Huntington National Bank cut its stake in American Express Company (NYSE:AXP) by 0.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 195,145 shares of the payment services company’s stock after selling 47 shares during the period. Huntington National Bank’s holdings in American Express were worth $16,440,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SeaBridge Investment Advisors LLC purchased a new position in American Express during the first quarter valued at $100,000. MCF Advisors LLC increased its position in American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after buying an additional 6 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its position in American Express by 30.4% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock valued at $109,000 after buying an additional 300 shares during the period. SpiderRock Advisors LLC purchased a new position in American Express during the first quarter valued at $112,000. Finally, SRS Capital Advisors Inc. increased its position in American Express by 10.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock valued at $116,000 after buying an additional 138 shares during the period. 83.86% of the stock is currently owned by institutional investors and hedge funds.
American Express Company (NYSE:AXP) traded up 0.93% during trading on Wednesday, reaching $87.60. 1,387,418 shares of the company traded hands. American Express Company has a 12 month low of $59.50 and a 12 month high of $87.78. The company’s 50-day moving average is $84.99 and its 200 day moving average is $80.40. The company has a market cap of $77.44 billion, a PE ratio of 17.97 and a beta of 1.18.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same period last year, the business earned $2.10 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. 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 stock repurchase plan on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to buy up to 5.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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A number of research analysts recently commented on the stock. BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $94.00 price objective (up from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $85.00 price objective on shares of American Express in a research report on Saturday, July 22nd. Instinet reaffirmed an “underperform” rating and set a $80.00 price objective on shares of American Express in a research report on Thursday, June 29th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $100.00 price objective (up from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. American Express has a consensus rating of “Hold” and an average target price of $84.77.
In other American Express news, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total transaction of $377,202.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anre D. Williams sold 53,111 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $85.24, for a total value of $4,527,181.64. Following the sale, the insider now directly owns 79,614 shares of the company’s stock, valued at approximately $6,786,297.36. The disclosure for this sale can be found here. Insiders have sold a total of 948,287 shares of company stock valued at $80,321,961 in the last ninety days. Insiders own 0.67% of the company’s stock.
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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