Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] Company Overview: Axis Capital (AXS) - Axis Capital currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating a favorable outlook for the stock [3][4] - The stock has shown strong performance, with a price increase of 6.65% over the past week, compared to a 3.66% increase in the Zacks Insurance - Property and Casualty industry [6] - Over the past quarter, AXS shares have risen 11.97%, and are up 15.91% in the last year, outperforming the S&P 500, which has moved 3.31% and 13.94% respectively [7] Trading Volume - AXS has an average 20-day trading volume of 578,266 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, three earnings estimates for AXS have been revised upwards, increasing the consensus estimate from $12.15 to $12.67 [10] - For the next fiscal year, two estimates have also moved upwards, with no downward revisions during the same period [10] Conclusion - Given the positive momentum indicators and earnings outlook, AXS is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [12]

Core Viewpoint - AXIS Capital Holdings Limited has declared quarterly dividends for both common and preferred shares, reflecting the company's strong financial performance and commitment to returning value to shareholders [1][2][9]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.44 per common share, payable on January 15, 2026, to shareholders of record as of December 31, 2025 [1]. - Additionally, a dividend of $34.375 per Series E 5.50% preferred share (equivalent to $0.34375 per depositary share) was also declared, payable on January 15, 2026, to shareholders of record at the close of business on December 31, 2025 [2]. Financial Performance - For the third quarter ended September 30, 2025, AXIS Capital reported a net income available to common shareholders of $294 million, or $3.74 per diluted common share [7]. - The company achieved an operating income of $255 million, or $3.25 per diluted common share, with a 14% year-over-year increase in diluted book value per common share and an annualized operating return on equity of 18% [7]. Company Overview - AXIS Capital is a global specialty underwriter and provider of insurance and reinsurance solutions, with shareholders' equity of $6.4 billion as of September 30, 2025 [3]. - The company operates in multiple locations, including Bermuda, the United States, Europe, Singapore, and Canada, and has received strong financial strength ratings from Standard & Poor's and A.M. Best [3].

Core Insights - AXIS Capital Holdings Limited (AXS) shares closed at $102.21, near its 52-week high, indicating strong investor confidence and potential for further price appreciation [1] - The stock is trading above its 50-day and 200-day simple moving averages, suggesting solid upward momentum [1] Valuation - AXIS Capital's shares are trading at a forward price-to-book value of 1.35X, lower than the industry average of 1.54X and the Finance sector's 4.21X [3] - The company has a Value Score of B and is cheaper compared to peers like The Travelers Companies, Inc. (TRV), Arch Capital Group Ltd. (ACGL), and American Financial Group, Inc. (AFG) [3] Performance - AXIS Capital shares have gained 15.4% over the past year, outperforming the industry and Finance sector growth of 12% and 15%, respectively [7] - The company has a market capitalization of $7.99 billion, with an average trading volume of 0.7 million shares over the last three months [2] Growth Projections - The Zacks Consensus Estimate for AXIS Capital's 2025 earnings per share indicates a year-over-year increase of 13.2%, with revenues projected at $6.42 billion, reflecting a 5.3% improvement [8] - Earnings have grown 67.1% over the past five years, significantly outperforming the industry average of 20.9% [8] Analyst Sentiment - Two of the three analysts covering AXIS Capital have raised their earnings estimates for 2025 and 2026 in the past 30 days, leading to a 3.2% and 1.2% increase in the consensus estimates for those years [9] Target Price - The Zacks average price target for AXIS Capital is $115.60 per share, suggesting a potential upside of 13.07% from the last closing price [10] Return on Capital - The return on equity for AXIS Capital in the trailing 12 months was 18.9%, outperforming the industry average of 8% [14] Strategic Focus - AXIS Capital aims to be a leading specialty underwriter, focusing on growth areas such as wholesale insurance and lower middle markets [15] - The company is enhancing its digital capabilities and operational efficiencies, targeting a general and administrative ratio below 11% by 2026 [17] Dividend History - AXIS Capital has a strong dividend track record, having increased its dividend for 18 consecutive years, currently yielding 1.7%, significantly above the industry average of 0.2% [18] Conclusion - AXIS Capital is repositioning its portfolio and strengthening its business, focusing on efficient resource deployment and improving underwriting profitability, which positions the company for growth [19][20]

Core Viewpoint - AXIS Capital Holdings Limited has appointed Lewis Edwards as the Head of Delegated Strategy for Global Markets, a newly created position aimed at enhancing the company's delegated portfolio strategy [1][3]. Group 1: Appointment Details - Lewis Edwards will be based in London and will report to Sara Farrup, the Head of Global Markets [3]. - Edwards joins the leadership team and will oversee the development and management of Global Markets' coverholder and managing general agent business [3]. Group 2: Professional Background - Prior to this role, Edwards was the Head of the Delegated Authority Practice at Liberty Specialty Markets, where he worked for seven years [3]. - He has also held senior underwriting and management positions at Allianz Corporate & Specialty for nearly a decade, as well as roles at AIG and Heath Lambert [4]. Group 3: Strategic Goals - Sara Farrup emphasized the importance of developing the delegated portfolio through partnerships with selected brokers, coverholders, and managing general agents, which will complement the company's open market underwriting strategy [5]. - The goal is to achieve long-term growth and position AXIS as a leading specialty carrier, providing solutions that meet the needs of distribution partners and customers [5].

