Axis Capital Holdings Limited $AXS Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP sharply reduced its Axis Capital position by 75.3% in the fourth quarter, selling 119,454 shares and leaving it with 39,214 shares worth about $4.2 million.
• Axis Capital reported strong quarterly earnings, posting $3.42 EPS versus the $3.33 estimate and growing revenue 8% year over year, while analysts expect full-year EPS of 13.24.
• The company also announced a quarterly dividend of $0.44 per share, yielding 1.9% annually, and Wall Street remains moderately positive with a consensus rating of Moderate Buy and an average price target of $122.10.

Royce & Associates LP cut its stake in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 75.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 39,214 shares of the insurance provider's stock after selling 119,454 shares during the period. Royce & Associates LP owned approximately 0.05% of Axis Capital worth $4,199,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Clearstead Advisors LLC lifted its position in Axis Capital by 179.3% during the 4th quarter. Clearstead Advisors LLC now owns 3,070 shares of the insurance provider's stock worth $329,000 after acquiring an additional 1,971 shares in the last quarter. Catalyst Funds Management Pty Ltd lifted its position in Axis Capital by 19.6% during the 4th quarter. Catalyst Funds Management Pty Ltd now owns 3,660 shares of the insurance provider's stock worth $392,000 after acquiring an additional 600 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Axis Capital by 28.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,988 shares of the insurance provider's stock worth $427,000 after acquiring an additional 876 shares in the last quarter. LSV Asset Management lifted its position in Axis Capital by 5.5% during the 4th quarter. LSV Asset Management now owns 709,900 shares of the insurance provider's stock worth $76,023,000 after acquiring an additional 37,000 shares in the last quarter. Finally, Evoke Wealth LLC lifted its position in Axis Capital by 6.0% during the 4th quarter. Evoke Wealth LLC now owns 2,827 shares of the insurance provider's stock worth $304,000 after acquiring an additional 161 shares in the last quarter. 93.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Axis Capital

In other news, Director Henry B. Smith sold 2,542 shares of the business'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 completion of the sale, the director directly owned 46,347 shares in the company, valued at approximately $4,573,985.43. The trade was a 5.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.60% of the company's stock.

Axis Capital Stock Performance

Shares of AXS opened at $94.87 on Friday. The business's 50 day moving average is $99.91 and its two-hundred day moving average is $102.02. Axis Capital Holdings Limited has a 52-week low of $88.07 and a 52-week high of $110.34. The firm has a market cap of $6.99 billion, a price-to-earnings ratio of 7.07, a PEG ratio of 2.93 and a beta of 0.54. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.25.

Axis Capital (NYSE:AXS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share for the quarter, beating analysts' consensus estimates of $3.33 by $0.09. Axis Capital had a return on equity of 18.12% and a net margin of 16.00%.The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the business earned $3.17 EPS. The business's quarterly revenue was up 8.0% on a year-over-year basis. Analysts forecast that Axis Capital Holdings Limited will post 13.24 EPS for the current fiscal year.

Axis Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, June 30th. Axis Capital's payout ratio is 13.11%.

Wall Street Analysts Forecast Growth

AXS has been the topic of several recent research reports. Mizuho set a $137.00 price target on Axis Capital in a research report on Monday, May 4th. Keefe, Bruyette & Woods cut their target price on Axis Capital from $130.00 to $126.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Weiss Ratings raised Axis Capital from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, May 22nd. Bank of America cut their target price on Axis Capital from $115.00 to $106.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company cut their target price on Axis Capital from $123.00 to $119.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $122.10.

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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