New York Life Investment Management LLC Lowers Stake in AXIS Capital Holdings Limited (NYSE:AXS)

New York Life Investment Management LLC reduced its stake in shares of AXIS Capital Holdings Limited (NYSE:AXS) by 8.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,147 shares of the insurance provider’s stock after selling 721 shares during the quarter. New York Life Investment Management LLC’s holdings in AXIS Capital were worth $722,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AXS. Swedbank AB bought a new stake in shares of AXIS Capital in the fourth quarter valued at about $31,118,000. Principal Financial Group Inc. raised its holdings in shares of AXIS Capital by 7,053.2% in the fourth quarter. Principal Financial Group Inc. now owns 353,941 shares of the insurance provider’s stock valued at $31,366,000 after acquiring an additional 348,993 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of AXIS Capital by 24.4% in the third quarter. Jennison Associates LLC now owns 1,625,057 shares of the insurance provider’s stock valued at $129,371,000 after acquiring an additional 318,784 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of AXIS Capital by 131.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,551 shares of the insurance provider’s stock valued at $20,265,000 after acquiring an additional 144,792 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of AXIS Capital by 48.6% in the third quarter. Franklin Resources Inc. now owns 371,557 shares of the insurance provider’s stock valued at $30,070,000 after acquiring an additional 121,437 shares in the last quarter. 93.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AXS shares. JMP Securities restated a “market perform” rating on shares of AXIS Capital in a report on Monday, February 3rd. TD Cowen lifted their price objective on AXIS Capital from $118.00 to $127.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Keefe, Bruyette & Woods boosted their target price on shares of AXIS Capital from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, February 5th. StockNews.com upgraded shares of AXIS Capital from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company reduced their target price on shares of AXIS Capital from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $99.88.

Insider Activity

In related news, Director Charles A. Davis sold 2,234,636 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 4,543,170 shares in the company, valued at $406,613,715. This represents a 32.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.

AXIS Capital Stock Performance

AXS opened at $95.18 on Wednesday. AXIS Capital Holdings Limited has a 52-week low of $60.06 and a 52-week high of $98.11. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.27. The company has a market cap of $7.69 billion, a P/E ratio of 7.71, a price-to-earnings-growth ratio of 3.96 and a beta of 0.95. The firm’s 50-day moving average price is $90.53 and its 200-day moving average price is $85.52.

AXIS Capital (NYSE:AXS) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.29. AXIS Capital had a net margin of 18.16% and a return on equity of 18.89%. As a group, equities analysts anticipate that AXIS Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

AXIS Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.44 per share. The ex-dividend date is Monday, March 31st. This represents a $1.76 annualized dividend and a dividend yield of 1.85%. AXIS Capital’s dividend payout ratio (DPR) is currently 14.25%.

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.