Axis Capital Holdings Limited (NYSE:AXS) Shares Sold by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Axis Capital Holdings Limited by 15.3%, selling 4,200 shares during the first quarter, leaving it with 23,200 shares valued at approximately $2.34 million.
• Several hedge funds have increased their investments in Axis Capital, with notable purchases including Norges Bank and Causeway Capital Management LLC, which boosted its stake by 79.1%.
• Analysts have raised their price targets for Axis Capital, with ratings ranging from "hold" to "buy," and an average target price of $108.25, reflecting a Moderate Buy consensus.

KLP Kapitalforvaltning AS decreased its position in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,200 shares of the insurance provider's stock after selling 4,200 shares during the period. KLP Kapitalforvaltning AS's holdings in Axis Capital were worth $2,336,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in AXS. HighTower Advisors LLC boosted its position in shares of Axis Capital by 6.7% in the 4th quarter. HighTower Advisors LLC now owns 8,558 shares of the insurance provider's stock worth $758,000 after buying an additional 534 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Axis Capital by 15.5% in the fourth quarter. Xponance Inc. now owns 3,429 shares of the insurance provider's stock valued at $304,000 after purchasing an additional 461 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Axis Capital by 1.5% in the fourth quarter. LPL Financial LLC now owns 62,951 shares of the insurance provider's stock valued at $5,579,000 after purchasing an additional 916 shares in the last quarter. Prudential Financial Inc. lifted its stake in Axis Capital by 26.8% in the 4th quarter. Prudential Financial Inc. now owns 28,373 shares of the insurance provider's stock valued at $2,461,000 after buying an additional 5,993 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Axis Capital by 3.3% in the 4th quarter. JPMorgan Chase & Co. now owns 133,675 shares of the insurance provider's stock valued at $11,846,000 after buying an additional 4,303 shares in the last quarter. Hedge funds and other institutional investors own 93.44% of the company's stock.

Axis Capital Trading Up 0.7%

NYSE:AXS traded up $0.68 during trading hours on Tuesday, hitting $96.96. 167,773 shares of the company were exchanged, compared to its average volume of 701,451. The company has a fifty day simple moving average of $100.69 and a 200 day simple moving average of $96.47. Axis Capital Holdings Limited has a one year low of $70.16 and a one year high of $107.19. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of 9.63, a price-to-earnings-growth ratio of 1.17 and a beta of 0.81.

Axis Capital (NYSE:AXS - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.17 EPS for the quarter, beating analysts' consensus estimates of $2.64 by $0.53. Axis Capital had a net margin of 14.54% and a return on equity of 19.01%. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period last year, the business earned $3.07 earnings per share. Axis Capital's revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that Axis Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

Axis Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Monday, June 30th were given a $0.44 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.82%. Axis Capital's payout ratio is currently 17.46%.

Analysts Set New Price Targets

AXS has been the topic of several recent research reports. Cowen restated a "buy" rating on shares of Axis Capital in a research report on Wednesday, May 14th. UBS Group upped their target price on shares of Axis Capital from $105.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Wells Fargo & Company upped their price objective on shares of Axis Capital from $104.00 to $105.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Jefferies Financial Group upped their price objective on shares of Axis Capital from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods increased their price target on Axis Capital from $118.00 to $121.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Axis Capital has a consensus rating of "Moderate Buy" and an average target price of $108.25.

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.