Mackenzie Financial Corp Grows Position in Axis Capital Holdings Limited (NYSE:AXS)

Key Points

• Mackenzie Financial Corp increased its stake in Axis Capital Holdings Limited by 119.0%, owning 15,075 shares valued at approximately $1.51 million.
• Axis Capital reported $3.29 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $2.88, while revenue increased by 12.6% year-over-year.
• The company's recent dividend was $0.44 per share, equating to an annualized yield of 1.9%, with a current dividend payout ratio of 16.92%.

Mackenzie Financial Corp lifted its stake in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 119.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,075 shares of the insurance provider's stock after purchasing an additional 8,190 shares during the period. Mackenzie Financial Corp's holdings in Axis Capital were worth $1,511,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of AXS. Janney Montgomery Scott LLC grew its holdings in Axis Capital by 2.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,694 shares of the insurance provider's stock valued at $671,000 after buying an additional 145 shares in the last quarter. Cetera Investment Advisers increased its stake in Axis Capital by 2.0% during the first quarter. Cetera Investment Advisers now owns 8,231 shares of the insurance provider's stock worth $825,000 after acquiring an additional 161 shares during the last quarter. Baird Financial Group Inc. raised its position in Axis Capital by 0.4% during the fourth quarter. Baird Financial Group Inc. now owns 40,915 shares of the insurance provider's stock valued at $3,626,000 after purchasing an additional 163 shares during the period. Miracle Mile Advisors LLC boosted its holdings in shares of Axis Capital by 7.8% in the 1st quarter. Miracle Mile Advisors LLC now owns 2,736 shares of the insurance provider's stock worth $274,000 after purchasing an additional 197 shares during the period. Finally, Avantax Advisory Services Inc. lifted its position in Axis Capital by 6.6% in the first quarter. Avantax Advisory Services Inc. now owns 3,280 shares of the insurance provider's stock worth $329,000 after buying an additional 202 shares during the last quarter. Institutional investors own 93.44% of the company's stock.

Axis Capital Price Performance

AXS stock traded up $0.86 during mid-day trading on Wednesday, reaching $95.19. 641,712 shares of the company's stock were exchanged, compared to its average volume of 715,755. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $7.44 billion, a price-to-earnings ratio of 9.15, a price-to-earnings-growth ratio of 1.45 and a beta of 0.83. The stock's 50 day moving average is $99.87 and its 200 day moving average is $96.66. Axis Capital Holdings Limited has a 12-month low of $71.64 and a 12-month high of $107.19.

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

Axis Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 17th. Shareholders of record on Monday, June 30th were given a dividend of $0.44 per share. The ex-dividend date was Monday, June 30th. This represents a $1.76 dividend on an annualized basis and a yield of 1.8%. Axis Capital's dividend payout ratio is presently 16.92%.

Analyst Upgrades and Downgrades

AXS has been the subject of a number of research reports. JMP Securities reiterated a "market perform" rating on shares of Axis Capital in a report on Thursday, May 1st. Cowen restated a "buy" rating on shares of Axis Capital in a report on Wednesday, May 14th. Keefe, Bruyette & Woods increased their target price on shares of Axis Capital from $118.00 to $121.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Jefferies Financial Group upped their price target on shares of Axis Capital from $116.00 to $119.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Finally, UBS Group reissued a "buy" rating and set a $119.00 price objective (up from $115.00) on shares of Axis Capital in a report on Monday. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $111.43.

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.