Lecap Asset Management Ltd. Reduces Stock Position in Axis Capital Holdings Limited $AXS

Lecap Asset Management Ltd. cut its holdings in shares of Axis Capital Holdings Limited (NYSE:AXS) by 88.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,135 shares of the insurance provider’s stock after selling 16,950 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Axis Capital were worth $222,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Robeco Institutional Asset Management B.V. increased its holdings in Axis Capital by 2.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 158,936 shares of the insurance provider’s stock worth $16,501,000 after purchasing an additional 3,957 shares during the last quarter. USA Financial Formulas purchased a new stake in Axis Capital during the 2nd quarter worth approximately $258,000. Poinciana Advisors Group LLC increased its holdings in Axis Capital by 6.0% during the 2nd quarter. Poinciana Advisors Group LLC now owns 3,877 shares of the insurance provider’s stock worth $403,000 after purchasing an additional 219 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Axis Capital by 59.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 10,705 shares of the insurance provider’s stock valued at $1,111,000 after acquiring an additional 4,011 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Axis Capital by 9.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 31,755 shares of the insurance provider’s stock valued at $3,297,000 after acquiring an additional 2,820 shares during the last quarter. 93.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Axis Capital

In other news, Director Henry B. Smith sold 3,500 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $98.67, for a total value of $345,345.00. Following the completion of the transaction, the director owned 47,295 shares of the company’s stock, valued at approximately $4,666,597.65. This represents a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Daniel J. Draper sold 4,305 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $97.57, for a total value of $420,038.85. Following the completion of the transaction, the insider directly owned 16,269 shares of the company’s stock, valued at approximately $1,587,366.33. The trade was a 20.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,205 shares of company stock valued at $1,188,048. Company insiders own 0.70% of the company’s stock.

Wall Street Analyst Weigh In

AXS has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods boosted their price target on Axis Capital from $118.00 to $121.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price target on Axis Capital from $104.00 to $105.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. UBS Group reiterated a “buy” rating and issued a $119.00 price target (up from $115.00) on shares of Axis Capital in a report on Monday, August 4th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Axis Capital in a report on Saturday, September 27th. Finally, Wall Street Zen downgraded Axis Capital from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Axis Capital currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.43.

Axis Capital Price Performance

Shares of NYSE AXS opened at $94.53 on Friday. Axis Capital Holdings Limited has a 1-year low of $77.21 and a 1-year high of $107.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.69 and a quick ratio of 0.69. The business’s fifty day moving average price is $96.43 and its two-hundred day moving average price is $97.99. The firm has a market capitalization of $7.39 billion, a PE ratio of 9.09, a P/E/G ratio of 1.37 and a beta of 0.73.

Axis Capital (NYSE:AXS) last issued its earnings results on Tuesday, July 29th. The insurance provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $2.88 by $0.41. Axis Capital had a return on equity of 18.77% and a net margin of 14.30%.The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the company earned $2.93 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts expect that Axis Capital Holdings Limited will post 11.19 EPS for the current year.

Axis Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Tuesday, September 30th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.76 annualized dividend and a dividend yield of 1.9%. Axis Capital’s dividend payout ratio is presently 16.92%.

Axis Capital Company Profile

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.