Core Viewpoint - American Healthcare REIT (AHR) is currently outperforming its peers in the Finance sector, with a year-to-date return of 78.7% compared to the sector average of 15% [4]. Group 1: Company Performance - AHR is part of the Finance group, which consists of 863 companies and holds the 1 position in the Zacks Sector Rank [2]. - AHR has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3]. - The Zacks Consensus Estimate for AHR's full-year earnings has increased by 1.8% over the past quarter, reflecting improved analyst sentiment [3]. Group 2: Comparative Analysis - AHR's year-to-date performance of 78.7% significantly exceeds the average return of 15% for the Finance sector [4]. - Another outperforming stock in the Finance sector is Axis Capital (AXS), which has returned 15.4% year-to-date [4]. - AHR belongs to the REIT and Equity Trust - Other industry, which ranks 95 among 97 companies, with an average gain of 6.7% this year, further highlighting AHR's strong performance [5].

Core Insights - Axis Capital's shares have increased by approximately 9.2% since the last earnings report, outperforming the S&P 500 [1][2] Financial Performance - For Q3 2025, Axis Capital reported an operating income of $3.25 per share, exceeding the Zacks Consensus Estimate by 19.4%, and reflecting a 20% year-over-year increase [3] - Total operating revenues reached $1.6 billion, surpassing the Zacks Consensus Estimate by 0.6%, and showing a 4% year-over-year growth due to higher premiums [4] - Net premiums written rose by 9% to $1.4 billion, driven by an 11% increase in the insurance segment and a 3% increase in the reinsurance segment [5] - Net investment income decreased by 9.7% year-over-year to $185 million, falling short of estimates [5] - Total expenses decreased by 5.7% year-over-year to $1.3 billion, attributed to lower interest expenses and financing costs [6] Underwriting and Losses - Pre-tax catastrophe and weather-related losses were $44 million, including $20 million related to the Middle East Conflict, which is an improvement from the previous year's loss of $78 million [7] - Underwriting income increased by 39% year-over-year to $188 million, with the combined ratio improving by 370 basis points to 89.4 [7] Segment Results - In the insurance segment, gross premiums written improved by 10.8% year-over-year to $1.7 billion, with underwriting income increasing by 55.2% [8] - In the reinsurance segment, gross premiums written increased by 5.6% year-over-year to $432.3 million, although underwriting income decreased by 3.7% [9] Financial Position - As of September 30, 2025, Axis Capital had cash and cash equivalents of $825.9 million, a decrease of 61% from the end of 2024, while debt increased slightly to $1.3 billion [10] - Book value per share increased by 13% from the end of 2024 to $73.82 [10] Capital Deployment - Axis Capital has $400 million remaining under its share repurchase program as of September 30, 2025 [12] Market Outlook - Axis Capital holds a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [15] - The company has a subpar Growth Score of D but a better Momentum Score of B, with an aggregate VGM Score of C [14]

Core Insights - Investors primarily utilize price-to-earnings (P/E) and price-to-sales (P/S) ratios for stock evaluation, while the price-to-book (P/B) ratio serves as an additional metric for identifying undervalued stocks with growth potential [1][5][10] Group 1: P/B Ratio and Its Importance - The P/B ratio is defined as the ratio of stock price to book value, calculated as market capitalization divided by book value of equity [2] - A P/B ratio of less than one indicates that a stock is trading below its book value, suggesting it may be undervalued and a good buy [5] - Conversely, a P/B ratio greater than one suggests the stock may be overvalued [5][6] Group 2: Book Value Definition - Book value represents the total value remaining for shareholders if a company were to liquidate its assets after settling all liabilities [3] - It is calculated by subtracting total liabilities from total assets, equating to common stockholders' equity on the balance sheet [4] Group 3: Limitations of P/B Ratio - The P/B ratio is particularly useful for industries with tangible assets, such as finance and manufacturing, but may be misleading for companies with high R&D expenses or significant debt [8] - A low P/B ratio could indicate weak asset returns or overstated assets, while a high P/B may suggest a company is a takeover target [7] Group 4: Stocks with Low P/B Ratios - StoneCo (STNE) has a low P/B ratio with a projected 3-5 year EPS growth rate of 30.3% and a Zacks Rank of 2 [9][15] - Great Lakes Dredge & Dock (GLDD) also features a low P/B ratio with a projected EPS growth rate of 12.0% and a Zacks Rank of 1 [9][16] - Keros Therapeutics (KROS) is highlighted with a projected EPS growth rate of 23.6% and a Zacks Rank of 1 [9][20] Group 5: Screening Parameters for Investment - Screening for stocks involves comparing P/B, P/S, and P/E ratios against industry medians to identify attractive investment opportunities [11][12][13] - A PEG ratio of less than 1 indicates undervaluation relative to future growth prospects [13] - Stocks should have a minimum trading price of $5 and a substantial average trading volume for liquidity [14]

