AXIS Capital (NYSE:AXS) Price Target Raised to $78.00

AXIS Capital (NYSE:AXS) had its price target hoisted by Wells Fargo & Company from $74.00 to $78.00 in a research note published on Thursday, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the insurance provider’s stock.

A number of other research analysts also recently weighed in on AXS. Jefferies Financial Group increased their target price on AXIS Capital from $88.00 to $95.00 and gave the company a buy rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their target price on AXIS Capital from $86.00 to $88.00 and gave the company an outperform rating in a research report on Wednesday, August 7th. Bank of America upped their price target on AXIS Capital from $74.00 to $78.00 and gave the stock a buy rating in a research report on Thursday, July 11th. UBS Group raised their price objective on AXIS Capital from $82.00 to $85.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Finally, Roth Mkm boosted their price objective on AXIS Capital from $75.00 to $90.00 and gave the company a buy rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, AXIS Capital has an average rating of Moderate Buy and a consensus target price of $92.86.

AXIS Capital Stock Performance

Shares of NYSE AXS opened at $80.60 on Thursday. The firm’s 50-day moving average price is $77.37 and its 200-day moving average price is $71.83. AXIS Capital has a 52-week low of $52.90 and a 52-week high of $82.33. The company has a market cap of $6.82 billion, a PE ratio of 12.32, a PEG ratio of 0.27 and a beta of 0.89. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.30.

AXIS Capital (NYSE:AXS) last issued its earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.41. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.49 billion. AXIS Capital had a net margin of 11.28% and a return on equity of 19.70%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $2.23 earnings per share. As a group, analysts anticipate that AXIS Capital will post 10.72 EPS for the current year.

AXIS Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Monday, September 30th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Monday, September 30th. AXIS Capital’s payout ratio is 26.91%.

Hedge Funds Weigh In On AXIS Capital

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc lifted its holdings in shares of AXIS Capital by 55.6% in the 2nd quarter. Versant Capital Management Inc now owns 462 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 165 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of AXIS Capital by 80.4% in the 2nd quarter. GAMMA Investing LLC now owns 507 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 226 shares during the last quarter. Covestor Ltd increased its position in shares of AXIS Capital by 45.9% during the 1st quarter. Covestor Ltd now owns 588 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 185 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in AXIS Capital by 32.6% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 602 shares of the insurance provider’s stock worth $43,000 after buying an additional 148 shares during the last quarter. Finally, Argent Trust Co purchased a new position in AXIS Capital during the second quarter worth $205,000. 93.44% of the stock is owned by hedge funds and other institutional investors.

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.