QRG Capital Management Inc. Trims Stake in Axis Capital Holdings Limited $AXS

QRG Capital Management Inc. trimmed its position in Axis Capital Holdings Limited (NYSE:AXS) by 54.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,254 shares of the insurance provider’s stock after selling 5,007 shares during the quarter. QRG Capital Management Inc.’s holdings in Axis Capital were worth $408,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Smithfield Trust Co raised its holdings in shares of Axis Capital by 94.0% in the second quarter. Smithfield Trust Co now owns 293 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 142 shares in the last quarter. AlphaCore Capital LLC purchased a new position in Axis Capital during the 2nd quarter valued at about $37,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Axis Capital in the 2nd quarter valued at about $41,000. Allworth Financial LP raised its holdings in shares of Axis Capital by 145.1% in the 2nd quarter. Allworth Financial LP now owns 581 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 344 shares in the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of Axis Capital in the 3rd quarter worth approximately $62,000. Institutional investors own 93.44% of the company’s stock.

Axis Capital Price Performance

Shares of AXS stock opened at $101.99 on Friday. Axis Capital Holdings Limited has a fifty-two week low of $84.81 and a fifty-two week high of $110.34. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $7.86 billion, a price-to-earnings ratio of 8.43, a PEG ratio of 0.96 and a beta of 0.65. The stock’s 50-day simple moving average is $103.25 and its 200-day simple moving average is $98.66.

Axis Capital (NYSE:AXS) last released its earnings results on Wednesday, October 29th. The insurance provider reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $2.72 by $0.53. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Axis Capital had a net margin of 16.08% and a return on equity of 18.99%. Axis Capital’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the business earned $2.71 EPS. As a group, equities analysts forecast that Axis Capital Holdings Limited will post 11.19 earnings per share for the current fiscal year.

Axis Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.7%. Axis Capital’s payout ratio is 14.55%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AXS. Wells Fargo & Company lifted their price objective on shares of Axis Capital from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Tuesday, January 13th. Weiss Ratings cut Axis Capital from a “buy (a-)” rating to a “buy (b)” rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price target on Axis Capital from $121.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Royal Bank Of Canada began coverage on Axis Capital in a research note on Monday, November 24th. They set an “outperform” rating and a $125.00 price objective for the company. Finally, Compass Point set a $121.00 price objective on Axis Capital in a research report on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Axis Capital currently has a consensus rating of “Moderate Buy” and an average price target of $121.89.

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.