Pzena Investment Management LLC lowered its stake in Axis Capital Holdings Limited (NYSE:AXS) by 15.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,665,071 shares of the insurance provider’s stock after selling 858,267 shares during the period. Axis Capital makes up 1.5% of Pzena Investment Management LLC’s holdings, making the stock its 28th biggest holding. Pzena Investment Management LLC owned 0.06% of Axis Capital worth $278,271,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc bought a new stake in shares of Axis Capital during the 2nd quarter valued at about $25,000. Advisory Services Network LLC bought a new stake in shares of Axis Capital during the 1st quarter valued at about $37,000. Icon Wealth Partners LLC bought a new stake in shares of Axis Capital during the 1st quarter valued at about $38,000. Aperio Group LLC bought a new stake in shares of Axis Capital during the 2nd quarter valued at about $44,000. Finally, Financial Gravity Wealth Inc. grew its position in shares of Axis Capital by 302.4% during the 2nd quarter. Financial Gravity Wealth Inc. now owns 1,014 shares of the insurance provider’s stock valued at $60,000 after buying an additional 762 shares during the last quarter. 89.88% of the stock is owned by institutional investors.
A number of brokerages recently weighed in on AXS. Buckingham Research raised shares of Axis Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $70.00 in a research report on Friday, July 19th. Morgan Stanley set a $62.00 price objective on shares of Axis Capital and gave the company a “hold” rating in a research report on Friday, April 26th. ValuEngine raised shares of Axis Capital from a “hold” rating to a “buy” rating in a research report on Thursday, May 23rd. UBS Group raised shares of Axis Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $59.00 to $67.00 in a research report on Thursday, May 23rd. Finally, TheStreet raised shares of Axis Capital from a “c” rating to a “b-” rating in a research report on Wednesday, April 24th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $64.00.
Axis Capital (NYSE:AXS) last issued its quarterly earnings results on Tuesday, July 30th. The insurance provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.34. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.05 billion. Axis Capital had a net margin of 2.97% and a return on equity of 4.56%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.27 EPS. Analysts anticipate that Axis Capital Holdings Limited will post 5.06 earnings per share for the current year.
Axis Capital Profile
AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products worldwide. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers property insurance products for commercial buildings, residential premises, construction projects, and onshore energy installations; marine insurance products covering offshore energy, cargo, liability, recreational marine, fine art, specie, hull, and war; and terrorism, aviation, credit and political risk, and liability insurance products.
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