Performance

Shares of AXS opened at $90.68 on Friday. The firm’s 50-day simple moving average is $93.96 and its two-hundred day simple moving average is $88.61. AXIS Capital has a fifty-two week low of $60.45 and a fifty-two week high of $101.42. The stock has a market cap of $7.33 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 3.96 and a beta of 0.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.60 and a current ratio of 0.60.

AXIS Capital (NYSE:AXS) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.29. AXIS Capital had a return on equity of 18.89% and a net margin of 18.16%. Analysts anticipate that AXIS Capital will post 11.19 earnings per share for the current fiscal year.

AXIS Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.44 per share. The ex-dividend date is Monday, March 31st. This represents a $1.76 dividend on an annualized basis and a yield of 1.94%. AXIS Capital’s dividend payout ratio is presently 14.25%.

Insider Activity

In other AXIS Capital news, Director Charles A. Davis sold 2,139,037 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $93.50, for a total value of $199,999,959.50. Following the transaction, the director now owns 2,404,133 shares of the company’s stock, valued at approximately $224,786,435.50. This represents a 47.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On AXIS Capital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. grew its position in AXIS Capital by 48.6% during the third quarter. Franklin Resources Inc. now owns 371,557 shares of the insurance provider’s stock valued at $30,070,000 after buying an additional 121,437 shares during the period. HighTower Advisors LLC bought a new stake in shares of AXIS Capital during the 3rd quarter valued at $638,000. Verition Fund Management LLC purchased a new stake in shares of AXIS Capital in the 3rd quarter worth $453,000. Geode Capital Management LLC raised its holdings in AXIS Capital by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,267,338 shares of the insurance provider’s stock worth $100,921,000 after purchasing an additional 43,687 shares during the period. Finally, Summit Trail Advisors LLC purchased a new position in AXIS Capital during the fourth quarter valued at $300,000. Hedge funds and other institutional investors 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.