Concentric Capital Strategies LP Sells 46,948 Shares of Axis Capital Holdings Limited $AXS

Key Points

• Concentric Capital Strategies LP significantly reduced its holdings in Axis Capital Holdings Limited by 88.5%, now owning 6,105 shares worth approximately $612,000.
• Axis Capital reported strong Q2 earnings with an EPS of $3.29, beating analysts' expectations by $0.41, despite revenue falling short of projections.
• The stock recently saw upgrades from several research firms, with Wells Fargo & Company raising its price target from $104 to $105, and other firms reaffirming a "buy" rating.

Concentric Capital Strategies LP reduced its position in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 88.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,105 shares of the insurance provider's stock after selling 46,948 shares during the period. Concentric Capital Strategies LP's holdings in Axis Capital were worth $612,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AXS. The Manufacturers Life Insurance Company boosted its holdings in Axis Capital by 3.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 15,972 shares of the insurance provider's stock valued at $1,415,000 after purchasing an additional 578 shares during the period. Northern Trust Corp raised its holdings in Axis Capital by 19.4% in the 4th quarter. Northern Trust Corp now owns 440,763 shares of the insurance provider's stock valued at $39,060,000 after buying an additional 71,553 shares during the last quarter. Baird Financial Group Inc. raised its holdings in Axis Capital by 0.4% during the 4th quarter. Baird Financial Group Inc. now owns 40,915 shares of the insurance provider's stock worth $3,626,000 after purchasing an additional 163 shares during the last quarter. Captrust Financial Advisors grew its holdings in Axis Capital by 38.7% during the 4th quarter. Captrust Financial Advisors now owns 9,611 shares of the insurance provider's stock worth $852,000 after acquiring an additional 2,681 shares during the period. Finally, Cetera Investment Advisers increased its stake in shares of Axis Capital by 12.6% in the 4th quarter. Cetera Investment Advisers now owns 8,070 shares of the insurance provider's stock valued at $715,000 after acquiring an additional 905 shares in the last quarter. Institutional investors own 93.44% of the company's stock.

Insider Activity at Axis Capital

In other news, insider Daniel J. Draper sold 4,305 shares of Axis Capital stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $97.57, for a total value 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. The trade was a 20.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Henry B. Smith sold 3,500 shares of the company's stock in a transaction 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 completion of the transaction, the director directly owned 47,295 shares of the company's stock, valued at approximately $4,666,597.65. The trade was a 6.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,205 shares of company stock valued at $1,188,048. Insiders own 0.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AXS shares. Keefe, Bruyette & Woods boosted their price target on shares of Axis Capital from $118.00 to $121.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company increased their price objective on Axis Capital from $104.00 to $105.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Cowen reissued a "buy" rating on shares of Axis Capital in a research report on Wednesday, May 14th. UBS Group reissued a "buy" rating and issued a $119.00 price target (up from $115.00) on shares of Axis Capital in a report on Monday, August 4th. Finally, Wall Street Zen cut Axis Capital from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $111.43.

Axis Capital Stock Down 0.1%

Shares of NYSE:AXS traded down $0.10 on Wednesday, hitting $96.90. 76,874 shares of the company's stock were exchanged, compared to its average volume of 693,992. The company has a market capitalization of $7.57 billion, a PE ratio of 9.32, a P/E/G ratio of 1.43 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 1-year low of $74.68 and a 1-year high of $107.19. The firm's 50-day moving average is $97.04 and its 200 day moving average is $97.81.

Axis Capital (NYSE:AXS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The insurance provider reported $3.29 EPS for the quarter, beating the consensus estimate of $2.88 by $0.41. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.68 billion. Axis Capital had a return on equity of 18.77% and a net margin of 14.30%.The firm's revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.93 EPS. Sell-side analysts predict that Axis Capital Holdings Limited will post 11.19 EPS for the current year.

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.