Panagora Asset Management Inc. Cuts Stake in AXIS Capital Holdings Limited (NYSE:AXS)

Panagora Asset Management Inc. cut its holdings in shares of AXIS Capital Holdings Limited (NYSE:AXS) by 57.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,846 shares of the insurance provider’s stock after selling 6,620 shares during the quarter. Panagora Asset Management Inc.’s holdings in AXIS Capital were worth $342,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank purchased a new position in AXIS Capital in the 4th quarter worth $52,845,000. ING Groep NV bought a new position in shares of AXIS Capital during the fourth quarter valued at about $1,168,000. Toronto Dominion Bank bought a new position in shares of AXIS Capital during the first quarter valued at about $5,137,000. Foundry Partners LLC increased its holdings in shares of AXIS Capital by 35.6% in the first quarter. Foundry Partners LLC now owns 85,803 shares of the insurance provider’s stock worth $5,579,000 after buying an additional 22,540 shares during the period. Finally, M&G Investment Management Ltd. bought a new stake in shares of AXIS Capital in the 4th quarter valued at about $7,815,000. 93.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AXS has been the topic of a number of analyst reports. UBS Group lifted their price target on AXIS Capital from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Bank of America lifted their target price on shares of AXIS Capital from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods upped their price target on shares of AXIS Capital from $86.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Roth Mkm raised their price target on shares of AXIS Capital from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price objective on shares of AXIS Capital from $63.00 to $74.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, AXIS Capital currently has an average rating of “Hold” and an average target price of $76.29.

AXIS Capital Stock Down 0.7 %

Shares of AXIS Capital stock opened at $79.36 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.30. AXIS Capital Holdings Limited has a 12-month low of $52.90 and a 12-month high of $80.50. The company has a market cap of $6.72 billion, a P/E ratio of 12.13, a PEG ratio of 0.27 and a beta of 0.90. The company’s fifty day simple moving average is $73.38 and its two-hundred day simple moving average is $68.64.

AXIS Capital (NYSE:AXS) last announced its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.41. AXIS Capital had a net margin of 11.28% and a return on equity of 19.70%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the company earned $2.23 earnings per share. AXIS Capital’s quarterly revenue was up 4.8% on a year-over-year basis. Research analysts anticipate that AXIS Capital Holdings Limited will post 10.7 EPS for the current year.

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.