Principal Financial Group Inc. Trims Holdings in AXIS Capital Holdings Limited (NYSE:AXS)

Principal Financial Group Inc. lowered its position in shares of AXIS Capital Holdings Limited (NYSE:AXS) by 14.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 4,948 shares of the insurance provider’s stock after selling 830 shares during the period. Principal Financial Group Inc.’s holdings in AXIS Capital were worth $394,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Franklin Resources Inc. raised its position in shares of AXIS Capital by 48.6% during the 3rd quarter. Franklin Resources Inc. now owns 371,557 shares of the insurance provider’s stock valued at $30,070,000 after purchasing an additional 121,437 shares during the period. Verition Fund Management LLC purchased a new stake in AXIS Capital in the 3rd quarter worth $453,000. HighTower Advisors LLC bought a new stake in AXIS Capital during the third quarter valued at about $638,000. Entropy Technologies LP purchased a new position in shares of AXIS Capital in the third quarter valued at about $507,000. Finally, Jennison Associates LLC boosted its stake in shares of AXIS Capital by 24.4% in the third quarter. Jennison Associates LLC now owns 1,625,057 shares of the insurance provider’s stock worth $129,371,000 after acquiring an additional 318,784 shares during the period. 93.44% of the stock is currently owned by institutional investors.

AXIS Capital Stock Down 0.2 %

NYSE AXS opened at $88.73 on Monday. AXIS Capital Holdings Limited has a 52 week low of $53.88 and a 52 week high of $94.89. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 0.31 and a beta of 0.95. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average of $87.90 and a two-hundred day moving average of $80.01.

AXIS Capital (NYSE:AXS) last issued its quarterly earnings results on Wednesday, October 30th. The insurance provider reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.16. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.57 billion. AXIS Capital had a return on equity of 19.24% and a net margin of 10.82%. During the same period last year, the company earned $2.34 EPS. On average, analysts predict that AXIS Capital Holdings Limited will post 10.83 earnings per share for the current year.

AXIS Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.44 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.76 dividend on an annualized basis and a yield of 1.98%. AXIS Capital’s dividend payout ratio is currently 24.41%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Jefferies Financial Group upped their price target on AXIS Capital from $88.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. UBS Group upped their target price on shares of AXIS Capital from $92.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Keefe, Bruyette & Woods lifted their price target on shares of AXIS Capital from $94.00 to $96.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised shares of AXIS Capital from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $78.00 to $89.00 in a report on Wednesday, December 11th. Finally, TD Cowen lifted their target price on AXIS Capital from $118.00 to $127.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, AXIS Capital currently has a consensus rating of “Moderate Buy” and an average target price of $98.71.

AXIS Capital 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.