JPMorgan Chase & Co. Trims Stock Position in Axis Capital Holdings Limited $AXS

Key Points

• JPMorgan Chase & Co. trimmed its stake in Axis Capital by 47.2% in Q3, selling 129,683 shares and retaining 144,904 shares (about 0.19% of the company) worth $13.884 million.
• Axis Capital beat quarterly expectations with $3.25 EPS vs. $2.97 expected and revenue of $1.73 billion (up 17.8% YoY), reporting an ROE of 18.72% while analysts forecast roughly 11.19 EPS for the fiscal year.
• The company declared a quarterly dividend of $0.44 (annualized $1.76, ~1.8% yield; ex-dividend March 31) and holds a consensus analyst rating of "Moderate Buy" with a $124 price target.

JPMorgan Chase & Co. cut its holdings in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 47.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,904 shares of the insurance provider's stock after selling 129,683 shares during the period. JPMorgan Chase & Co. owned about 0.19% of Axis Capital worth $13,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new position in shares of Axis Capital during the 3rd quarter valued at about $29,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Axis Capital in the second quarter worth about $41,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Axis Capital in the third quarter worth about $43,000. Mather Group LLC. acquired a new stake in Axis Capital during the third quarter worth about $62,000. Finally, Quent Capital LLC acquired a new stake in Axis Capital during the third quarter worth about $67,000. 93.44% of the stock is owned by hedge funds and other institutional investors.

Axis Capital Stock Performance

Shares of AXS stock opened at $98.86 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.24. Axis Capital Holdings Limited has a 12-month low of $84.81 and a 12-month high of $110.34. The business's 50 day moving average is $102.74 and its two-hundred day moving average is $100.50. The company has a market capitalization of $7.31 billion, a P/E ratio of 7.98, a P/E/G ratio of 2.00 and a beta of 0.61.

Axis Capital (NYSE:AXS - Get Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The insurance provider reported $3.25 EPS for the quarter, beating analysts' consensus estimates of $2.97 by $0.28. Axis Capital had a return on equity of 18.72% and a net margin of 15.37%.The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same period in the previous year, the business earned $3.38 earnings per share. The business's revenue was up 17.8% compared to the same quarter last year. Analysts expect that Axis Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

Axis Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, March 31st. Axis Capital's payout ratio is presently 14.21%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AXS shares. Weiss Ratings raised Axis Capital from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, March 17th. Roth Mkm reaffirmed a "buy" rating and set a $120.00 price objective on shares of Axis Capital in a research note on Thursday, January 29th. UBS Group reaffirmed a "buy" rating on shares of Axis Capital in a report on Monday, February 2nd. Bank of America decreased their target price on shares of Axis Capital from $119.00 to $115.00 and set a "neutral" rating for the company in a research note on Thursday, January 29th. Finally, Wells Fargo & Company lowered their price target on shares of Axis Capital from $124.00 to $121.00 and set an "overweight" rating on the stock in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $124.00.

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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