Cullinan Associates Inc. increased its stake in American Express Company (NYSE:AXP) by 5.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,827 shares of the payment services company’s stock after acquiring an additional 4,015 shares during the period. Cullinan Associates Inc.’s holdings in American Express were worth $6,725,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of AXP. Waldron LP bought a new position in shares of American Express in the first quarter valued at approximately $246,000. Dowling & Yahnke LLC boosted its holdings in shares of American Express by 1.6% in the first quarter. Dowling & Yahnke LLC now owns 73,070 shares of the payment services company’s stock valued at $5,781,000 after acquiring an additional 1,123 shares in the last quarter. Lourd Capital LLC boosted its holdings in shares of American Express by 1.0% in the first quarter. Lourd Capital LLC now owns 19,480 shares of the payment services company’s stock valued at $1,541,000 after acquiring an additional 191 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in shares of American Express by 1.0% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 96,937 shares of the payment services company’s stock valued at $7,668,000 after acquiring an additional 972 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its holdings in shares of American Express by 16.1% in the first quarter. North Star Investment Management Corp. now owns 2,927 shares of the payment services company’s stock valued at $232,000 after acquiring an additional 405 shares in the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.
American Express Company (NYSE AXP) traded down 0.017% on Friday, hitting $88.405. 1,141,282 shares of the stock were exchanged. The stock has a market capitalization of $78.15 billion, a P/E ratio of 18.131 and a beta of 1.18. The company has a 50 day moving average of $85.80 and a 200 day moving average of $81.62. American Express Company has a one year low of $59.50 and a one year high of $89.23.
American Express (NYSE:AXP) last announced its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.10 earnings per share. On average, equities research analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Paul D. Fabara sold 5,981 shares of the business’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $85.88, for a total value of $513,648.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. In the last three months, insiders sold 949,387 shares of company stock worth $80,451,099. 0.67% of the stock is currently owned by insiders.
AXP has been the subject of several recent analyst reports. Guggenheim reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of American Express in a report on Saturday, July 22nd. Barclays PLC restated a “buy” rating and set a $83.00 target price on shares of American Express in a report on Thursday, July 20th. BidaskClub upgraded shares of American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Keefe, Bruyette & Woods set a $95.00 target price on shares of American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, Zacks Investment Research upgraded shares of American Express from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a report on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. American Express presently has a consensus rating of “Hold” and a consensus target price of $86.29.
American Express Company Profile
American Express Company, together with its subsidiaries, is a global services company. The Company’s principal products and services are charge and credit card products, and travel-related services, which are offered to consumers and businesses around the world. Its segments include the U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
Want to see what other hedge funds are holding AXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Express Company (NYSE:AXP).
Receive News & Ratings for American Express Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Express Company and related companies with MarketBeat.com's FREE daily email newsletter.