Jennison Associates LLC Increases Stake in Axis Capital Holdings Limited $AXS

Key Points

• Jennison Associates LLC increased its stake in Axis Capital by 2.2% in the first quarter, ending with 1,071,887 shares valued at about $108.7 million.
• Axis Capital reported Q1 EPS of $3.42, beating analyst expectations, though revenue of $1.64 billion came in below estimates. The company also posted strong profitability metrics, including a 16.0% net margin and 18.12% return on equity.
• The company paid a quarterly dividend of $0.44 per share, implying an annualized yield of 1.5%, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $124.45.

Jennison Associates LLC lifted its position in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,071,887 shares of the insurance provider's stock after acquiring an additional 23,109 shares during the quarter. Jennison Associates LLC owned 1.45% of Axis Capital worth $108,700,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in Axis Capital by 30.9% during the 4th quarter. AQR Capital Management LLC now owns 4,592,270 shares of the insurance provider's stock worth $491,786,000 after acquiring an additional 1,083,579 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Axis Capital by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,382,665 shares of the insurance provider's stock valued at $362,263,000 after purchasing an additional 63,751 shares in the last quarter. State Street Corp raised its holdings in shares of Axis Capital by 1.0% in the 2nd quarter. State Street Corp now owns 1,631,198 shares of the insurance provider's stock valued at $170,069,000 after purchasing an additional 15,755 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Axis Capital by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 1,387,004 shares of the insurance provider's stock worth $148,565,000 after purchasing an additional 10,246 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of Axis Capital by 41.2% in the 4th quarter. Allianz Asset Management GmbH now owns 1,370,479 shares of the insurance provider's stock worth $146,765,000 after purchasing an additional 400,068 shares during the period. 93.44% of the stock is currently owned by institutional investors.

Axis Capital Stock Down 0.0%

Shares of Axis Capital stock opened at $114.73 on Monday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.25. The company has a market cap of $8.46 billion, a P/E ratio of 8.55, a PEG ratio of 3.35 and a beta of 0.49. The firm's 50 day moving average price is $103.54 and its 200-day moving average price is $102.64. Axis Capital Holdings Limited has a 52-week low of $88.07 and a 52-week high of $116.63.

Axis Capital (NYSE:AXS - Get Free Report) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $3.42 EPS for the quarter, beating analysts' consensus estimates of $3.33 by $0.09. The company had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.72 billion. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%. Axis Capital's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.17 earnings per share. On average, sell-side analysts predict that Axis Capital Holdings Limited will post 13.23 EPS for the current fiscal year.

Axis Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Tuesday, June 30th. Axis Capital's dividend payout ratio is currently 13.11%.

Insider Buying and Selling at Axis Capital

In other news, Director Henry B. Smith sold 2,542 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $98.69, for a total value of $250,869.98. Following the completion of the sale, the director owned 46,347 shares of the company's stock, valued at $4,573,985.43. This trade represents a 5.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AXS shares. Atlantic Securities set a $122.00 price objective on shares of Axis Capital in a report on Wednesday. Wells Fargo & Company upped their target price on Axis Capital from $119.00 to $134.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. UBS Group increased their target price on Axis Capital from $129.00 to $131.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded Axis Capital from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods boosted their price target on Axis Capital from $126.00 to $131.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Axis Capital currently has a consensus rating of "Moderate Buy" and an average target price of $124.45.

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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