Bank of America Corp DE Reduces Stock Position in Axis Capital Holdings Limited $AXS

Key Points

• Bank of America reduced its Axis Capital stake by 7.1% in the first quarter, selling 35,912 shares and retaining 473,337 shares valued at approximately $48 million. Institutional investors collectively own 93.44% of AXS.
• Axis Capital reported quarterly EPS of $2.84, below the $3.25 consensus estimate, while revenue rose 7.4% year over year to $1.75 billion.
• Analysts maintain a generally positive view, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $120.50, compared with its reported price of $99.29.

Bank of America Corp DE lessened its stake in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 473,337 shares of the insurance provider's stock after selling 35,912 shares during the quarter. Bank of America Corp DE owned about 0.64% of Axis Capital worth $48,001,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in Axis Capital by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 4,592,270 shares of the insurance provider's stock worth $491,786,000 after purchasing an additional 1,083,579 shares during the last quarter. Norges Bank acquired a new position in Axis Capital in the 4th quarter valued at about $103,001,000. Freestone Grove Partners LP acquired a new position in Axis Capital in the 3rd quarter valued at about $56,705,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Axis Capital by 147.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 745,591 shares of the insurance provider's stock valued at $79,845,000 after buying an additional 443,761 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Axis Capital by 374.7% in the 3rd quarter. Millennium Management LLC now owns 553,565 shares of the insurance provider's stock valued at $53,032,000 after buying an additional 436,944 shares during the period. Hedge funds and other institutional investors own 93.44% of the company's stock.

Axis Capital Price Performance

Axis Capital stock opened at $99.29 on Thursday. The firm has a market cap of $7.24 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 4.33 and a beta of 0.50. Axis Capital Holdings Limited has a 52-week low of $88.07 and a 52-week high of $119.99. 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 company's 50 day moving average is $107.27 and its two-hundred day moving average is $103.31.

Axis Capital (NYSE:AXS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $2.84 EPS for the quarter, missing the consensus estimate of $3.25 by ($0.41). The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.74 billion. Axis Capital had a return on equity of 17.00% and a net margin of 16.23%.The business's revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.29 EPS. On average, research analysts expect that Axis Capital Holdings Limited will post 12.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AXS has been the topic of a number of research analyst reports. Mizuho reduced their target price on Axis Capital from $142.00 to $130.00 and set an "outperform" rating on the stock in a research report on Monday, August 3rd. BMO Capital Markets reiterated a "market perform" rating on shares of Axis Capital in a report on Wednesday, July 29th. Wells Fargo & Company cut their price objective on Axis Capital from $134.00 to $126.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Atlantic Securities set a $122.00 price objective on shares of Axis Capital in a report on Wednesday, July 15th. Finally, UBS Group decreased their target price on shares of Axis Capital from $131.00 to $126.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $120.50.

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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