Synergy Asset Management LLC Takes Position in Axis Capital Holdings Limited (NYSE:AXS)

Synergy Asset Management LLC bought a new stake in Axis Capital Holdings Limited (NYSE:AXS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 264,360 shares of the insurance provider's stock, valued at approximately $26,499,000. Axis Capital accounts for about 3.3% of Synergy Asset Management LLC's holdings, making the stock its 9th largest position. Synergy Asset Management LLC owned 0.34% of Axis Capital at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AXS. Rhumbline Advisers increased its position in Axis Capital by 1.1% in the fourth quarter. Rhumbline Advisers now owns 80,545 shares of the insurance provider's stock worth $7,138,000 after purchasing an additional 842 shares during the period. Principal Financial Group Inc. grew its position in shares of Axis Capital by 7,053.2% during the 4th quarter. Principal Financial Group Inc. now owns 353,941 shares of the insurance provider's stock worth $31,366,000 after buying an additional 348,993 shares during the period. CIBC Asset Management Inc grew its holdings in Axis Capital by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,799 shares of the insurance provider's stock worth $248,000 after acquiring an additional 137 shares during the period. Venturi Wealth Management LLC grew its holdings in Axis Capital by 28.5% during the 4th quarter. Venturi Wealth Management LLC now owns 833 shares of the insurance provider's stock worth $74,000 after acquiring an additional 185 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Axis Capital by 29.9% during the 4th quarter. New York State Common Retirement Fund now owns 93,078 shares of the insurance provider's stock worth $8,249,000 after acquiring an additional 21,418 shares during the period. 93.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AXS. Keefe, Bruyette & Woods lifted their price objective on Axis Capital from $114.00 to $118.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Cowen restated a "buy" rating on shares of Axis Capital in a report on Wednesday, May 14th. Wells Fargo & Company boosted their price objective on Axis Capital from $100.00 to $104.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Wall Street Zen raised Axis Capital from a "hold" rating to a "buy" rating in a research report on Saturday, April 12th. Finally, UBS Group increased their target price on shares of Axis Capital from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.75.

Axis Capital Trading Up 0.6%

Shares of Axis Capital stock opened at $102.56 on Friday. The business has a fifty day simple moving average of $100.12 and a two-hundred day simple moving average of $94.76. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $8.07 billion, a price-to-earnings ratio of 10.17, a P/E/G ratio of 1.23 and a beta of 0.83. Axis Capital Holdings Limited has a 1 year low of $68.49 and a 1 year high of $107.19.

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

Axis Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 17th. Investors of record on Monday, June 30th will be issued a dividend of $0.44 per share. The ex-dividend date is Monday, June 30th. This represents a $1.76 annualized dividend and a yield of 1.72%. Axis Capital's payout ratio is currently 17.46%.

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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