Checchi Capital Advisers LLC Reduces Position in American Express Company (AXP)

Checchi Capital Advisers LLC decreased its stake in shares of American Express Company (NYSE:AXP) by 8.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,053 shares of the payment services company’s stock after selling 566 shares during the quarter. Checchi Capital Advisers LLC’s holdings in American Express were worth $510,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Morningstar Investment Services LLC boosted its position in shares of American Express by 13.3% during the second quarter. Morningstar Investment Services LLC now owns 330,182 shares of the payment services company’s stock worth $27,815,000 after acquiring an additional 38,782 shares during the last quarter. LMR Partners LLP bought a new position in shares of American Express during the second quarter worth $1,049,000. Dupont Capital Management Corp boosted its position in shares of American Express by 10.0% during the second quarter. Dupont Capital Management Corp now owns 30,002 shares of the payment services company’s stock worth $2,527,000 after acquiring an additional 2,728 shares during the last quarter. Savant Capital LLC boosted its position in shares of American Express by 7.3% during the second quarter. Savant Capital LLC now owns 7,640 shares of the payment services company’s stock worth $644,000 after acquiring an additional 518 shares during the last quarter. Finally, Obermeyer Wood Investment Counsel Lllp bought a new position in shares of American Express during the second quarter worth $208,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

Shares of American Express Company (NYSE AXP) opened at 91.89 on Wednesday. American Express Company has a 52 week low of $59.50 and a 52 week high of $92.34. The stock has a market cap of $81.23 billion, a P/E ratio of 18.85 and a beta of 1.21. The stock has a 50 day moving average of $87.71 and a 200 day moving average of $82.84.

American Express (NYSE:AXP) last announced its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the previous year, the company posted $2.10 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts expect that American Express Company will post $5.74 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, October 5th. This is a boost from American Express’s previous quarterly dividend of $0.32. American Express’s payout ratio is 28.63%.

American Express declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in outstanding shares. This buyback authorization permits the payment services company to buy up to 5.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of American Express stock in a transaction 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 sale, the chief executive officer now owns 889,836 shares of the company’s stock, valued at approximately $75,297,922.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 959,617 shares of company stock worth $81,377,425. 0.67% of the stock is currently owned by corporate insiders.

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A number of equities analysts recently weighed in 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. Bank of America Corporation restated a “buy” rating and set a $102.00 target price on shares of American Express in a research report on Monday. BidaskClub lowered shares of American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $100.00 target price (up previously from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the company. American Express has an average rating of “Hold” and an average price target of $86.65.

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).

Institutional Ownership by Quarter for American Express (NYSE:AXP)

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