Orrstown Financial Services Inc. cut its position in American Express Company (NYSE:AXP) by 7.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,130 shares of the payment services company’s stock after selling 1,087 shares during the period. American Express makes up about 1.3% of Orrstown Financial Services Inc.’s investment portfolio, making the stock its 28th largest position. Orrstown Financial Services Inc.’s holdings in American Express were worth $1,190,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the company. Rothschild Investment Corp IL raised its position in shares of American Express by 2.3% in the first quarter. Rothschild Investment Corp IL now owns 5,297 shares of the payment services company’s stock worth $419,000 after buying an additional 120 shares during the last quarter. Dodge & Cox purchased a new position in shares of American Express during the fourth quarter worth $2,128,667,000. Trust Co. of Vermont raised its position in shares of American Express by 5.0% in the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after buying an additional 819 shares during the last quarter. Numeric Investors LLC purchased a new position in shares of American Express during the fourth quarter worth $793,000. Finally, LS Investment Advisors LLC raised its position in shares of American Express by 0.8% in the first quarter. LS Investment Advisors LLC now owns 25,569 shares of the payment services company’s stock worth $2,023,000 after buying an additional 206 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.
Shares of American Express Company (NYSE AXP) opened at 85.69 on Thursday. The stock’s 50 day moving average is $84.64 and its 200 day moving average is $80.09. The company has a market cap of $75.75 billion, a P/E ratio of 17.57 and a beta of 1.18. American Express Company has a 1-year low of $59.50 and a 1-year high of $86.67.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. American Express had a net margin of 15.80% and a return on equity of 24.96%. The firm had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the previous year, the firm earned $2.10 earnings per share. American Express’s revenue was up .9% compared to the same quarter last year. On average, analysts predict that American Express Company will post $5.74 earnings per share for the current year.
American Express announced that its board has initiated a stock repurchase program on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts have recently weighed in on the company. BidaskClub upgraded American Express from a “sell” rating to a “hold” rating in a research report on Tuesday. Sanford C. Bernstein restated an “outperform” rating and set a $100.00 price objective (up previously from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Jefferies Group LLC restated a “hold” rating and set a $85.00 price objective on shares of American Express in a research report on Saturday, July 22nd. Guggenheim restated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of American Express in a research report on Saturday, July 22nd. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $94.00 price objective (up previously from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $84.77.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the completion of the sale, the chief executive officer now directly owns 889,836 shares in the company, valued at $75,297,922.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Marc D. Gordon sold 4,900 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total transaction of $377,202.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 948,287 shares of company stock valued at $80,321,961. 0.67% of the stock is owned by insiders.
About American Express
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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