Core Insights - Top Wall Street analysts have revised their outlook on several prominent stocks, indicating a shift in market sentiment and potential investment opportunities [1] Company Analysis - Analysts are considering buying OSK stock, suggesting a positive outlook for the company [1]

Core Viewpoint - Investors interested in Property and Casualty insurance stocks may find Axis Capital (AXS) to be a more attractive option compared to Kinsale Capital Group, Inc. (KNSL) due to its undervaluation based on various financial metrics [1]. Valuation Metrics - AXS has a forward P/E ratio of 8.04, significantly lower than KNSL's forward P/E of 20.98, indicating that AXS may be undervalued [5]. - The PEG ratio for AXS is 1.07, while KNSL's PEG ratio stands at 1.42, suggesting AXS offers better value relative to its expected earnings growth [5]. - AXS has a P/B ratio of 1.35 compared to KNSL's P/B of 4.95, further supporting the notion that AXS is undervalued [6]. Earnings Outlook - AXS is currently experiencing an improving earnings outlook, which is a positive indicator in the Zacks Rank model, suggesting it may be a superior value option at this time [7].

Financial Data and Key Metrics Changes - The company reported a 14% year-over-year increase in diluted book value per common share, reaching $73.82, and an 18% annualized operating return on equity [6][18] - Operating earnings per share increased by 20% year-over-year to $3.25, with net income available to common shareholders at $294 million, or $3.74 per diluted common share [6][18] - Gross premiums written were $2.1 billion, up 9.7% from the prior year quarter, with a combined ratio of 89.4% [18][19] Business Line Data and Key Metrics Changes - The insurance segment achieved record third-quarter premium production of $1.7 billion, an 11% increase compared to the prior year, with underwriting income rising 55% to $153 million [11][20] - The reinsurance segment grew by 6%, with a combined ratio of 92.2% and an ex-cat accident year loss ratio of 67.9% [24][25] - The property line grew by 8%, with North America E&S premiums increasing by 12.5% [11][21] Market Data and Key Metrics Changes - The company observed a disciplined competitive landscape in the insurance market, with liability rates up 10% and property book growth of 8% [12][13] - The lower middle market segment showed exceptional growth, contributing significantly to the overall premium increases [11][31] - The company noted increased competition in large account E&S business but continued to see rate increases in small account business [12][13] Company Strategy and Development Direction - The company is focused on modernizing its underwriting platform and leveraging emerging technologies and AI to drive efficiency and support scalable growth [8][9] - Investments in new business lines and partnerships, such as Axis Capacity Solutions, are aimed at enhancing product capabilities and meeting diverse distribution partner needs [7][10] - The company is committed to maintaining premium adequacy across its portfolio while actively managing the insurance cycle [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a changing risk landscape and emphasized the importance of a disciplined underwriting approach [12][17] - The outlook for the company remains positive, with expectations for continued profitable growth driven by strategic investments and strong relationships with distribution partners [17][26] - Management highlighted the importance of maintaining a strong capital position and returning capital to shareholders while investing in growth initiatives [26] Other Important Information - The company has returned substantial capital to shareholders, completing $600 million in share repurchases and declaring $105 million in common dividends [26] - A new repurchase authorization for $400 million has been approved, indicating a continued commitment to returning capital [26] Q&A Session Summary Question: Growth in property segment - Management noted 8% growth in property, emphasizing solid premium adequacy and a well-constructed portfolio [28][30] Question: Potential for more deals with Axis Capacity Solutions - Management confirmed a pipeline of opportunities and emphasized the importance of maintaining underwriting discipline [36][38] Question: Insurance growth guidance - Management indicated that RAC Re could contribute to double-digit growth next year, depending on market conditions [43][44] Question: G&A ratio expectations - Management discussed the impact of RAC Re on G&A and indicated that the benefits would take time to materialize [45][46] Question: Paid to incurred ratios - Management expressed comfort with the current paid to incurred ratios, attributing them to improvements in claims management [53][55] Question: Renewal rights impact on professional lines growth - Management reported positive performance from the Markel renewal rights transaction, meeting expectations [71][72] Question: A&H growth drivers - Management highlighted pet insurance as a key growth driver within the A&H segment [77][78]