Teacher Retirement System of Texas Increases Investment in AXIS Capital Holdings

The Teacher Retirement System of Texas has expanded its holdings in AXIS Capital Holdings Limited (NYSE: AXS) by 9.9% during the fourth quarter, based on the latest 13F filing submitted to the Securities and Exchange Commission (SEC). After acquiring an additional 10,619 shares during the quarter, the institutional investor now owns a total of 118,169 shares of the insurance provider. By the end of the quarter, the Teacher Retirement System of Texas held approximately 0.14% of AXIS Capital, valued at around $10,472,000.

Several other hedge funds have also altered their positions in AXIS Capital recently. In the fourth quarter, Harvest Fund Management Co. Ltd took a new position in the company, valued at $924,000. Meanwhile, Xponance Inc. increased its stake by 15.5%, now owning 3,429 shares valued at $304,000 after an additional purchase of 461 shares. Boston Partners also grew its investment by 4.5%, resulting in ownership of 710,382 shares worth $62,992,000 after adding 30,448 shares during the same quarter. Intech Investment Management LLC significantly boosted its position by 170.4%, acquiring 7,966 shares valued at $706,000 following an increase of 5,020 shares. Lastly, Cozad Asset Management Inc. purchased a new position valued at $623,000.

Analyst Opinions on AXIS Capital

AXIS Capital has been analyzed in various research reports recently. BMO Capital Markets initiated coverage on AXIS shares and issued a "market perform" rating with a target price of $93.00 on January 13. JMP Securities echoed a similar "market perform" rating, stating their assessment in a report on February 3. StockNews.com upgraded AXIS Capital from a "hold" to a "buy" rating on March 4. TD Cowen increased the target price from $118.00 to $127.00 in a report released on November 27, giving it a "buy" rating. Keefe, Bruyette & Woods also adjusted their target price upwards from $115.00 to $118.00, rating the stock as "outperform" on March 13. Overall, three analysts rate the stock as a hold, while seven suggest a buy, resulting in a consensus rating of "Moderate Buy" with an average target price of $100.25.

AXIS Capital Stock Overview

As of Friday, shares of AXIS Capital (NYSE: AXS) opened at $95.00. The stock has a 50-day moving average of $91.93 and a 200-day moving average of $87.06. It holds a quick ratio of 0.60 and a current ratio of 0.60, alongside a debt-to-equity ratio of 0.27. The company’s stock has fluctuated within a 12-month range of $60.45 to $98.11, and it carries a market cap of $7.67 billion with a price-to-earnings ratio of 7.69 and a PEG ratio of 3.96.

AXIS Capital recently announced its quarterly earnings results on January 29, reporting earnings per share (EPS) of $2.97, which surpassed the analysts' consensus estimate of $2.68 by $0.29. The firm's net margin is recorded at 18.16%, with a return on equity of 18.89%. Analysts predict that AXIS Capital Holdings Limited will achieve an EPS of 11.19 for the current year.

Dividend Information from AXIS Capital

The company has also revealed plans for a quarterly dividend, scheduled for payment on April 17. Shareholders on record as of March 31 will receive a dividend of $0.44 per share, totaling an annualized dividend of $1.76 with a dividend yield of 1.85%. The ex-dividend date is set for March 31, and AXIS Capital's dividend payout ratio is 14.25%.

Insider Transactions

In related news, Director Charles A. Davis sold 2,139,037 shares of the company on March 5, at an average price of $93.50, amounting to approximately $199.99 million. Following this transaction, the director's ownership decreased to 2,404,133 shares, valued at around $224.79 million. This transaction was disclosed in a filing with the SEC. Insiders currently own 0.50% of the company's stock.

About AXIS Capital

AXIS Capital Holdings Limited, through its subsidiaries, provides a variety of specialized insurance and reinsurance products both within Bermuda and globally. The company operates through two primary segments: Insurance and Reinsurance. The Insurance segment offers professional insurance products covering directors' and officers' liabilities, errors and omissions, employment practices, fiduciary claims, and various financial insurance coverages applicable to diverse organizations including commercial entities, financial institutions, and not-for-profits, along with property insurance for buildings and projects.

Texas, Investment, Insurance