TD Asset Management Inc Sells 6,800 Shares of Axis Capital Holdings Limited $AXS

Key Points

• TD Asset Management Inc reduced its stake in Axis Capital Holdings by 2.9%, selling 6,800 shares during the second quarter, and now holds approximately $23.94 million worth of the stock.
• Analysts have mixed reviews on Axis Capital, with the consensus rating being a "Moderate Buy" and an average price target of $115.29; Goldman Sachs initiated coverage with a "neutral" rating at a target of $104.00.
• Axis Capital recently announced a quarterly dividend of $0.44, reflecting an annual yield of 1.9%, with a payout ratio of 16.92%.

TD Asset Management Inc lowered its position in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,600 shares of the insurance provider's stock after selling 6,800 shares during the quarter. TD Asset Management Inc owned approximately 0.29% of Axis Capital worth $23,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Axis Capital by 14.9% in the first quarter. GAMMA Investing LLC now owns 1,853 shares of the insurance provider's stock valued at $186,000 after purchasing an additional 240 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Axis Capital in the 1st quarter worth about $330,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Axis Capital by 36.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 37,666 shares of the insurance provider's stock valued at $3,776,000 after purchasing an additional 10,008 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Axis Capital by 2.2% during the first 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 during the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of Axis Capital by 6.1% in the 1st quarter. QRG Capital Management Inc. now owns 8,953 shares of the insurance provider's stock worth $897,000 after purchasing an additional 511 shares during the last quarter. Hedge funds and other institutional investors own 93.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on AXS shares. The Goldman Sachs Group assumed coverage on Axis Capital in a research note on Tuesday. They set a "neutral" rating and a $104.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Axis Capital from $118.00 to $121.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen downgraded Axis Capital from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. UBS Group increased their price target on Axis Capital from $119.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company set a $123.00 price objective on shares of Axis Capital and gave the company an "overweight" rating in a research report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $115.29.

Axis Capital Stock Performance

NYSE:AXS opened at $92.51 on Friday. The stock's fifty day moving average is $96.60 and its 200 day moving average is $97.83. The firm has a market capitalization of $7.23 billion, a PE ratio of 8.90, a PEG ratio of 1.11 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.69 and a current ratio of 0.69. Axis Capital Holdings Limited has a fifty-two week low of $77.21 and a fifty-two week high of $107.19.

Axis Capital (NYSE:AXS - Get Free Report) last issued 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. The company 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 was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.93 EPS. On average, sell-side analysts anticipate that Axis Capital Holdings Limited will post 11.19 earnings per share for the current year.

Axis Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Tuesday, September 30th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Tuesday, September 30th. Axis Capital's dividend payout ratio is currently 16.92%.

Insider Activity at Axis Capital

In other news, Director Henry B. Smith sold 3,500 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $98.67, for a total value of $345,345.00. Following the completion of the sale, the director owned 47,295 shares of the company's stock, valued at approximately $4,666,597.65. This represents a 6.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel J. Draper sold 4,305 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $97.57, for a total value of $420,038.85. Following the sale, the insider owned 16,269 shares of the company's stock, valued at $1,587,366.33. This trade represents a 20.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,205 shares of company stock worth $1,188,048. 0.70% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.