KLP Kapitalforvaltning AS Cuts Holdings in Axis Capital Holdings Limited (NYSE:AXS)

KLP Kapitalforvaltning AS decreased its holdings in Axis Capital Holdings Limited (NYSE:AXS) by 15.3% in the first quarter, Holdings Channel reports. The firm owned 23,200 shares of the insurance provider’s stock after selling 4,200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Axis Capital were worth $2,336,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. HighTower Advisors LLC increased its holdings in Axis Capital by 6.7% in the 4th quarter. HighTower Advisors LLC now owns 8,558 shares of the insurance provider’s stock worth $758,000 after buying an additional 534 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Axis Capital by 15.5% during the 4th quarter. Xponance Inc. now owns 3,429 shares of the insurance provider’s stock valued at $304,000 after acquiring an additional 461 shares during the last quarter. LPL Financial LLC grew its stake in shares of Axis Capital by 1.5% in the fourth quarter. LPL Financial LLC now owns 62,951 shares of the insurance provider’s stock worth $5,579,000 after acquiring an additional 916 shares during the period. Prudential Financial Inc. grew its stake in shares of Axis Capital by 26.8% in the fourth quarter. Prudential Financial Inc. now owns 28,373 shares of the insurance provider’s stock worth $2,461,000 after acquiring an additional 5,993 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Axis Capital by 3.3% during the fourth quarter. JPMorgan Chase & Co. now owns 133,675 shares of the insurance provider’s stock valued at $11,846,000 after purchasing an additional 4,303 shares during the last quarter. Hedge funds and other institutional investors own 93.44% of the company’s stock.

Axis Capital Trading Up 1.0%

Shares of NYSE:AXS opened at $96.91 on Friday. The stock has a 50 day moving average of $100.82 and a 200 day moving average of $96.28. The company has a market cap of $7.62 billion, a PE ratio of 9.61, a price-to-earnings-growth ratio of 1.15 and a beta of 0.81. Axis Capital Holdings Limited has a 12-month low of $70.16 and a 12-month high of $107.19. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.29.

Axis Capital (NYSE:AXS) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.53. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.83 billion. Axis Capital had a net margin of 14.54% and a return on equity of 19.01%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.07 earnings per share. As a group, equities research analysts expect that Axis Capital Holdings Limited will post 11.19 EPS for the current year.

Axis Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 17th. Investors of record on Monday, June 30th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.82%. The ex-dividend date was Monday, June 30th. Axis Capital’s dividend payout ratio is currently 17.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AXS. Jefferies Financial Group boosted their target price on shares of Axis Capital from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Wall Street Zen upgraded Axis Capital from a “hold” rating to a “buy” rating in a research report on Saturday, April 12th. Cowen reissued a “buy” rating on shares of Axis Capital in a report on Wednesday, May 14th. Wells Fargo & Company raised their target price on Axis Capital from $104.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Axis Capital in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $108.25.

Axis Capital Company 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.