Cubist Systematic Strategies LLC Takes $2.36 Million Position in Axis Capital Holdings Limited $AXS

Key Points

• Cubist Systematic Strategies LLC has acquired a new stake in Axis Capital Holdings Limited, purchasing 23,560 shares valued at approximately $2.36 million during the first quarter of the year.
• Recent insider trading activity shows Director Henry B. Smith and insider Daniel J. Draper sold shares, indicating a decrease in their ownership in the company.
• Analysts have mixed reviews of Axis Capital, with several lowering their ratings, while others have increased their price targets, leaving the stock with a consensus rating of "Moderate Buy".

Cubist Systematic Strategies LLC purchased a new position in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 23,560 shares of the insurance provider's stock, valued at approximately $2,362,000.

Several other hedge funds have also recently bought and sold shares of AXS. NBC Securities Inc. purchased a new position in shares of Axis Capital in the first quarter valued at $33,000. IFP Advisors Inc grew its stake in Axis Capital by 1,542.9% in the 1st quarter. IFP Advisors Inc now owns 575 shares of the insurance provider's stock valued at $58,000 after acquiring an additional 540 shares during the last quarter. Private Trust Co. NA increased its holdings in Axis Capital by 36.9% during the 1st quarter. Private Trust Co. NA now owns 1,184 shares of the insurance provider's stock valued at $119,000 after acquiring an additional 319 shares in the last quarter. US Bancorp DE raised its position in Axis Capital by 34.3% during the first quarter. US Bancorp DE now owns 1,628 shares of the insurance provider's stock worth $163,000 after acquiring an additional 416 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Axis Capital by 14.9% during the first quarter. GAMMA Investing LLC now owns 1,853 shares of the insurance provider's stock worth $186,000 after acquiring an additional 240 shares during the last quarter. 93.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions 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 shares were sold at an average price of $98.67, for a total value of $345,345.00. Following the completion of the sale, the director directly owned 47,295 shares in the company, valued at approximately $4,666,597.65. The trade was a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel J. Draper sold 4,305 shares of the company's 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 transaction, the insider directly owned 16,269 shares of the company's stock, valued at $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 ninety days, insiders have sold 12,205 shares of company stock valued at $1,188,048. Corporate insiders own 0.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AXS. Wall Street Zen lowered shares of Axis Capital from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company upped 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. Keefe, Bruyette & Woods raised their price target on Axis Capital from $118.00 to $121.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. 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, Cowen reaffirmed a "buy" rating on shares of Axis Capital in a research note on Wednesday, May 14th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Axis Capital presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.43.

Axis Capital Price Performance

AXS stock opened at $97.44 on Friday. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 9.37, a price-to-earnings-growth ratio of 1.42 and a beta of 0.77. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.26. Axis Capital Holdings Limited has a 52-week low of $74.68 and a 52-week high of $107.19. The stock's fifty day simple moving average is $97.27 and its 200-day simple moving average is $97.74.

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

Axis Capital Company 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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