Axis Capital Holdings Ltd. (AXS) Posts Quarterly Earnings Results, Beats Expectations By $0.73 EPS
Axis Capital Holdings Ltd. (NYSE:AXS) announced its earnings results on Wednesday. The company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.73. Axis Capital Holdings had a return on equity of 6.44% and a net margin of 14.19%. The firm earned $595.43 million during the quarter, compared to analyst estimates of $710.69 million. During the same period last year, the firm posted $0.51 EPS. The business’s revenue was down 12.1% compared to the same quarter last year.
Axis Capital Holdings (NYSE:AXS) opened at 55.80 on Thursday. Axis Capital Holdings has a 52 week low of $51.01 and a 52 week high of $57.98. The firm has a 50-day moving average price of $55.53 and a 200 day moving average price of $54.86. The company has a market cap of $5.06 billion, a P/E ratio of 9.90 and a beta of 0.73.
The business also recently announced a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Monday, October 3rd were paid a $0.35 dividend. The ex-dividend date was Thursday, September 29th. This represents a $1.40 annualized dividend and a yield of 2.51%. This is an increase from Axis Capital Holdings’s previous quarterly dividend of $0.29. Axis Capital Holdings’s dividend payout ratio (DPR) is currently 25.04%.
In other Axis Capital Holdings news, Director Michael A. Butt sold 40,673 shares of the company’s stock in a transaction dated Friday, October 14th. The stock was sold at an average price of $57.01, for a total value of $2,318,767.73. Following the completion of the sale, the director now owns 1,161,675 shares in the company, valued at $66,227,091.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Richard T. Gieryn, Jr. sold 10,400 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $56.15, for a total value of $583,960.00. Following the completion of the sale, the executive vice president now owns 15,958 shares of the company’s stock, valued at approximately $896,041.70. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of Axis Capital Holdings by 1.1% in the first quarter. Geode Capital Management LLC now owns 654,138 shares of the company’s stock worth $36,258,000 after buying an additional 6,895 shares during the last quarter. Eaton Vance Management boosted its stake in Axis Capital Holdings by 13.9% in the second quarter. Eaton Vance Management now owns 5,637 shares of the company’s stock valued at $310,000 after buying an additional 686 shares in the last quarter. General American Investors Co. Inc. acquired a new stake in Axis Capital Holdings during the second quarter valued at about $10,313,000. UBS Group AG boosted its stake in Axis Capital Holdings by 7.7% in the first quarter. UBS Group AG now owns 88,600 shares of the company’s stock valued at $4,914,000 after buying an additional 6,360 shares in the last quarter. Finally, State Street Corp boosted its stake in Axis Capital Holdings by 1.4% in the first quarter. State Street Corp now owns 2,864,320 shares of the company’s stock valued at $158,846,000 after buying an additional 39,216 shares in the last quarter. Institutional investors and hedge funds own 90.16% of the company’s stock.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research lowered Axis Capital Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Morgan Stanley raised their target price on Axis Capital Holdings from $59.00 to $60.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Eight investment analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and a consensus target price of $59.00.
About Axis Capital Holdings
AXIS Capital Holdings Limited is a holding company for the AXIS group of companies. The Company provides a range of specialty (re)insurance, through subsidiaries and branch networks- based in Bermuda, the United States, Canada, Europe, Australia and Singapore. It operates in two segments: AXIS Insurance and AXIS Re.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.