Franklin Resources Inc. Reduces Stake in AXIS Capital Holdings Limited (NYSE:AXS)

Franklin Resources Inc. cut its holdings in shares of AXIS Capital Holdings Limited (NYSE:AXS) by 3.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 357,135 shares of the insurance provider’s stock after selling 14,422 shares during the quarter. Franklin Resources Inc. owned 0.43% of AXIS Capital worth $31,649,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in shares of AXIS Capital in the fourth quarter worth $88,175,000. Norges Bank acquired a new stake in AXIS Capital during the 4th quarter worth about $88,147,000. Swedbank AB purchased a new position in shares of AXIS Capital during the 4th quarter valued at about $31,118,000. Principal Financial Group Inc. lifted its holdings in shares of AXIS Capital by 7,053.2% in the 4th quarter. Principal Financial Group Inc. now owns 353,941 shares of the insurance provider’s stock valued at $31,366,000 after buying an additional 348,993 shares during the period. Finally, State Street Corp boosted its stake in shares of AXIS Capital by 7.2% in the third quarter. State Street Corp now owns 1,675,417 shares of the insurance provider’s stock worth $134,110,000 after buying an additional 112,536 shares during the last quarter. 93.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AXIS Capital

In related news, Director Charles A. Davis sold 2,234,636 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $89.50, for a total value of $199,999,922.00. Following the completion of the sale, the director now owns 4,543,170 shares of the company’s stock, valued at approximately $406,613,715. This trade represents a 32.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is owned by insiders.

Analysts Set New Price Targets

AXS has been the subject of a number of analyst reports. StockNews.com downgraded AXIS Capital from a “buy” rating to a “hold” rating in a report on Friday. JMP Securities reissued a “market perform” rating on shares of AXIS Capital in a report on Monday, February 3rd. Keefe, Bruyette & Woods raised their price target on shares of AXIS Capital from $118.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, March 28th. 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 research report on Tuesday, January 14th. Finally, BMO Capital Markets began coverage on AXIS Capital in a research report on Monday, January 13th. They set a “market perform” rating and a $93.00 target price on the stock. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.50.

AXIS Capital Price Performance

Shares of AXIS Capital stock opened at $90.68 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.60 and a quick ratio of 0.60. The business has a 50 day simple moving average of $93.96 and a two-hundred day simple moving average of $88.54. The stock has a market capitalization of $7.33 billion, a P/E ratio of 7.34, a PEG ratio of 3.96 and a beta of 0.67. AXIS Capital Holdings Limited has a 12 month low of $60.45 and a 12 month high of $101.42.

AXIS Capital (NYSE:AXS) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.29. AXIS Capital had a return on equity of 18.89% and a net margin of 18.16%. As a group, analysts predict that AXIS Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

AXIS Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 17th. Investors of record on Monday, March 31st will be paid a dividend of $0.44 per share. The ex-dividend date is Monday, March 31st. This represents a $1.76 annualized dividend and a yield of 1.94%. AXIS Capital’s dividend payout ratio is presently 14.25%.

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.