Norges Bank Invests $88.15 Million in AXIS Capital Holdings Limited (NYSE:AXS)

Norges Bank bought a new position in AXIS Capital Holdings Limited (NYSE:AXS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 994,662 shares of the insurance provider's stock, valued at approximately $88,147,000. Norges Bank owned approximately 1.19% of AXIS Capital as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc raised its position in AXIS Capital by 24.0% during the fourth quarter. Versant Capital Management Inc now owns 671 shares of the insurance provider's stock valued at $59,000 after acquiring an additional 130 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of AXIS Capital by 7.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,931 shares of the insurance provider's stock valued at $171,000 after purchasing an additional 134 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in AXIS Capital by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,799 shares of the insurance provider's stock worth $248,000 after purchasing an additional 137 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in AXIS Capital by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 15,394 shares of the insurance provider's stock worth $1,226,000 after buying an additional 170 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in AXIS Capital by 28.5% during the fourth quarter. Venturi Wealth Management LLC now owns 833 shares of the insurance provider's stock worth $74,000 after buying an additional 185 shares during the last quarter. Institutional investors and hedge funds own 93.44% of the company's stock.

Remove Ads

Insider Transactions at AXIS Capital

In related news, Director Charles A. Davis sold 2,139,037 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $93.50, for a total value of $199,999,959.50. Following the completion of the transaction, the director now directly owns 2,404,133 shares of the company's stock, valued at $224,786,435.50. This trade represents a 47.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AXS shares. StockNews.com downgraded AXIS Capital from a "buy" rating to a "hold" rating in a research note on Friday. Keefe, Bruyette & Woods upped their target price on AXIS Capital from $118.00 to $120.00 and gave the stock an "outperform" rating in a research report on Friday, March 28th. BMO Capital Markets began coverage on shares of AXIS Capital in a research note on Monday, January 13th. They issued a "market perform" rating and a $93.00 price objective for the company. Wells Fargo & Company decreased their price objective 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. Finally, JMP Securities reiterated a "market perform" rating on shares of AXIS Capital in a report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, AXIS Capital has a consensus rating of "Moderate Buy" and a consensus price target of $100.50.

AXIS Capital Stock Performance

NYSE:AXS traded down $3.41 during trading hours on Monday, hitting $87.32. 888,177 shares of the company traded hands, compared to its average volume of 603,754. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 7.07, a P/E/G ratio of 3.96 and a beta of 0.67. The firm has a 50-day moving average of $93.89 and a 200 day moving average of $88.67. AXIS Capital Holdings Limited has a twelve month low of $60.45 and a twelve month high of $101.42.

AXIS Capital (NYSE:AXS - Get Free Report) last released its earnings results on Wednesday, January 29th. The insurance provider reported $2.97 earnings per share 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%. On average, analysts forecast that AXIS Capital Holdings Limited will post 11.19 EPS for the current year.

AXIS Capital Announces Dividend

The company 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. This represents a $1.76 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Monday, March 31st. AXIS Capital's payout ratio is presently 14.25%.

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.