Johnson Investment Counsel Inc. Cuts Stock Position in Axis Capital Holdings Limited $AXS

Key Points

• Johnson Investment Counsel Inc. reduced its stake in Axis Capital by 1.5% during Q2, holding 1,216,361 shares, with the total value of its investment at approximately $126.28 million.
• Insider trades included a sale of 4,305 shares by insider Daniel J. Draper and 3,500 shares by Director Henry B. Smith, representing a decrease in their respective positions.
• Axis Capital recently reported a Q2 EPS of $3.29, exceeding estimates, and announced a quarterly dividend of $0.44 per share to be paid on October 17th.

Johnson Investment Counsel Inc. cut its holdings in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 1.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,216,361 shares of the insurance provider's stock after selling 18,145 shares during the quarter. Axis Capital accounts for 1.1% of Johnson Investment Counsel Inc.'s investment portfolio, making the stock its 19th largest position. Johnson Investment Counsel Inc. owned about 1.55% of Axis Capital worth $126,283,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. NBC Securities Inc. purchased a new stake in shares of Axis Capital in the first quarter valued at approximately $33,000. IFP Advisors Inc increased its position in shares of Axis Capital by 1,542.9% during the first quarter. IFP Advisors Inc now owns 575 shares of the insurance provider's stock worth $58,000 after purchasing an additional 540 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Axis Capital by 34.0% during the second quarter. Parallel Advisors LLC now owns 1,021 shares of the insurance provider's stock worth $106,000 after purchasing an additional 259 shares in the last quarter. Private Trust Co. NA increased its position in shares of Axis Capital by 36.9% during the first quarter. Private Trust Co. NA now owns 1,184 shares of the insurance provider's stock worth $119,000 after purchasing an additional 319 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of 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 purchasing an additional 416 shares in the last quarter. 93.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Daniel J. Draper sold 4,305 shares of the stock in a transaction dated 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 owned 16,269 shares of the company's stock, valued at approximately $1,587,366.33. This represents a 20.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry B. Smith sold 3,500 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $98.67, for a total value of $345,345.00. Following the transaction, 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 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.

Axis Capital Stock Performance

Shares of Axis Capital stock opened at $96.17 on Friday. Axis Capital Holdings Limited has a 52 week low of $77.21 and a 52 week high of $107.19. The business's fifty day simple moving average is $96.58 and its 200-day simple moving average is $97.98. The firm has a market cap of $7.52 billion, a PE ratio of 9.25, a price-to-earnings-growth ratio of 1.40 and a beta of 0.73. 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 (NYSE:AXS - Get Free Report) last announced its quarterly 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 business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company posted $2.93 EPS. The company's quarterly revenue was up 12.6% on a year-over-year basis. Equities analysts forecast 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 paid 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 1.8%. Axis Capital's dividend payout ratio is presently 16.92%.

Wall Street Analyst Weigh In

Several brokerages recently commented on AXS. Weiss Ratings reiterated a "buy (b+)" rating on shares of Axis Capital in a research report on Wednesday. Keefe, Bruyette & Woods boosted 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 boosted their price target on Axis Capital from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday. Wells Fargo & Company set a $123.00 price target on Axis Capital and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Wall Street Zen cut Axis Capital from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $117.17.

Axis Capital 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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