DnB Asset Management AS lifted its holdings in American Express Company (NYSE:AXP) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,964 shares of the payment services company’s stock after buying an additional 600 shares during the quarter. DnB Asset Management AS’s holdings in American Express were worth $7,073,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. MCF Advisors LLC grew its position in shares of American Express by 0.5% in the 1st quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after buying an additional 6 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its position in shares of American Express by 0.4% in the 1st quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,641 shares of the payment services company’s stock worth $209,000 after buying an additional 10 shares during the period. Bath Savings Trust Co grew 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 buying an additional 14 shares during the period. Accredited Investors Inc. grew 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 buying an additional 15 shares during the period. Finally, Citizens Financial Group Inc. RI grew its position in shares of American Express by 0.4% in the 1st quarter. Citizens Financial Group Inc. RI now owns 10,925 shares of the payment services company’s stock worth $865,000 after buying an additional 42 shares during the period. 82.80% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on AXP shares. Morgan Stanley dropped their price target on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Friday. BidaskClub cut shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $100.00 price target (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Guggenheim reiterated a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $86.29.
American Express Company (AXP) traded up 0.91% during midday trading on Tuesday, reaching $86.47. 1,237,514 shares of the company traded hands. The firm has a 50-day moving average of $85.40 and a 200-day moving average of $81.29. The stock has a market capitalization of $76.44 billion, a P/E ratio of 17.73 and a beta of 1.18. American Express Company has a 1-year low of $59.50 and a 1-year high of $87.78.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.10 earnings per share. 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 approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $66,807,743.86. Following the completion of the sale, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. Insiders sold 949,387 shares of company stock valued at $80,451,099 over the last 90 days. Company insiders own 0.67% of the company’s stock.
American Express 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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