PNC Financial Services Reduces Stake in AXIS Capital Holdings

In a recent portfolio adjustment, PNC Financial Services Group Inc. reported a decrease of 6.9% in its investment in AXIS Capital Holdings Limited (NYSE:AXS), an insurance provider. The reduction occurred in the third quarter and was detailed in the company's latest filing with the Securities and Exchange Commission (SEC). After the divestment, PNC Financial Services Group Inc. had 9,613 shares. The value of these shares was $542,000, according to the most recent SEC filing.

Market Movement Among Major Investors

Interestingly, PNC Financial was not the only large investor to make significant changes to their AXIS Capital positions. US Bancorp DE raised their holdings by a dramatic 447.2% in the first quarter, garnering 487 shares, valued around $30,000. Likewise, NewEdge Advisors LLC increased its investment by 177.9%, currently owning 842 shares. Lazard Asset Management LLC started a new stake in AXIS Capital, investing about $33,000, while Gyon Technologies Capital Management LP established a new presence with a $51,000 investment in the fourth quarter. CWM LLC also made a notable boost by 1,787.0% in the third quarter, owning 1,302 shares worth approximately $73,000. Overall, institutional investors have 89.61% ownership of AXIS Capital.

Insider Acquisitions

From the insider's perspective, Director Stanley A. Galanski displayed confidence in the company through the purchase of 7,000 shares at an average price of $58.45 each, totaling $409,150. Post-transaction, Galanski's direct holdings stand at 9,763 shares, valued around $570,647.35. This transaction was disclosed to the SEC and is publicly available information.

Analysts' Perspectives

Several research analysts have recently weighed in on AXIS Capital, with varying opinions. Keefe, Bruyette & Woods upgraded their price target, while UBS Group enhanced their price estimate. On the flip side, Wells Fargo & Company issued an 'underweight' rating despite raising its price target. StockNews.com downgraded AXIS Capital from 'buy' to 'hold.' Market consensus gives AXIS Capital an average 'Hold' rating with a target price of $66.00.

Financial Performance and Dividend Declaration

The financials showed that AXIS Capital opened at $62.64 with a PE ratio of 15.57 and a beta of 0.79. It reported a higher than expected quarterly earnings of $2.94 per share, surpassing the $1.25 loss anticipated by analysts. Annualized, they have declared a dividend of $1.76 per share with a yield of 2.81%.

Company Overview

AXIS Capital Holdings operates in the specialty insurance and reinsurance sectors worldwide, dealing with a diverse range of products and maintaining a robust financial footprint.

PNC, AXIS, investing