Axis Capital Holdings Limited $AXS Holdings Trimmed by Clear Harbor Asset Management LLC

Key Points

• Clear Harbor Asset Management LLC reduced its stake in Axis Capital Holdings by 3.6%, now holding 74,487 shares worth approximately $7.73 million after selling 2,787 shares in the second quarter.
• Insider Daniel J. Draper sold 4,305 shares of Axis Capital at an average price of $97.57, while Director Henry B. Smith sold 3,500 shares at an average price of $98.67, indicating a decrease in their ownership positions.
• Axis Capital announced a quarterly dividend of $0.44, with a dividend yield of 1.8%, and is expecting to report an EPS of 11.19 for the current year.

Clear Harbor Asset Management LLC lessened its holdings in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 3.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 74,487 shares of the insurance provider's stock after selling 2,787 shares during the quarter. Clear Harbor Asset Management LLC owned approximately 0.09% of Axis Capital worth $7,733,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Axis Capital in the 2nd quarter worth $2,064,000. Park Avenue Securities LLC raised its position in Axis Capital by 13.8% in the second quarter. Park Avenue Securities LLC now owns 3,505 shares of the insurance provider's stock valued at $364,000 after purchasing an additional 425 shares during the period. Assenagon Asset Management S.A. purchased a new position in Axis Capital in the second quarter valued at about $2,619,000. NorthCrest Asset Manangement LLC raised its position in Axis Capital by 6.6% in the second quarter. NorthCrest Asset Manangement LLC now owns 3,469 shares of the insurance provider's stock valued at $344,000 after purchasing an additional 216 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in Axis Capital by 27.0% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 47,827 shares of the insurance provider's stock valued at $4,740,000 after purchasing an additional 10,161 shares during the period. Hedge funds and other institutional investors own 93.44% of the company's stock.

Axis Capital Stock Performance

Shares of AXS traded down $0.23 during mid-day trading on Monday, reaching $95.13. 671,589 shares of the company's stock traded hands, compared to its average volume of 579,741. The business's 50-day moving average price is $96.72 and its 200-day moving average price is $97.93. The stock has a market capitalization of $7.44 billion, a P/E ratio of 9.15, a price-to-earnings-growth ratio of 1.39 and a beta of 0.77. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.69 and a current ratio of 0.69. Axis Capital Holdings Limited has a 12 month low of $77.21 and a 12 month high of $107.19.

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 for the quarter, beating analysts' consensus estimates of $2.88 by $0.41. Axis Capital had a return on equity of 18.77% and a net margin of 14.30%.The company had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the company posted $2.93 earnings per share. The business's revenue for the quarter was up 12.6% compared to the same quarter last year. Equities analysts predict that Axis Capital Holdings Limited will post 11.19 earnings per share for the current year.

Axis Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.76 annualized dividend and a yield of 1.9%. Axis Capital's payout ratio is presently 16.92%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AXS. Wells Fargo & Company raised their target price on Axis Capital from $104.00 to $105.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. UBS Group reiterated a "buy" rating and issued a $119.00 price target (up from $115.00) on shares of Axis Capital in a research note on Monday, August 4th. Keefe, Bruyette & Woods lifted their price target on Axis Capital from $118.00 to $121.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen downgraded Axis Capital from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Axis Capital has an average rating of "Moderate Buy" and a consensus target price of $111.43.

Insider Activity at Axis Capital

In related news, Director Henry B. Smith sold 3,500 shares of the business's 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 sale, the director owned 47,295 shares of the company's stock, valued at $4,666,597.65. The trade was a 6.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel J. Draper sold 4,305 shares of Axis Capital stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $97.57, for a total transaction of $420,038.85. Following the completion of the transaction, the insider owned 16,269 shares in the company, valued at approximately $1,587,366.33. This trade represents a 20.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,205 shares of company stock worth $1,188,048. 0.70% of the stock is owned by corporate insiders.

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.