AXIS Capital (NYSE:AXS) Upgraded to “Equal Weight” at Wells Fargo & Company

AXIS Capital (NYSE:AXS) was upgraded by stock analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, MarketBeat reports. The firm currently has a $89.00 price objective on the insurance provider’s stock, up from their previous price objective of $78.00. Wells Fargo & Company‘s price target points to a potential downside of 1.96% from the stock’s current price.

A number of other analysts have also issued reports on the stock. UBS Group boosted their target price on shares of AXIS Capital from $92.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Keefe, Bruyette & Woods boosted their price objective on shares of AXIS Capital from $94.00 to $96.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Bank of America raised their target price on shares of AXIS Capital from $81.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group raised their target price on shares of AXIS Capital from $88.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, TD Cowen boosted their price target on AXIS Capital from $118.00 to $127.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, AXIS Capital currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.71.

AXIS Capital Stock Performance

Shares of NYSE:AXS opened at $90.78 on Wednesday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.27. AXIS Capital has a 12 month low of $53.49 and a 12 month high of $94.54. The company has a market capitalization of $7.59 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.31 and a beta of 0.94. The firm’s 50-day moving average is $85.13 and its 200 day moving average is $77.90.

AXIS Capital (NYSE:AXS) last released its earnings results on Wednesday, October 30th. The insurance provider reported $2.71 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.16. AXIS Capital had a return on equity of 19.24% and a net margin of 10.82%. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the prior year, the firm posted $2.34 earnings per share. Research analysts predict that AXIS Capital will post 10.83 EPS for the current year.

Institutional Investors Weigh In On AXIS Capital

Large investors have recently made changes to their positions in the stock. Entropy Technologies LP purchased a new stake in shares of AXIS Capital in the 3rd quarter valued at $507,000. Jennison Associates LLC grew its position in AXIS Capital by 24.4% during the 3rd quarter. Jennison Associates LLC now owns 1,625,057 shares of the insurance provider’s stock worth $129,371,000 after purchasing an additional 318,784 shares during the period. Verition Fund Management LLC purchased a new position in shares of AXIS Capital during the 3rd quarter valued at about $453,000. Mirabella Financial Services LLP acquired a new position in shares of AXIS Capital in the 3rd quarter valued at about $4,249,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of AXIS Capital by 8.4% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 300,726 shares of the insurance provider’s stock worth $23,941,000 after buying an additional 23,377 shares during the last quarter. 93.44% of the stock is owned by hedge funds and other institutional investors.

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.