Axis Capital Holdings Limited $AXS Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital reduced its stake in Axis Capital (NYSE:AXS) by 14.6% in the 3rd quarter, selling 149,882 shares and ending the period with 879,533 shares (about 1.14% of the company) valued at roughly $84.26 million.
• Axis Capital reported strong quarterly results on Jan. 28, with $3.25 EPS beating the $2.97 consensus and $1.73 billion in revenue vs. $1.33 billion expected, with revenue up 17.8% year-over-year and ROE of 18.72%.
• The company declared a $0.44 quarterly dividend (annualized $1.76, yield 1.7%) payable April 15, and Wall Street consensus rates Axis Capital as a Moderate Buy with an average target price of $124.00.

Victory Capital Management Inc. reduced its holdings in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 14.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 879,533 shares of the insurance provider's stock after selling 149,882 shares during the period. Victory Capital Management Inc. owned about 1.14% of Axis Capital worth $84,259,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Smithfield Trust Co increased its holdings in Axis Capital by 94.0% in the 2nd quarter. Smithfield Trust Co now owns 293 shares of the insurance provider's stock worth $31,000 after acquiring an additional 142 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of Axis Capital in the third quarter valued at about $29,000. AlphaCore Capital LLC purchased a new stake in shares of Axis Capital during the second quarter worth about $37,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Axis Capital during the 2nd quarter worth about $41,000. Finally, Abich Financial Wealth Management LLC purchased a new position in Axis Capital in the 3rd quarter valued at about $43,000. 93.44% of the stock is owned by institutional investors and hedge funds.

Axis Capital Price Performance

AXS stock opened at $103.46 on Friday. The business's 50-day moving average is $103.74 and its two-hundred day moving average is $100.18. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.65 and a quick ratio of 0.67. The firm has a market capitalization of $7.65 billion, a P/E ratio of 8.35, a P/E/G ratio of 3.06 and a beta of 0.61. Axis Capital Holdings Limited has a 1 year low of $84.81 and a 1 year high of $110.34.

Axis Capital (NYSE:AXS - Get Free Report) last posted its quarterly earnings results on Wednesday, January 28th. The insurance provider reported $3.25 earnings per share for the quarter, beating analysts' consensus estimates of $2.97 by $0.28. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.33 billion. Axis Capital had a return on equity of 18.72% and a net margin of 15.37%.Axis Capital's quarterly revenue was up 17.8% on a year-over-year basis. During the same period last year, the firm earned $3.38 earnings per share. 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 declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $0.44 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.76 dividend on an annualized basis and a yield of 1.7%. Axis Capital's payout ratio is 14.21%.

Wall Street Analyst Weigh In

AXS has been the subject of several recent research reports. The Goldman Sachs Group reissued a "neutral" rating and issued a $110.00 price objective on shares of Axis Capital in a research note on Wednesday, January 7th. Weiss Ratings downgraded shares of Axis Capital from a "buy (a-)" rating to a "buy (b)" rating in a research note on Thursday, January 22nd. Mizuho set a $141.00 price objective on shares of Axis Capital in a research note on Monday, February 2nd. Bank of America cut their price objective on shares of Axis Capital from $119.00 to $115.00 and set a "neutral" rating for the company in a report on Thursday, January 29th. Finally, Jefferies Financial Group restated a "buy" rating and set a $122.00 target price on shares of Axis Capital in a report on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $124.00.

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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