AXIS Capital Redeems Preferreds - Analyst Blog
22 Maio 2013 - 5:05PM
Zacks
Recently, AXIS Capital Holdings Limited (AXS)
declared that it will redeem all of its outstanding preferred
shares which consist of 4 million of its 7.25% Series A Preferred
Shares, par value $0.0125 per share and liquidation preference $25
per share. It represents $100 million in aggregate liquidation
preference as on Jun 19, 2013. The redemption price is $25 per
Preferred Share plus all declared and unpaid dividends through the
redemption date.
Last week, AXIS Capital priced an offering of 8 million shares of
5.50% Series D Preferred Shares, par value $0.0125 per share and a
liquidation preference at $200 million or $25 per share.
Furthermore, AXIS Capital granted a 30-day option to the
underwriters to buy up to 1.2 million additional Series D Preferred
Shares. The proceeds from this $200 million issuance were deployed
to redeem the outstanding Series A preferred securities and for
general corporate purposes, including share buybacks.
Concurrent to the announcement, credit rating agency, A.M. Best
allotted a debt rating of “bbb–” to the Series D non-cumulative
redeemable preferred shares of AXIS Capital with a positive
outlook. Fitch Ratings allotted a 'BBB' rating to the issue.
AXIS Capital reported first quarter 2013 earnings of $1.92 per
share which breezed past the Zacks Consensus Estimate of $1.19 per
share. Following the solid first quarter, most of the estimates
were revised upward. The Zacks Consensus Estimate for 2013 moved to
$5.05, representing a year-over-year improvement of 59.3%. For
2014, the Zacks Consensus Estimate is currently pegged at $4.65 per
share, representing a year-over-year decline of 7.96%.
Among others in the industry, Homeowners Choice
Inc. (HCI) declared cash dividends of 5.833 cents per
share on its Series A Cumulative redeemable preferred shares in Mar
2013, for the months ending Mar 31, Apr 30 and May 31, 2013.
AXIS Capital currently carries a Zacks Rank #1 (Strong Buy). Among
other stocks, Montpelier Re Holdings Ltd. (MRH)
and American Safety Insurance Holdings Ltd (ASI)
share the same Zacks Rank and appear impressive.
AMER SAFETY INS (ASI): Free Stock Analysis Report
AXIS CAP HLDGS (AXS): Free Stock Analysis Report
HOMEOWNERS CHCE (HCI): Free Stock Analysis Report
MONTPELIER RE (MRH): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
American Safety (NYSE:ASI)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
American Safety (NYSE:ASI)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024
Notícias em tempo-real sobre American Safety Insurance Holdings, Ltd. da New York Stock Exchange bolsa de valores: 0 artigos recentes
Mais Notícias de American Safety