Advisors Asset Management Inc. lifted its stake in American Express Company (NYSE:AXP) by 23.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 136,425 shares of the payment services company’s stock after purchasing an additional 25,664 shares during the period. Advisors Asset Management Inc.’s holdings in American Express were worth $11,492,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the company. MCF Advisors LLC lifted its position in shares of American Express by 0.3% in the 2nd quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock worth $108,000 after purchasing an additional 4 shares during the period. Appleton Partners Inc. MA lifted its position in shares of American Express by 0.3% in the 2nd quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock worth $224,000 after purchasing an additional 8 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its position in shares of American Express by 0.4% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,652 shares of the payment services company’s stock worth $223,000 after purchasing an additional 11 shares during the period. Bath Savings Trust Co lifted its position in shares of American Express by 0.3% in the 2nd quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock worth $369,000 after purchasing an additional 14 shares during the period. Finally, Accredited Investors Inc. lifted its position in shares of American Express by 0.5% in the 1st quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock worth $251,000 after purchasing an additional 15 shares during the period. 82.78% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on AXP shares. Morgan Stanley dropped their target price on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a research report on Friday, September 8th. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub lowered shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Guggenheim reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company’s stock. American Express has an average rating of “Hold” and a consensus target price of $86.48.
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Shares of American Express Company (NYSE AXP) opened at 91.55 on Friday. The company has a 50-day moving average of $87.34 and a 200 day moving average of $82.57. American Express Company has a 12 month low of $59.50 and a 12 month high of $91.64. The company has a market cap of $80.93 billion, a PE ratio of 18.78 and a beta of 1.21.
American Express (NYSE:AXP) last announced its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $2.10 EPS. On average, analysts anticipate that American Express Company will post $5.74 earnings per share for the current year.
American Express announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be issued a $0.35 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.40 dividend on an annualized basis and a yield of 1.53%. This is a positive change from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio (DPR) is presently 28.63%.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $84.62, for a total value of $66,807,743.86. Following the transaction, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total value of $8,096,184.72. Following the completion of the transaction, the insider now owns 261,665 shares in the company, valued at approximately $22,348,807.65. The disclosure for this sale can be found here. Insiders sold a total of 959,617 shares of company stock worth $81,377,425 in the last 90 days. 0.67% of the stock is currently owned by insiders.
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).
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