Allspring Global Investments Holdings LLC Cuts Stake in AXIS Capital Holdings Limited (NYSE:AXS)

Allspring Global Investments Holdings LLC trimmed its stake in AXIS Capital Holdings Limited (NYSE:AXS) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,122,176 shares of the insurance provider’s stock after selling 61,209 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.34% of AXIS Capital worth $99,726,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in AXS. Franklin Resources Inc. increased its stake in AXIS Capital by 48.6% during the third quarter. Franklin Resources Inc. now owns 371,557 shares of the insurance provider’s stock worth $30,070,000 after acquiring an additional 121,437 shares during the last quarter. HighTower Advisors LLC acquired a new stake in AXIS Capital during the 3rd quarter worth approximately $638,000. Verition Fund Management LLC purchased a new position in AXIS Capital in the third quarter valued at approximately $453,000. Entropy Technologies LP acquired a new position in AXIS Capital during the third quarter valued at approximately $507,000. Finally, Jennison Associates LLC grew its stake in AXIS Capital by 24.4% during the third quarter. Jennison Associates LLC now owns 1,625,057 shares of the insurance provider’s stock worth $129,371,000 after buying an additional 318,784 shares during the period. Institutional investors and hedge funds own 93.44% of the company’s stock.

AXIS Capital Trading Down 1.0 %

Shares of AXS opened at $89.50 on Thursday. AXIS Capital Holdings Limited has a one year low of $59.53 and a one year high of $94.89. The stock has a 50-day moving average price of $89.88 and a 200 day moving average price of $83.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.60 and a current ratio of 0.60. The company has a market capitalization of $7.49 billion, a P/E ratio of 7.25, a P/E/G ratio of 4.01 and a beta of 0.95.

AXIS Capital (NYSE:AXS) last released its earnings results on Wednesday, January 29th. The insurance provider reported $2.97 EPS for the quarter, beating the consensus estimate of $2.68 by $0.29. AXIS Capital had a return on equity of 18.89% and a net margin of 18.16%. Sell-side analysts forecast that AXIS Capital Holdings Limited will post 11.36 EPS for the current fiscal year.

AXIS Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.97%. The ex-dividend date was Tuesday, December 31st. AXIS Capital’s dividend payout ratio is currently 14.25%.

Insider Activity

In related news, Director Charles A. Davis sold 2,234,636 shares of AXIS Capital stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $89.50, for a total value of $199,999,922.00. Following the completion of the transaction, the director now directly owns 4,543,170 shares in the company, valued at approximately $406,613,715. This trade represents a 32.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AXS. StockNews.com raised shares of AXIS Capital from a “hold” rating to a “buy” rating in a research note on Monday. Keefe, Bruyette & Woods raised their price objective on AXIS Capital from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, February 5th. TD Cowen boosted their price objective on AXIS Capital from $118.00 to $127.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. UBS Group increased their target price on AXIS Capital from $92.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, BMO Capital Markets started coverage on AXIS Capital in a research report on Monday, January 13th. They set a “market perform” rating and a $93.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $99.88.

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.