Jennison Associates LLC Increases Stake in Axis Capital Holdings Limited $AXS

Jennison Associates LLC increased its stake in Axis Capital Holdings Limited (NYSE:AXS) by 2.2% in the first quarter, Holdings Channel reports. The firm owned 1,071,887 shares of the insurance provider’s stock after purchasing an additional 23,109 shares during the period. Jennison Associates LLC’s holdings in Axis Capital were worth $108,700,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Activest Wealth Management acquired a new position in Axis Capital during the 4th quarter valued at approximately $30,000. Assetmark Inc. raised its holdings in shares of Axis Capital by 80.8% in the first quarter. Assetmark Inc. now owns 396 shares of the insurance provider’s stock worth $40,000 after buying an additional 177 shares during the last quarter. Fideuram Asset Management Ireland dac acquired a new stake in shares of Axis Capital during the fourth quarter worth $47,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Axis Capital during the fourth quarter worth $51,000. Finally, DV Equities LLC purchased a new stake in shares of Axis Capital during the fourth quarter valued at $54,000. Hedge funds and other institutional investors own 93.44% of the company’s stock.

Axis Capital Stock Down 0.0%

NYSE:AXS opened at $114.73 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.65 and a quick ratio of 0.65. The company’s fifty day moving average price is $103.54 and its 200-day moving average price is $102.64. Axis Capital Holdings Limited has a 1-year low of $88.07 and a 1-year high of $116.63. The firm has a market capitalization of $8.46 billion, a P/E ratio of 8.55, a PEG ratio of 3.35 and a beta of 0.49.

Axis Capital (NYSE:AXS) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.09. Axis Capital had a net margin of 16.00% and a return on equity of 18.12%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the firm posted $3.17 earnings per share. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts anticipate that Axis Capital Holdings Limited will post 13.23 EPS for the current year.

Axis Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, June 30th. Axis Capital’s payout ratio is 13.11%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AXS. Bank of America cut their target price on Axis Capital from $115.00 to $106.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Wells Fargo & Company lifted their price target on Axis Capital from $119.00 to $134.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. UBS Group boosted their price target on Axis Capital from $129.00 to $131.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Weiss Ratings raised Axis Capital from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Finally, Atlantic Securities set a $122.00 price objective on Axis Capital in a research note on Wednesday. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $124.45.

Insider Activity

In other news, Director Henry B. Smith sold 2,542 shares of the company’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $98.69, for a total value of $250,869.98. Following the sale, the director owned 46,347 shares in the company, valued at $4,573,985.43. This represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is currently owned by company insiders.

About Axis Capital

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.