Mirabella Financial Services LLP has expanded its investment in Axis Capital Holdings Limited (NYSE: AXS) by 28.9% during the second quarter of 2023. According to the firm’s latest filing with the Securities and Exchange Commission, Mirabella now holds 165,105 shares of the insurance provider after acquiring an additional 37,027 shares during this period. This investment has grown to approximately $17.14 million, representing about 1.8% of Mirabella’s overall holdings and making it the firm’s 12th largest position.
Several other institutional investors have also adjusted their holdings in Axis Capital. For instance, Avantax Advisory Services Inc. increased its stake by 6.6% during the first quarter, now owning 3,280 shares valued at $329,000. Cetera Investment Advisers boosted their investment by 2.0%, bringing their total to 8,231 shares worth $825,000. Additionally, US Bancorp DE raised its position significantly by 34.3%, owning 1,628 shares valued at $163,000 after acquiring more shares during the same quarter. Other institutions, including Intrust Bank NA and Deutsche Bank AG, also reported increased stakes in Axis Capital.
As of now, approximately 93.44% of Axis Capital’s stock is held by hedge funds and institutional investors.
Stock Performance and Future Outlook
On the market, Axis Capital shares opened at $99.62. The stock has a market capitalization of $7.67 billion and a P/E ratio of 8.23. The company’s performance metrics show a 50-day simple moving average of $96.90 and a 200-day simple moving average of $98.18.
Axis Capital recently announced a quarterly dividend of $0.44 per share, scheduled to be paid on January 15, 2024, to stockholders of record by December 31, 2023. This annualizes to a dividend of $1.76 per share, equating to a 1.8% dividend yield. The company’s dividend payout ratio currently stands at 14.55%.
Analyst Ratings and Projections
In recent evaluations, multiple research firms have updated their ratings for Axis Capital. UBS Group raised their price target from $119.00 to $120.00, maintaining a “buy” recommendation as of October 8, 2023. The Goldman Sachs Group began coverage with a “neutral” rating and a target price of $104.00. Weiss Ratings reaffirmed a “buy (b)” rating, while Compass Point set a target of $121.00. Wells Fargo & Company also assigned a price objective of $123.00 with an “overweight” rating.
Currently, seven analysts rate Axis Capital as a “buy” and three give it a “hold” rating. According to MarketBeat, the stock holds an average rating of “Moderate Buy” with an average target price of $115.75.
Axis Capital Holdings Limited operates a range of specialty insurance and reinsurance products through its subsidiaries in Bermuda, the United States, and globally. The company is structured into two segments: Insurance and Reinsurance. The Insurance segment offers various products, including professional insurance for directors and officers, errors and omissions, and property insurance for commercial and residential properties.
