Brokers Issue Forecasts for AXIS Capital Holdings Limited’s Q3 2024 Earnings (NYSE:AXS)

AXIS Capital Holdings Limited (NYSE:AXS) – Zacks Research upped their Q3 2024 earnings estimates for AXIS Capital in a research report issued to clients and investors on Monday, October 7th. Zacks Research analyst T. De now expects that the insurance provider will post earnings of $2.33 per share for the quarter, up from their prior estimate of $2.31. The consensus estimate for AXIS Capital’s current full-year earnings is $10.71 per share. Zacks Research also issued estimates for AXIS Capital’s FY2024 earnings at $10.71 EPS, Q1 2025 earnings at $3.00 EPS, Q3 2026 earnings at $2.59 EPS and FY2026 earnings at $13.32 EPS.

AXIS Capital (NYSE:AXS) last released its earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.41. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.49 billion. AXIS Capital had a return on equity of 19.70% and a net margin of 11.28%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.23 EPS.

Several other research firms have also issued reports on AXS. Wells Fargo & Company increased their price target on shares of AXIS Capital from $74.00 to $78.00 and gave the stock an “underweight” rating in a research report on Thursday. Keefe, Bruyette & Woods raised their target price on AXIS Capital from $86.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. TD Cowen initiated coverage on AXIS Capital in a report on Friday, October 4th. They set a “buy” rating and a $118.00 price target for the company. Bank of America raised their price objective on AXIS Capital from $81.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday. Finally, 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 note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.86.

AXIS Capital Trading Down 0.8 %

Shares of AXIS Capital stock opened at $79.95 on Wednesday. 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 has a 12-month low of $52.90 and a 12-month high of $82.33. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.26 and a beta of 0.89. The firm’s 50-day moving average price is $77.23 and its two-hundred day moving average price is $71.66.

AXIS Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders 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 dividend yield of 2.20%. The ex-dividend date of this dividend is Monday, September 30th. AXIS Capital’s payout ratio is 26.91%.

Institutional Investors Weigh In On AXIS Capital

Several hedge funds have recently added to or reduced their stakes in AXS. Toronto Dominion Bank acquired a new position in shares of AXIS Capital during the first quarter worth $5,137,000. Foundry Partners LLC grew its position in shares of AXIS Capital by 35.6% in the 1st quarter. Foundry Partners LLC now owns 85,803 shares of the insurance provider’s stock valued at $5,579,000 after buying an additional 22,540 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of AXIS Capital by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 8,707,110 shares of the insurance provider’s stock valued at $482,113,000 after buying an additional 75,085 shares during the period. Connecticut Wealth Management LLC bought a new position in shares of AXIS Capital during the first quarter worth about $838,000. Finally, Illinois Municipal Retirement Fund acquired a new position in shares of AXIS Capital in the first quarter worth approximately $1,101,000. 93.44% of the stock is currently owned by institutional investors and hedge funds.

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.