Analysts have assigned an average price target of $124.00 to Axis Capital Holdings Limited (NYSE:AXS), reflecting a Moderate Buy rating from twelve financial analysts covering the firm, according to Marketbeat. The stock received three hold ratings, eight buy ratings, and one strong buy rating. The consensus indicates positive sentiment towards Axis Capital’s future performance.
Several research firms have recently issued updates on the company. Weiss Ratings downgraded Axis Capital from a buy (a-) rating to a buy (b) rating on January 22, 2024. Meanwhile, Jefferies Financial Group reaffirmed a buy rating with a target price of $122.00 in a note released on January 30, 2024. Compass Point set its target at $121.00 on November 24, 2023, while Wells Fargo reduced its price target from $124.00 to $121.00 on the same date, maintaining an overweight rating. Notably, Keefe, Bruyette & Woods raised its price objective from $121.00 to $130.00 with an outperform rating on January 6, 2024.
Current Stock Performance and Financial Highlights
Axis Capital opened at $101.08 on Tuesday, with shares experiencing a slight decline of 0.5%. As of now, the company has a market capitalization of $7.79 billion and a price-to-earnings (P/E) ratio of 8.16. The firm recorded a 52-week low of $84.81 and a 52-week high of $110.34. The company’s financial health is further illustrated by a debt-to-equity ratio of 0.27 and a current ratio of 0.67.
In its latest quarterly earnings report, released on January 28, 2024, Axis Capital reported earnings per share (EPS) of $3.25, surpassing the consensus estimate of $2.97 by $0.28. The company’s revenue for the quarter reached $1.73 billion, significantly exceeding analyst predictions of $1.33 billion. Axis Capital’s net margin stood at 15.37%, with a return on equity of 18.90%. The revenue demonstrated a year-over-year increase of 17.8%, although it marked a decline from the previous year’s EPS of $3.38.
Dividend Announcement
Axis Capital also announced a quarterly dividend of $0.44 per share, which was paid on January 15, 2024. Shareholders of record on December 31, 2023, received this dividend, and the ex-dividend date was also noted as December 31. This dividend reflects an annualized yield of 1.7% and a dividend payout ratio of 14.21%.
Axis Capital Holdings Limited operates in the insurance and reinsurance sectors, providing a range of specialty products in Bermuda, the United States, and internationally. The company is structured into two segments: Insurance and Reinsurance. The Insurance segment offers various professional insurance products, including coverage for directors’ and officers’ liability, errors and omissions, and property insurance for commercial and residential properties.
As the company continues to navigate the competitive landscape, analysts will be monitoring its financial performance and market strategies closely.
