Allspring Global Investments Holdings LLC Reduces Position in Axis Capital Holdings Limited $AXS

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Axis Capital Holdings by 20.3%, holding 738,043 shares worth approximately $75.6 million after selling 188,311 shares in the second quarter.
• Corporate insiders' transactions revealed significant selling activity, with Daniel J. Draper and Henry B. Smith both reducing their holdings by 20.92% and 6.89%, respectively.
• Axis Capital announced a $0.44 quarterly dividend to be paid on October 17th, resulting in a 1.8% dividend yield and maintaining a payout ratio of 16.92%.

Allspring Global Investments Holdings LLC decreased its holdings in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 20.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 738,043 shares of the insurance provider's stock after selling 188,311 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.94% of Axis Capital worth $75,605,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its position in Axis Capital by 2.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,694 shares of the insurance provider's stock valued at $671,000 after acquiring an additional 145 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Axis Capital by 68.7% in the first quarter. Woodline Partners LP now owns 370,054 shares of the insurance provider's stock worth $37,094,000 after purchasing an additional 150,652 shares during the last quarter. GAMMA Investing LLC increased its stake in Axis Capital by 14.9% in the 1st quarter. GAMMA Investing LLC now owns 1,853 shares of the insurance provider's stock worth $186,000 after buying an additional 240 shares during the period. Kera Capital Partners Inc. bought a new stake in Axis Capital during the 2nd quarter valued at about $321,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Axis Capital in the 1st quarter valued at about $620,000. 93.44% of the stock is owned by institutional investors.

Insider Transactions at Axis Capital

In related news, insider Daniel J. Draper sold 4,305 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 16,269 shares in the company, valued at $1,587,366.33. This represents a 20.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry B. Smith sold 3,500 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $98.67, for a total transaction of $345,345.00. Following the completion of the transaction, the director owned 47,295 shares in the company, valued at approximately $4,666,597.65. This trade represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,205 shares of company stock valued at $1,188,048 in the last ninety days. Corporate insiders own 0.70% of the company's stock.

Axis Capital Price Performance

Shares of AXS stock opened at $97.47 on Tuesday. The stock's 50-day moving average is $96.65 and its 200 day moving average is $97.95. 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 company has a market cap of $7.62 billion, a P/E ratio of 9.37, a PEG ratio of 1.40 and a beta of 0.73.

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

Axis Capital Dividend Announcement

The company also recently disclosed 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. This represents a $1.76 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 30th. Axis Capital's dividend payout ratio (DPR) is presently 16.92%.

Analysts Set New Price Targets

AXS has been the topic of a number of research reports. Wells Fargo & Company set a $123.00 target price on shares of Axis Capital and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Wall Street Zen lowered Axis Capital from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Keefe, Bruyette & Woods upped their target price on Axis Capital from $118.00 to $121.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. UBS Group raised their price target on Axis Capital from $119.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Axis Capital in a research note on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $117.17.

Axis Capital 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.

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