Country Trust Bank raised its holdings in American Express Company (NYSE:AXP) by 0.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 399,497 shares of the payment services company’s stock after purchasing an additional 189 shares during the quarter. American Express comprises approximately 1.6% of Country Trust Bank’s portfolio, making the stock its 20th largest holding. Country Trust Bank’s holdings in American Express were worth $33,654,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Matthew Goff Investment Advisor LLC acquired a new position in American Express in the first quarter valued at $2,543,000. Rothschild Asset Management Inc. increased its stake in American Express by 19.5% in the first quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock valued at $50,742,000 after purchasing an additional 104,647 shares during the period. Vanguard Group Inc. increased its stake in American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after purchasing an additional 722,235 shares during the period. First Citizens Bank & Trust Co. acquired a new position in American Express in the second quarter valued at $215,000. Finally, Trust Co. of Vermont boosted its holdings 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 valued at $1,367,000 after acquiring an additional 819 shares in the last quarter. Institutional investors own 82.80% of the company’s stock.
Several analysts have recently weighed in on AXP shares. BMO Capital Markets reaffirmed a “hold” rating and issued a $84.00 target price on shares of American Express in a report on Thursday, June 1st. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub downgraded shares of American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Guggenheim reaffirmed a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of American Express in a report on Saturday, July 22nd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 target price (up previously from $99.00) on shares of American Express in a report on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. American Express currently has an average rating of “Hold” and a consensus target price of $86.37.
In related news, insider Paul D. Fabara sold 5,981 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $85.88, for a total transaction of $513,648.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kenneth I. Chenault sold 789,503 shares of the firm’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 transaction, the chief executive officer now directly owns 889,836 shares in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 943,387 shares of company stock worth $79,944,759. Insiders own 0.67% of the company’s stock.
Shares of American Express Company (AXP) opened at 84.25 on Monday. The stock has a market capitalization of $74.48 billion, a P/E ratio of 17.28 and a beta of 1.18. The firm’s 50-day moving average is $85.41 and its 200 day moving average is $81.26. American Express Company has a 1-year low of $59.50 and a 1-year high of $87.78.
American Express (NYSE:AXP) last issued its quarterly earnings data 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. The firm 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 company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $2.10 earnings per share. On average, analysts expect that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization permits the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
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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