Axis Capital Holdings Limited $AXS Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems cut its Axis Capital stake by 87.7% in the third quarter, selling 34,930 shares and retaining 4,900 shares valued at about $462,000.
• Axis Capital reported quarterly EPS of $3.12, above the $2.85 analyst consensus, and revenue of $1.79 billion, also exceeding estimates.
• Analysts have a “Moderate Buy” consensus rating with an average price target of $120; institutional investors own 93.44% of the company’s shares.

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 87.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,900 shares of the insurance provider's stock after selling 34,930 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Axis Capital were worth $462,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assetmark Inc. boosted its position in shares of Axis Capital by 80.8% in the 1st quarter. Assetmark Inc. now owns 396 shares of the insurance provider's stock worth $40,000 after purchasing an additional 177 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Axis Capital during the 1st quarter valued at approximately $43,000. MCF Advisors LLC purchased a new position in Axis Capital during the second quarter valued at $44,000. Root Financial Partners LLC bought a new stake in Axis Capital in the third quarter worth $49,000. Finally, Global Assets Advisory LLC bought a new stake in Axis Capital in the first quarter worth $68,000. Institutional investors own 93.44% of the company's stock.

Axis Capital Stock Performance

AXS traded down $2.04 during midday trading on Friday, hitting $105.89. 831,248 shares of the company traded hands, compared to its average volume of 726,269. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $7.60 billion, a PE ratio of 8.09, a price-to-earnings-growth ratio of 3.56 and a beta of 0.39. The company's 50-day moving average is $99.48 and its 200 day moving average is $102.15. Axis Capital Holdings Limited has a 52 week low of $93.02 and a 52 week high of $119.99.

Axis Capital (NYSE:AXS - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The insurance provider reported $3.12 EPS for the quarter, topping analysts' consensus estimates of $2.85 by $0.27. Axis Capital had a net margin of 14.62% and a return on equity of 16.61%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business posted $3.25 earnings per share. On average, research analysts expect that Axis Capital Holdings Limited will post 12.47 EPS for the current year.

Axis Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Wednesday, September 30th. Axis Capital's payout ratio is 13.45%.

Insiders Place Their Bets

In other Axis Capital news, Director Henry Smith sold 4,893 shares of the business's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $106.15, for a total transaction of $519,391.95. Following the completion of the sale, the director directly owned 41,454 shares in the company, valued at approximately $4,400,342.10. The trade was a 10.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

AXS has been the subject of several analyst reports. BMO Capital Markets restated a "market perform" rating on shares of Axis Capital in a report on Wednesday, July 29th. Keefe, Bruyette & Woods dropped their price target on shares of Axis Capital from $131.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 4th. TD Cowen reissued a "buy" rating and set a $130.00 price objective on shares of Axis Capital in a research report on Tuesday, August 25th. Wells Fargo & Company raised their price objective on shares of Axis Capital from $112.00 to $122.00 and gave the company an "overweight" rating in a research note on Monday, November 2nd. Finally, Mizuho set a $123.00 target price on shares of Axis Capital in a research note on Monday. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $120.00.

Axis Capital Profile

Axis Capital Holdings Limited NYSE: AXS is a Bermuda-based specialty insurance and reinsurance company. Through its operating subsidiaries, the company provides coverage and risk-management solutions for businesses, institutions and other insurers facing complex or difficult-to-place risks.

AXIS offers a range of commercial property and casualty insurance products, including professional liability, cyber, marine, aviation, energy, environmental, political risk, credit and surety, and accident and health coverage.

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