Wealth Enhancement Advisory Services Increases Stake in AXIS Capital

Wealth Enhancement Advisory Services LLC has significantly increased its investment in AXIS Capital Holdings Limited (NYSE:AXS) by 71.6% during the third quarter. This increase was noted in their latest 13F filing with the Securities and Exchange Commission. After acquiring an additional 7,205 shares, the firm now holds a total of 17,265 shares of the insurance provider's stock, which was valued at approximately $1,374,000 at the conclusion of the most recent reporting period.

Other institutional investors have also adjusted their positions in AXIS Capital. Notably, Victory Capital Management Inc. has raised its stake in the company by an astounding 8,717.0% during the second quarter. They now own 1,361,250 shares, valued at around $96,172,000, after purchasing an additional 1,345,811 shares in the last quarter. Similarly, Janus Henderson Group PLC increased its position by 30.7% in the first quarter, now holding 2,321,271 shares worth $150,928,000 following an acquisition of 545,546 shares. Levin Capital Strategies L.P. entered the market with a new stake valued at about $17,065,000 during the same quarter. In addition, Millennium Management LLC raised its shareholding by 1,644.8% in the second quarter, acquiring 240,754 shares valued at $17,009,000 after buying an extra 226,956 shares. AQR Capital Management LLC also boosted its position by 9.0%, owning 2,583,700 shares worth $182,538,000 after acquiring another 213,559 shares. As a whole, institutional investors hold 93.44% of the company’s stock.

AXIS Capital Stock Performance

On Tuesday, AXIS Capital stock opened at $79.38. The company has a debt-to-equity ratio of 0.27, and its quick and current ratios both stand at 0.62 and 0.60, respectively. AXIS Capital's one-year low and high are $53.14 and $83.19. The stock has a 50-day simple moving average of $79.42 and a 200-day average of $73.69. With a market capitalization of $6.64 billion, the firm has a price-to-earnings (P/E) ratio of 11.01 and a P/E to growth (P/E/G) ratio of 0.26, alongside a beta of 0.90.

AXIS Capital's most recent earnings results were announced on Wednesday, October 30, revealing earnings per share of $2.71, which exceeded the analyst consensus estimate of $2.55 by $0.16. The return on equity stood at 19.24%, with a net margin of 10.82%. The firm reported revenue of $1.61 billion, surpassing the consensus estimate of $1.57 billion. In the same quarter of the previous year, they recorded earnings of $2.34 per share. Analysts predict that AXIS Capital Holdings Limited will report earnings of 10.73 per share for the current fiscal year.

Dividend Announcement

Recently, AXIS Capital also announced a quarterly dividend, which was distributed on October 18. Shareholders on record as of September 30 received a dividend payout of $0.44 per share, representing an annualized dividend of $1.76 with a yield of 2.22%. The ex-dividend date was the same, September 30. Currently, AXIS Capital has a dividend payout ratio of 24.41%.

Analyst Ratings Overview

Several equity analysts have recently shared their insights regarding AXS shares. TD Cowen issued a "buy" rating with a target price of $118.00 in a report published on October 4. Wells Fargo & Company adjusted their target for AXIS Capital from $74.00 to $78.00, rating it as "underweight" on October 10. Roth Mkm raised their price target from $75.00 to $90.00, maintaining a "buy" rating since July 31. Jefferies Financial Group also increased their price objective for AXIS Capital from $88.00 to $95.00 while continuing to recommend the stock as "buy" on October 9. Keefe, Bruyette & Woods upgraded their target from $86.00 to $88.00, marking it as "outperform" on August 7. Currently, one analyst has rated the stock as a sell, while seven others have given it a buy rating. According to data from MarketBeat, AXIS Capital holds an average rating of "Moderate Buy" with a consensus price target set at $94.71.

About AXIS Capital

AXIS Capital Holdings Limited, through its subsidiaries, specializes in providing a variety of insurance and reinsurance products in both Bermuda and globally. The company operates through two main segments: Insurance and Reinsurance. The Insurance segment offers professional liability insurance products including directors' and officers' liability, errors and omissions, and medical malpractice, among others. They also provide property insurance for various commercial and residential needs, covering aspects like construction, property in transit, and damages due to terrorism.

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