Truist Financial Corp Raises Holdings in AXIS Capital Holdings Limited (NYSE:AXS)

Truist Financial Corp raised its stake in shares of AXIS Capital Holdings Limited (NYSE:AXS) by 19.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,773 shares of the insurance provider’s stock after acquiring an additional 1,620 shares during the period. Truist Financial Corp’s holdings in AXIS Capital were worth $690,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in AXIS Capital by 1.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 303,481 shares of the insurance provider’s stock valued at $16,804,000 after buying an additional 5,578 shares during the last quarter. Vanguard Group Inc. grew its position in AXIS Capital by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 8,707,110 shares of the insurance provider’s stock valued at $482,113,000 after acquiring an additional 75,085 shares in the last quarter. CWM LLC raised its stake in shares of AXIS Capital by 135.6% during the first quarter. CWM LLC now owns 6,694 shares of the insurance provider’s stock valued at $435,000 after purchasing an additional 3,853 shares during the period. Alaska Permanent Fund Corp lifted its position in shares of AXIS Capital by 0.9% during the first quarter. Alaska Permanent Fund Corp now owns 56,915 shares of the insurance provider’s stock worth $3,701,000 after purchasing an additional 491 shares in the last quarter. Finally, Paragon Capital Management Ltd purchased a new position in shares of AXIS Capital in the first quarter valued at $202,000. 93.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Bank of America boosted their price objective on shares of AXIS Capital from $81.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. TD Cowen assumed coverage on AXIS Capital in a report on Friday, October 4th. They issued a “buy” rating and a $118.00 price target for the company. Keefe, Bruyette & Woods raised their price objective on AXIS Capital from $86.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Roth Mkm upped their target price on AXIS Capital from $75.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, UBS Group raised their price target on shares of AXIS Capital from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.86.

AXIS Capital Price Performance

Shares of AXS opened at $81.25 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. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 0.27 and a beta of 0.89. AXIS Capital Holdings Limited has a 52 week low of $52.90 and a 52 week high of $82.40. The stock has a 50 day moving average of $77.55 and a 200-day moving average of $71.99.

AXIS Capital (NYSE:AXS) last posted its earnings results on Tuesday, July 30th. The insurance provider reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.41. AXIS Capital had a return on equity of 19.70% and a net margin of 11.28%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the business posted $2.23 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. As a group, analysts forecast that AXIS Capital Holdings Limited will post 10.72 EPS for the current year.

AXIS Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Monday, September 30th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.17%. AXIS Capital’s dividend payout ratio is presently 26.91%.

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.