Zacks Affirms AXIS “Outperform” Rating
Stock in Bermuda’s AXIS Capital had its “outperform” rating reaffirmed by Zacks in a report released on Monday [Apr. 29]. They currently have a $52.00 target price on the stock.
Zacks’ analysts wrote, “AXIS Capital’s first-quarter earnings per share was better than the Zacks Consensus Estimate as well as year ago results. Improvement in top line driven by higher premiums and net realized investment gains aided the solid numbers. Both insurance and reinsurance segment posted solid premium increase as well as contributed to solid underwriting profits.
“We believe that conservative underwriting practices will help the company remain well capitalized. New business generation and platform expansion will also aid the company’s top-line growth. A solid capital position, strong scores with the credit rating agencies and continued focus on enhancing shareholders value are among the other positives. However, exposure to cat losses and low interest rate environment keeps us cautious. “
AXIS Capital last posted its quarterly earnings results on Thursday, April 25. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.75. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the company posted $1.07 earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. On average, analysts predict that AXIS Capital will post $4.37 earnings per share for the current fiscal year.
A number of other firms have also recently commented on AXIS. Analysts at Keefe, Bruyette & Woods raised their price target on shares of AXIS Capital from $45.00 to $50.00 in a research note to investors on Monday. Separately, analysts at MKM Partners raised their price target on shares of AXIS Capital from $40.00 to $45.00 in a research note to investors on Friday. They now have a “neutral” rating on the stock. Finally, analysts at Raymond James upgraded shares of AXIS Capital from a “market perform” rating to an “outperform” rating in a research note to investors on Friday. They now have a $50.00 price target on the stock.
One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $46.33.
With offices on Pitts Bay Road, AXIS Capital Holdings Limited is a Bermuda-based holding company for the AXIS Group of Companies.
