AXIS Capital slides after Q2 results show weaker underwriting and an earnings miss

AXIS Capital Holdings (AXS) is down 11.2% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied to the company’s second-quarter 2026 earnings release, which showed weaker operating profit and a notably softer underwriting result than the market was likely expecting. Even though net income rose year over year, investors seemed to focus on the operating EPS miss, a higher combined ratio, and larger catastrophe and weather-related losses.

Details:

AXIS Capital reported second-quarter 2026 net income available to common shareholders of $251 million, or $3.38 per diluted share, while operating income was $211 million, or $2.84 per diluted share.

The consolidated combined ratio was 93.1% in the quarter, versus 85.3% in the prior-year period, indicating weaker underwriting profitability.

Pre-tax catastrophe and weather-related losses, net of reinsurance, were $80 million, or 5.3 points on the loss ratio, compared with a lighter catastrophe burden in the year-earlier quarter.

Pre-earnings consensus pointed to roughly $3.30 in quarterly EPS, so the reported operating EPS of $2.84 likely reinforced negative sentiment around the release.

Sources:

AXIS Capital, GlobeNewswire, ChartMill

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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$AXS Hedge Fund Activity

We have seen 229 institutional investors add shares of $AXS stock to their portfolio, and 206 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

BALYASNY ASSET MANAGEMENT L.P. removed 1,087,602 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $110,293,718
FMR LLC removed 1,080,052 shares (-54.7%) from their portfolio in Q1 2026, for an estimated $109,528,073
FREESTONE GROVE PARTNERS LP added 945,526 shares (+267.0%) to their portfolio in Q1 2026, for an estimated $95,885,791
AMERICAN CENTURY COMPANIES INC removed 444,928 shares (-17.0%) from their portfolio in Q1 2026, for an estimated $45,120,148
QUBE RESEARCH & TECHNOLOGIES LTD added 384,243 shares (+58.8%) to their portfolio in Q1 2026, for an estimated $38,966,082
AQR CAPITAL MANAGEMENT LLC added 339,709 shares (+7.4%) to their portfolio in Q1 2026, for an estimated $34,449,889
MILLENNIUM MANAGEMENT LLC removed 322,072 shares (-44.2%) from their portfolio in Q1 2026, for an estimated $32,661,321

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$AXS Price Targets

Multiple analysts have issued price targets for $AXS recently. We have seen 5 analysts offer price targets for $AXS in the last 6 months, with a median target of $131.0.

Here are some recent targets:

Yaron Kinar from Mizuho set a target price of $142.0 on 07/09/2026
Elyse Greenspan from Wells Fargo set a target price of $134.0 on 07/09/2026
Meyer Shields from Keefe, Bruyette & Woods set a target price of $131.0 on 07/08/2026
Brian Meredith from UBS set a target price of $131.0 on 07/08/2026
Joshua Shanker from B of A Securities set a target price of $106.0 on 04/14/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.