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Investors looking for stocks in the Insurance - Property and Casualty sector might want to consider either Axis Capital (AXS) or Berkshire Hathaway B (BRK.B). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
Currently, Axis Capital has a Zacks Rank of #1 (Strong Buy), while Berkshire Hathaway B has a Zacks Rank of #2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that AXS is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
AXS currently has a forward P/E ratio of 7.42, while BRK.B has a forward P/E of 23.16. We also note that AXS has a PEG ratio of 0.27. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. BRK.B currently has a PEG ratio of 3.31.
Another notable valuation metric for AXS is its P/B ratio of 1.31. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, BRK.B has a P/B of 1.62.
Based on these metrics and many more, AXS holds a Value grade of A, while BRK.B has a Value grade of C.
AXS has seen stronger estimate revision activity and sports more attractive valuation metrics than BRK.B, so it seems like value investors will conclude that AXS is the superior option right now.
Zacks Investment Research
Shares of Cincinnati Financial Corporation CINF have rallied 31.5% year to date (YTD), outperforming the industry’s 27.2% growth. The insurer also outperformed the Zacks S&P 500 composite and the Finance sector’s return of 18.1% and 14.1%, respectively, YTD. With a market capitalization of $21.27 billion, the average volume of shares traded in the last three months was 0.6 million. Currently priced at $136.17, the stock is a little below its 52-week high of $139.34.
CINF Outperforms Industry, Sector & S&P YTD
Earnings have grown 11.90% in the past five years, better than the industry average of 10.5%. This Zacks Rank #2 (Buy) property and casualty insurance's bottom line outpaced estimates in each of the trailing four quarters, the average surprise being 27.01%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The rally was largely driven by a higher level of insured exposure, rate increase, agent-focused business model, consistent cash flow and effective capital deployment.
CINF Trading Above 50-Day Moving Average
The stock is trading above its 50-day and 200-day simple moving average (SMA) of $129.37 and $117.43, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
CINF’s Growth Projection Encourages
The Zacks Consensus Estimate for Cincinnati Financial’s 2024 earnings per share indicates a year-over-year increase of 9.1%. The consensus estimate for revenues is pegged at $9.85 billion, implying a year-over-year improvement of 10.8%. The consensus estimate for 2025 earnings per share and revenues indicates an increase of 7% and 10.1%, respectively, from the corresponding 2024 estimates.
Optimistic Analyst Sentiment on CINF
Each of the seven analysts covering the stock has raised estimates for 2024 and three analysts have raised the same for 2025 over the past 60 days. Thus, the Zacks Consensus Estimate for 2024 and 2025 moved 5.6% and 0.8% north, respectively, in the last 60 days.
CINF’s Favorable Return on Capital
Return on equity in the trailing 12 months was 9.1%, better than the industry average of 7.9%. This highlights the company’s efficiency in utilizing shareholders’ funds.
Also, the return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame, reflecting Cincinnati Financial’s efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 4%, better than the industry average of 6%.
Will the Bull Run Continue?
Prudent pricing, an agent-centric model, a higher level of insured exposures and disciplined expansion of Cincinnati Re should benefit premiums, the primary driver of an insurer’s top line. CINF boasts above-average industry premium growth.
The Excess and Surplus line has been performing well since its inception in 2008. This segment should continue to benefit from new business written, higher renewal written premiums and higher average renewal estimated pricing. Technology and data are also being used to identify new exposures in emerging businesses.
Improving interest income from fixed-maturity securities and a decrease in equity portfolio dividends in an improved rate environment should drive net investment income.
Notably, its free cash flow conversion has remained more than 150% over the last many quarters, reflecting its solid earnings.
CINF’s Wealth Distribution
In terms of capital management, Cincinnati Financial has returned capital to shareholders through share buybacks, regular cash dividends as well as special dividends. The board of directors had increased the annual cash dividend rate for 64 consecutive years. Its dividend yield of 2.3% is better than the industry average of 0.2%, making the stock an attractive pick for yield-seeking investors. The dividend increase reflected strong operating performance and signaled management's and the board's positive outlook and confidence in outstanding capital, liquidity and financial flexibility.
CINF’s Expensive Valuation
CINF is currently expensive. It is trading at a P/B multiple of 1.67, higher than the industry average of 1.60.
However, shares of First American Financial Corporation FAF, CNA Financial Corporation CNA and Axis Capital Holdings Limited AXS are trading at a multiple lower than the industry average.
Zacks Investment Research
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company value investors might notice is Axis Capital Holdings (AXS). AXS is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A.
Another valuation metric that we should highlight is AXS's P/B ratio of 1.31. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.60. Over the past 12 months, AXS's P/B has been as high as 1.32 and as low as 0.98, with a median of 1.11.
Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. AXS has a P/S ratio of 1.15. This compares to its industry's average P/S of 1.24.
Finally, our model also underscores that AXS has a P/CF ratio of 9.81. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 11.70. Within the past 12 months, AXS's P/CF has been as high as 12.84 and as low as 7.23, with a median of 9.31.
W.R. Berkley (WRB) may be another strong Insurance - Property and Casualty stock to add to your shortlist. WRB is a # 2 (Buy) stock with a Value grade of A.
W.R. Berkley is trading at a forward earnings multiple of 14.01 at the moment, with a PEG ratio of 1.04. This compares to its industry's average P/E of 28.44 and average PEG ratio of 2.83.
WRB's Forward P/E has been as high as 15.21 and as low as 11.73, with a median of 13.14. During the same time period, its PEG ratio has been as high as 1.69, as low as 0.92, with a median of 1.38.
Furthermore, W.R. Berkley holds a P/B ratio of 2.87 and its industry's price-to-book ratio is 1.60. WRB's P/B has been as high as 3.05, as low as 2.32, with a median of 2.63 over the past 12 months.
These are just a handful of the figures considered in Axis Capital Holdings and W.R. Berkley's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that AXS and WRB is an impressive value stock right now.
Zacks Investment Research
Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Has Mr Cooper (COOP) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Mr Cooper is a member of the Finance sector. This group includes 859 individual stocks and currently holds a Zacks Sector Rank of #3. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Mr Cooper is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for COOP's full-year earnings has moved 4% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that COOP has returned about 45.1% since the start of the calendar year. At the same time, Finance stocks have gained an average of 16.6%. This means that Mr Cooper is performing better than its sector in terms of year-to-date returns.
Axis Capital (AXS) is another Finance stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 43.4%.
Over the past three months, Axis Capital's consensus EPS estimate for the current year has increased 5.9%. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, Mr Cooper is a member of the Financial - Consumer Loans industry, which includes 17 individual companies and currently sits at #86 in the Zacks Industry Rank. This group has gained an average of 12.4% so far this year, so COOP is performing better in this area.
Axis Capital, however, belongs to the Insurance - Property and Casualty industry. Currently, this 40-stock industry is ranked #20. The industry has moved +27.8% so far this year.
Investors with an interest in Finance stocks should continue to track Mr Cooper and Axis Capital. These stocks will be looking to continue their solid performance.
Zacks Investment Research
Have you been paying attention to shares of NMI Holdings (NMIH)? Shares have been on the move with the stock up 7.6% over the past month. The stock hit a new 52-week high of $42.09 in the previous session. NMI Holdings has gained 38.7% since the start of the year compared to the 16.6% move for the Zacks Finance sector and the 27.8% return for the Zacks Insurance - Property and Casualty industry.
What's Driving the Outperformance?
The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on July 30, 2024, NMI Holdings reported EPS of $1.2 versus consensus estimate of $1.04 while it beat the consensus revenue estimate by 2.11%.
For the current fiscal year, NMI Holdings is expected to post earnings of $4.50 per share on $650.03 million in revenues. This represents a 17.19% change in EPS on a 12.27% change in revenues. For the next fiscal year, the company is expected to earn $4.74 per share on $692.83 million in revenues. This represents a year-over-year change of 5.33% and 6.58%, respectively.
Valuation Metrics
NMI Holdings may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
NMI Holdings has a Value Score of B. The stock's Growth and Momentum Scores are D and B, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 9.2X current fiscal year EPS estimates, which is not in-line with the peer industry average of 13.6X. On a trailing cash flow basis, the stock currently trades at 9.9X versus its peer group's average of 13.2X. Additionally, the stock has a PEG ratio of 0.94. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, NMI Holdings currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if NMI Holdings passes the test. Thus, it seems as though NMI Holdings shares could have potential in the weeks and months to come.
How Does NMIH Stack Up to the Competition?
Shares of NMIH have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Axis Capital Holdings Limited (AXS). AXS has a Zacks Rank of # 1 (Strong Buy) and a Value Score of A, a Growth Score of C, and a Momentum Score of A.
Earnings were strong last quarter. Axis Capital Holdings Limited beat our consensus estimate by 16.27%, and for the current fiscal year, AXS is expected to post earnings of $10.71 per share on revenue of $6.13 billion.
Shares of Axis Capital Holdings Limited have gained 6.5% over the past month, and currently trade at a forward P/E of 7.42X and a P/CF of 7.5X.
The Insurance - Property and Casualty industry is in the top 8% of all the industries we have in our universe, so it looks like there are some nice tailwinds for NMIH and AXS, even beyond their own solid fundamental situation.
Zacks Investment Research
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