Axis Capital Holdings Limited (NYSE:AXS) announced a quarterly dividend on Wednesday, May 2nd, Zacks reports. Investors of record on Friday, June 29th will be given a dividend of 0.39 per share by the insurance provider on Monday, July 16th. This represents a $1.56 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Thursday, June 28th.
Axis Capital has raised its dividend by an average of 12.1% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Axis Capital has a payout ratio of -68.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Axis Capital to earn $5.00 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 31.2%.
Shares of NYSE:AXS traded up $0.41 during midday trading on Friday, hitting $55.93. The company had a trading volume of 608,518 shares, compared to its average volume of 441,098. Axis Capital has a twelve month low of $47.43 and a twelve month high of $66.44. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $4.64 billion, a PE ratio of -17.76, a P/E/G ratio of 1.44 and a beta of 0.33.
Axis Capital (NYSE:AXS) last posted its quarterly earnings results on Wednesday, April 25th. The insurance provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.21 by $0.25. Axis Capital had a negative return on equity of 3.42% and a negative net margin of 6.52%. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.31 billion. analysts predict that Axis Capital will post 4.52 earnings per share for the current fiscal year.
Several equities research analysts recently commented on AXS shares. Zacks Investment Research raised Axis Capital from a “hold” rating to a “strong-buy” rating and set a $65.00 price target for the company in a report on Monday, June 4th. Goldman Sachs Group started coverage on Axis Capital in a report on Monday, June 18th. They issued a “neutral” rating and a $60.00 price target for the company. Citigroup increased their price target on Axis Capital from $55.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, April 10th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $52.00 price target on shares of Axis Capital in a report on Monday, April 2nd. Finally, ValuEngine raised Axis Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $61.55.
In related news, EVP Conrad D. Brooks sold 2,601 shares of the stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $57.18, for a total value of $148,725.18. Following the completion of the transaction, the executive vice president now directly owns 14,103 shares in the company, valued at $806,409.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.00% of the company’s stock.
About Axis Capital
AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products worldwide. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers property insurance for commercial buildings, residential premises, construction projects, and onshore energy installations; marine insurance covering offshore energy, cargo, liability, recreational marine, fine art, specie, hull, and war; and terrorism, aviation, credit and political risk, and liability insurance.
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