Cannon Global Investment Management LLC Purchases New Stake in AXIS Capital Holdings Limited (NYSE:AXS)

Cannon Global Investment Management LLC acquired a new position in shares of AXIS Capital Holdings Limited (NYSE:AXS) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 9,200 shares of the insurance provider’s stock, valued at approximately $815,000. AXIS Capital comprises 1.8% of Cannon Global Investment Management LLC’s holdings, making the stock its 14th biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. increased its stake in AXIS Capital by 48.6% in the 3rd quarter. Franklin Resources Inc. now owns 371,557 shares of the insurance provider’s stock valued at $30,070,000 after buying an additional 121,437 shares during the period. HighTower Advisors LLC purchased a new position in shares of AXIS Capital during the 3rd quarter valued at $638,000. Verition Fund Management LLC acquired a new position in AXIS Capital in the 3rd quarter worth about $453,000. Geode Capital Management LLC lifted its position in shares of AXIS Capital by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,267,338 shares of the insurance provider’s stock worth $100,921,000 after buying an additional 43,687 shares during the last quarter. Finally, Summit Trail Advisors LLC bought a new position in AXIS Capital in the 4th quarter worth approximately $300,000. Hedge funds and other institutional investors own 93.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AXS. TD Cowen upped their price objective on shares of AXIS Capital from $118.00 to $127.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. StockNews.com upgraded AXIS Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company dropped 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 note on Tuesday, January 14th. BMO Capital Markets began coverage on shares of 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. Finally, Keefe, Bruyette & Woods increased their price target on shares of AXIS Capital from $115.00 to $118.00 and gave the stock an “outperform” rating in a research report on Thursday, March 13th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.25.

Insider Transactions at AXIS Capital

In related news, Director Charles A. Davis sold 2,234,636 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were 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 $406,613,715. This trade represents a 32.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.50% of the stock is owned by company insiders.

AXIS Capital Stock Performance

NYSE:AXS opened at $95.00 on Monday. The stock has a market capitalization of $7.67 billion, a P/E ratio of 7.69, a price-to-earnings-growth ratio of 3.96 and a beta of 0.91. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.27. AXIS Capital Holdings Limited has a 1 year low of $60.45 and a 1 year high of $98.11. The firm has a 50 day moving average of $91.93 and a 200-day moving average of $87.12.

AXIS Capital (NYSE:AXS) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $2.97 EPS for the quarter, topping 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, sell-side analysts anticipate that AXIS Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

AXIS Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Monday, March 31st will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Monday, March 31st. AXIS Capital’s dividend payout ratio is presently 14.25%.

AXIS Capital 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.