CIBC Asset Management Inc Buys New Position in AXIS Capital Holdings Limited (NYSE:AXS)

CIBC Asset Management Inc purchased a new position in shares of AXIS Capital Holdings Limited (NYSE:AXS) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,662 shares of the insurance provider’s stock, valued at approximately $212,000.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in AXIS Capital by 55.6% during the second quarter. Versant Capital Management Inc now owns 462 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 165 shares during the last quarter. GAMMA Investing LLC lifted its position in AXIS Capital by 80.4% during the 2nd quarter. GAMMA Investing LLC now owns 507 shares of the insurance provider’s stock worth $36,000 after buying an additional 226 shares in the last quarter. Covestor Ltd boosted its stake in shares of AXIS Capital by 45.9% during the 1st quarter. Covestor Ltd now owns 588 shares of the insurance provider’s stock worth $38,000 after buying an additional 185 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of AXIS Capital by 32.6% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 602 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 148 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of AXIS Capital by 424.6% in the third quarter. Blue Trust Inc. now owns 1,217 shares of the insurance provider’s stock valued at $97,000 after acquiring an additional 985 shares during the last quarter. 93.44% of the stock is owned by institutional investors.

AXIS Capital Stock Performance

Shares of AXS stock opened at $88.75 on Friday. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.29 and a beta of 0.90. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.60 and a current ratio of 0.60. AXIS Capital Holdings Limited has a 52 week low of $53.49 and a 52 week high of $89.31. The company has a 50-day simple moving average of $81.25 and a 200 day simple moving average of $75.66.

AXIS Capital (NYSE:AXS) last posted its earnings results on Wednesday, October 30th. The insurance provider reported $2.71 EPS for the quarter, beating the consensus estimate of $2.55 by $0.16. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.57 billion. AXIS Capital had a return on equity of 19.24% and a net margin of 10.82%. During the same quarter in the prior year, the business earned $2.34 earnings per share. On average, sell-side analysts predict that AXIS Capital Holdings Limited will post 10.89 earnings per share for the current year.

AXIS Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Monday, September 30th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Monday, September 30th. AXIS Capital’s dividend payout ratio is currently 24.41%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AXS. TD Cowen initiated coverage on AXIS Capital in a research note on Friday, October 4th. They issued a “buy” rating and a $118.00 price target for the company. UBS Group boosted their target price on shares of AXIS Capital from $92.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Wells Fargo & Company increased their price target on shares of AXIS Capital from $74.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, October 10th. Bank of America upped their target price on shares of AXIS Capital from $81.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group lifted their price target on AXIS Capital from $88.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.86.

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.