Algert Global LLC Cuts Stock Position in AXIS Capital Holdings Limited (NYSE:AXS)

Algert Global LLC trimmed its position in shares of AXIS Capital Holdings Limited (NYSE:AXS) by 8.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,454 shares of the insurance provider’s stock after selling 7,557 shares during the period. Algert Global LLC’s holdings in AXIS Capital were worth $7,041,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of AXS. Franklin Resources Inc. raised its stake in shares of AXIS Capital by 48.6% during the third quarter. Franklin Resources Inc. now owns 371,557 shares of the insurance provider’s stock worth $30,070,000 after acquiring an additional 121,437 shares in the last quarter. Summit Trail Advisors LLC purchased a new position in AXIS Capital in the 4th quarter worth $300,000. Merit Financial Group LLC bought a new stake in AXIS Capital in the fourth quarter worth $549,000. Elevate Capital Advisors LLC purchased a new stake in AXIS Capital during the fourth quarter valued at about $1,840,000. Finally, Versant Capital Management Inc grew its stake in shares of AXIS Capital by 24.0% during the fourth quarter. Versant Capital Management Inc now owns 671 shares of the insurance provider’s stock valued at $59,000 after buying an additional 130 shares during the last quarter. Institutional investors own 93.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AXS. UBS Group lifted their price target on AXIS Capital from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. Wells Fargo & Company raised their price target on AXIS Capital from $97.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 10th. Jefferies Financial Group boosted their target price on shares of AXIS Capital from $116.00 to $119.00 and gave the company a “buy” rating in a report on Friday, April 11th. StockNews.com raised shares of AXIS Capital from a “hold” rating to a “buy” rating in a research note on Saturday, April 12th. Finally, BMO Capital Markets started coverage on AXIS Capital in a research report on Monday, January 13th. They issued a “market perform” rating and a $93.00 price target on the stock. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, AXIS Capital currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.75.

AXIS Capital Price Performance

Shares of AXS opened at $99.84 on Monday. AXIS Capital Holdings Limited has a twelve month low of $65.49 and a twelve month high of $101.42. The company has a market capitalization of $7.85 billion, a P/E ratio of 8.08, a price-to-earnings-growth ratio of 3.96 and a beta of 0.67. The firm has a 50 day moving average of $95.04 and a 200 day moving average of $90.72. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.27.

AXIS Capital (NYSE:AXS) last posted its earnings results on Wednesday, April 30th. The insurance provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.53. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.83 billion. AXIS Capital had a return on equity of 18.89% and a net margin of 18.16%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.07 EPS. As a group, equities research analysts anticipate that AXIS Capital Holdings Limited will post 11.19 earnings per share for the current fiscal year.

AXIS Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 17th. Shareholders of record on Monday, March 31st were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Monday, March 31st. AXIS Capital’s dividend payout ratio is currently 14.25%.

Insider Activity

In related news, Director Charles A. Davis sold 2,139,037 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $93.50, for a total transaction of $199,999,959.50. Following the transaction, the director now owns 2,404,133 shares in the company, valued at $224,786,435.50. This represents a 47.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.70% of the company’s stock.

About AXIS Capital

AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products in Bermuda, the United States, and internationally. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers professional insurance products that cover directors' and officers' liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, and other financial insurance related coverages for commercial enterprises, financial institutions, not-for-profit organizations, and other professional service providers; and property insurance products for commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism.