Alberta Investment Management Corp Reduces Stake in Axis Capital Holdings Limited $AXS

Key Points

• Alberta Investment Management Corp cut its Axis Capital stake by 15.1% in the fourth quarter, selling 80,000 shares and leaving it with 450,000 shares worth about $48.2 million.
• Axis Capital reported stronger-than-expected quarterly earnings of $3.42 per share, though revenue of $1.64 billion fell short of estimates; the company also posted 8% revenue growth from a year earlier.
• The insurer declared a quarterly dividend of $0.44 per share payable July 15, while analysts maintain a generally positive view with a consensus rating of Moderate Buy and an average price target of $122.10.

Alberta Investment Management Corp reduced its stake in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 15.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 450,000 shares of the insurance provider's stock after selling 80,000 shares during the quarter. Alberta Investment Management Corp owned about 0.58% of Axis Capital worth $48,190,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AXS. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Axis Capital during the 3rd quarter valued at $1,118,000. Vanguard Group Inc. grew its stake in Axis Capital by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 7,954,373 shares of the insurance provider's stock worth $762,029,000 after buying an additional 43,901 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Axis Capital by 27.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 439,989 shares of the insurance provider's stock valued at $47,118,000 after buying an additional 95,207 shares in the last quarter. Causeway Capital Management LLC increased its position in Axis Capital by 31.8% during the 3rd quarter. Causeway Capital Management LLC now owns 836,861 shares of the insurance provider's stock valued at $80,171,000 after buying an additional 201,880 shares in the last quarter. Finally, Gotham Asset Management LLC raised its stake in Axis Capital by 15.5% in the third quarter. Gotham Asset Management LLC now owns 280,672 shares of the insurance provider's stock valued at $26,888,000 after buying an additional 37,741 shares during the last quarter. 93.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Axis Capital news, Director Henry B. Smith sold 2,542 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $98.69, for a total value of $250,869.98. Following the sale, the director owned 46,347 shares in the company, valued at approximately $4,573,985.43. This represents a 5.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.60% of the company's stock.

Axis Capital Trading Down 2.1%

NYSE AXS opened at $101.03 on Friday. Axis Capital Holdings Limited has a 1 year low of $88.07 and a 1 year high of $110.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market capitalization of $7.45 billion, a PE ratio of 7.53, a P/E/G ratio of 3.15 and a beta of 0.51. The company has a fifty day moving average of $99.37 and a 200 day moving average of $101.80.

Axis Capital (NYSE:AXS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share for the quarter, topping the consensus estimate of $3.33 by $0.09. Axis Capital had a return on equity of 18.12% and a net margin of 16.00%.The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the firm earned $3.17 EPS. The firm's revenue for the quarter was up 8.0% compared to the same quarter last year. Research analysts forecast that Axis Capital Holdings Limited will post 13.25 earnings per share for the current year.

Axis Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.76 dividend on an annualized basis and a yield of 1.7%. Axis Capital's payout ratio is presently 13.11%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wells Fargo & Company decreased their price objective on shares of Axis Capital from $123.00 to $119.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods dropped their target price on shares of Axis Capital from $130.00 to $126.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Mizuho set a $137.00 price target on shares of Axis Capital in a research note on Monday, May 4th. Bank of America decreased their price target on shares of Axis Capital from $115.00 to $106.00 and set a "neutral" rating for the company in a report on Tuesday, April 14th. Finally, Weiss Ratings downgraded shares of Axis Capital from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, June 4th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Axis Capital presently has an average rating of "Moderate Buy" and a consensus price target of $122.10.

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.

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