Axis Capital (NYSE:AXS) Releases Earnings Results, Misses Expectations By $0.04 EPS

Axis Capital (NYSE:AXS) posted its quarterly earnings data on Wednesday. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.46 by ($0.04), FiscalAI reports. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Axis Capital had a net margin of 15.37% and a return on equity of 18.72%.

Axis Capital Stock Down 2.4%

Shares of AXS traded down $2.42 during midday trading on Wednesday, reaching $97.93. 753,252 shares of the stock were exchanged, compared to its average volume of 616,382. The company has a market capitalization of $7.26 billion, a P/E ratio of 7.90, a PEG ratio of 2.03 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.24. Axis Capital has a 52 week low of $88.07 and a 52 week high of $110.34. The company’s 50 day moving average is $101.67 and its two-hundred day moving average is $101.34.

Axis Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, March 31st. Axis Capital’s dividend payout ratio is currently 14.21%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AXS. Wells Fargo & Company increased their target price on Axis Capital from $121.00 to $123.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Bank of America cut their price target on shares of Axis Capital from $115.00 to $106.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $122.00 price target on shares of Axis Capital in a research note on Friday, January 30th. Roth Mkm reiterated a “buy” rating and set a $120.00 price objective on shares of Axis Capital in a report on Thursday, January 29th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $110.00 price objective on shares of Axis Capital in a research report on Wednesday, January 7th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.80.

Institutional Investors Weigh In On Axis Capital

Several hedge funds have recently modified their holdings of the business. Sivia Capital Partners LLC lifted its holdings in Axis Capital by 33.6% during the second quarter. Sivia Capital Partners LLC now owns 3,924 shares of the insurance provider’s stock worth $407,000 after buying an additional 987 shares during the period. Cresset Asset Management LLC purchased a new position in shares of Axis Capital in the 3rd quarter valued at $229,000. Virtu Financial LLC bought a new position in shares of Axis Capital in the 4th quarter worth $224,000. Elevation Point Wealth Partners LLC raised its position in shares of Axis Capital by 476.1% in the 3rd quarter. Elevation Point Wealth Partners LLC now owns 2,264 shares of the insurance provider’s stock worth $218,000 after acquiring an additional 1,871 shares in the last quarter. Finally, Orion Porfolio Solutions LLC purchased a new stake in shares of Axis Capital during the 2nd quarter worth $208,000. Hedge funds and other institutional investors own 93.44% of the company’s stock.

Axis Capital Company Profile

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.