Roth Capital Weighs in on AXIS Capital Holdings Limited’s Q3 2024 Earnings (NYSE:AXS)

AXIS Capital Holdings Limited (NYSE:AXS) – Equities researchers at Roth Capital dropped their Q3 2024 earnings estimates for shares of AXIS Capital in a note issued to investors on Wednesday, July 31st. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings per share of $2.28 for the quarter, down from their previous estimate of $2.43. The consensus estimate for AXIS Capital’s current full-year earnings is $10.35 per share. Roth Capital also issued estimates for AXIS Capital’s Q1 2025 earnings at $2.88 EPS and Q2 2025 earnings at $2.87 EPS.

Other equities analysts have also recently issued reports about the stock. Roth Mkm boosted their price objective on shares of AXIS Capital from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $86.00 price objective on shares of AXIS Capital in a research report on Monday, June 17th. UBS Group boosted their target price on AXIS Capital from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Bank of America raised their price target on AXIS Capital from $74.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Wells Fargo & Company upped their price objective on AXIS Capital from $57.00 to $63.00 and gave the stock an “underweight” rating in a report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, AXIS Capital has a consensus rating of “Hold” and a consensus target price of $74.43.

AXIS Capital Trading Down 1.5 %

NYSE:AXS opened at $73.54 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.30. The stock’s 50 day simple moving average is $71.50 and its 200-day simple moving average is $65.87. AXIS Capital has a 12-month low of $52.90 and a 12-month high of $78.74. The firm has a market cap of $6.19 billion, a P/E ratio of 11.24, a PEG ratio of 0.27 and a beta of 0.90.

AXIS Capital (NYSE:AXS) last released its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.41. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.49 billion. AXIS Capital had a return on equity of 19.70% and a net margin of 11.28%. The business’s 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.

Hedge Funds Weigh In On AXIS Capital

Several institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings in 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 buying an additional 165 shares during the period. GAMMA Investing LLC grew its position in AXIS Capital by 80.4% during the second quarter. GAMMA Investing LLC now owns 507 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 226 shares during the period. Covestor Ltd raised its holdings in shares of AXIS Capital by 45.9% in the 1st quarter. Covestor Ltd now owns 588 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 185 shares during the period. Daiwa Securities Group Inc. acquired a new position in AXIS Capital during the fourth quarter valued at approximately $55,000. Finally, Parkside Financial Bank & Trust increased its position in shares of AXIS Capital by 14.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,833 shares of the insurance provider’s stock worth $101,000 after acquiring an additional 237 shares in the last quarter. 93.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AXIS Capital

In other news, Director Stanley A. Galanski purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average price of $71.43 per share, with a total value of $142,860.00. Following the purchase, the director now directly owns 11,763 shares of the company’s stock, valued at approximately $840,231.09. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Stanley A. Galanski acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $71.43 per share, for a total transaction of $142,860.00. Following the transaction, the director now directly owns 11,763 shares of the company’s stock, valued at approximately $840,231.09. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael Millegan bought 1,400 shares of the stock in a transaction on Tuesday, May 21st. The shares were bought at an average price of $71.49 per share, for a total transaction of $100,086.00. Following the acquisition, the director now owns 9,016 shares in the company, valued at approximately $644,553.84. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 6,425 shares of company stock valued at $444,351. Insiders own 0.50% of the company’s stock.

AXIS Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 18th. Shareholders of record on Friday, June 28th were given a dividend of $0.44 per share. The ex-dividend date was Friday, June 28th. This represents a $1.76 dividend on an annualized basis and a yield of 2.39%. AXIS Capital’s payout ratio is 26.91%.

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.