Axis Capital Holdings Limited (AXS) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Axis Capital Holdings Limited (NYSE:AXS) from a sell rating to a hold rating in a research note issued to investors on Friday morning.
According to Zacks, “AXIS Capital reported third-quarter 2017 operating loss, slightly wider than the Zacks Consensus Estimate and also compared unfavorably with the operating income in the year-ago quarter. Significantly higher catastrophe loss was mainly responsible for such a dismal earnings performance. Nonetheless, Axis Capital continues to build on its Specialty Insurance, Reinsurance, Accident and Health to pave way for long-term growth. It remains focused on deploying resources prudently, while enhancing efficiencies. It has also been improving its portfolio mix and underwriting profitability apart from strengthening the casualty and professional lines in the insurance segment. Its inorganic growth story remains impressive with strategic buyouts. But, stiff competition in the reinsurance industry along with escalating expenses are concerns. Also, shares have underperformed the industry, since the release of its third quarter results.”
A number of other analysts also recently weighed in on the stock. Bank of America Corporation cut their price target on shares of Axis Capital Holdings Limited from $73.00 to $67.00 and set a buy rating for the company in a report on Friday, October 13th. Buckingham Research started coverage on shares of Axis Capital Holdings Limited in a report on Monday, September 11th. They set a neutral rating and a $58.00 price target for the company. UBS Group AG (USA) cut their price target on shares of Axis Capital Holdings Limited from $62.00 to $57.00 and set a sell rating for the company in a report on Tuesday, September 19th. Wells Fargo & Company reaffirmed a sell rating on shares of Axis Capital Holdings Limited in a report on Thursday, July 6th. Finally, Citigroup Inc. increased their price objective on shares of Axis Capital Holdings Limited from $60.00 to $61.00 and gave the company a sell rating in a research note on Thursday, July 13th. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Axis Capital Holdings Limited presently has a consensus rating of Hold and a consensus price target of $61.45.
Shares of Axis Capital Holdings Limited (AXS) traded up $0.26 during trading hours on Friday, hitting $54.37. 938,597 shares of the company’s stock were exchanged, compared to its average volume of 786,866. Axis Capital Holdings Limited has a 1 year low of $52.15 and a 1 year high of $71.06. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.19.
Axis Capital Holdings Limited (NYSE:AXS) last issued its quarterly earnings results on Wednesday, October 25th. The insurance provider reported ($5.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($5.34) by ($0.01). Axis Capital Holdings Limited had a negative return on equity of 2.54% and a negative net margin of 4.55%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $972.10 million. During the same period last year, the company posted $1.78 EPS. equities analysts expect that Axis Capital Holdings Limited will post -2.1 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Monday, October 9th were paid a $0.38 dividend. This is an increase from Axis Capital Holdings Limited’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, October 5th. This represents a $1.52 annualized dividend and a yield of 2.80%. Axis Capital Holdings Limited’s dividend payout ratio is presently -49.51%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new position in Axis Capital Holdings Limited in the 2nd quarter valued at approximately $150,000. BlueMountain Capital Management LLC increased its position in Axis Capital Holdings Limited by 62.0% in the 2nd quarter. BlueMountain Capital Management LLC now owns 2,559 shares of the insurance provider’s stock valued at $165,000 after acquiring an additional 979 shares during the period. Quantbot Technologies LP acquired a new position in Axis Capital Holdings Limited in the 2nd quarter valued at approximately $203,000. The Manufacturers Life Insurance Company acquired a new position in Axis Capital Holdings Limited in the 2nd quarter valued at approximately $207,000. Finally, Crossmark Global Holdings Inc. acquired a new position in Axis Capital Holdings Limited in the 3rd quarter valued at approximately $256,000. Hedge funds and other institutional investors own 85.79% of the company’s stock.
Axis Capital Holdings Limited Company Profile
AXIS Capital Holdings Limited is a holding company. The Company provides a range of specialty (re)insurance, through subsidiaries and branch networks- based in Bermuda, the United States, Canada, Europe and Singapore. Its business consists of two global underwriting platforms: AXIS Insurance and AXIS Re.
Receive News & Ratings for Axis Capital Holdings Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Axis Capital Holdings Limited and related companies with Analyst Ratings Network's FREE daily email newsletter.