JPMorgan Chase & Co. Cuts Stake in Axis Capital Holdings Limited $AXS

JPMorgan Chase & Co. lessened its stake in shares of Axis Capital Holdings Limited (NYSE:AXS) by 47.2% in the 3rd quarter, Holdings Channel reports. The firm owned 144,904 shares of the insurance provider’s stock after selling 129,683 shares during the period. JPMorgan Chase & Co.’s holdings in Axis Capital were worth $13,884,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on AXS. Bank of America dropped their price target on Axis Capital from $119.00 to $115.00 and set a “neutral” rating for the company in a research report on Thursday, January 29th. Weiss Ratings raised shares of Axis Capital from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, March 17th. Wells Fargo & Company dropped their target price on shares of Axis Capital from $124.00 to $121.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Keefe, Bruyette & Woods increased their target price on shares of Axis Capital from $121.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Finally, Royal Bank Of Canada raised their price target on shares of Axis Capital from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.00.

Axis Capital Price Performance

NYSE:AXS opened at $98.86 on Friday. Axis Capital Holdings Limited has a one year low of $84.81 and a one year high of $110.34. The stock has a market cap of $7.31 billion, a PE ratio of 7.98, a P/E/G ratio of 2.00 and a beta of 0.61. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a 50 day moving average price of $102.74 and a 200 day moving average price of $100.50.

Axis Capital (NYSE:AXS) last released its quarterly earnings data on Wednesday, January 28th. The insurance provider reported $3.25 earnings per share for the quarter, topping 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 company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the company posted $3.38 earnings per share. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities research 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 will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.76 annualized dividend and a dividend yield of 1.8%. Axis Capital’s payout ratio is presently 14.21%.

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.