Royal Bank Cuts Ties with Axis Capital Amid Earnings Concerns

Royal Bank of Canada decreased its position in Axis Capital Holdings Limited (NYSE:AXS) by selling 12,647 shares during the first quarter. The firm's holdings in Axis Capital were worth $3,596,000 at the end of the most recent quarter.

The bank's decision to sell shares of Axis Capital comes as analysts are reevaluating their forecasts for the company. Zacks Research downgraded AXS from 'Hold' to 'Strong Sell', citing concerns about earnings trajectory and pressure on common stock.

Average price target for Axis Capital is $120.50, but some analysts have expressed skepticism about the company's ability to meet expectations. Despite this, the insurance provider has a 16.23% net margin and a return on equity of 17.00%, indicating strong profitability.