GABELLI & Co INVESTMENT ADVISERS INC. continued to hold its position in shares of American Express Company (NYSE:AXP) during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 2,800 shares of the payment services company’s stock at the end of the second quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in American Express were worth $236,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. MCF Advisors LLC grew its holdings in American Express by 0.3% during the 2nd quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock valued at $108,000 after buying an additional 4 shares in the last quarter. Appleton Partners Inc. MA grew its holdings in American Express by 0.3% during the 2nd quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock valued at $224,000 after buying an additional 8 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its holdings in American Express by 0.4% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,652 shares of the payment services company’s stock valued at $223,000 after buying an additional 11 shares in the last quarter. Bath Savings Trust Co grew its holdings in American Express by 0.3% during the 2nd quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock valued at $369,000 after buying an additional 14 shares in the last quarter. Finally, Accredited Investors Inc. grew its holdings in American Express by 0.5% during the 1st quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock valued at $251,000 after buying an additional 15 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.
Several research firms have weighed in on AXP. Wells Fargo & Company began coverage on American Express in a report on Tuesday. They set an “outperform” rating and a $105.00 price target for the company. Bank of America Corporation restated a “buy” rating and set a $102.00 price target on shares of American Express in a report on Monday. Credit Suisse Group restated a “sell” rating and set a $79.00 price target on shares of American Express in a report on Wednesday, October 4th. Buckingham Research began coverage on American Express in a report on Monday, October 2nd. They set a “neutral” rating and a $92.00 price target for the company. Finally, Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $87.69.
Shares of American Express Company (NYSE:AXP) opened at 91.96 on Thursday. The firm’s 50-day moving average price is $87.90 and its 200-day moving average price is $82.90. The company has a market capitalization of $81.29 billion, a price-to-earnings ratio of 18.86 and a beta of 1.21. American Express Company has a 12 month low of $59.50 and a 12 month high of $92.65.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. During the same period last year, the business posted $2.10 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Equities research analysts expect that American Express Company will post $5.74 EPS for the current year.
American Express declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits 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 stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be given a dividend of $0.35 per share. This is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, October 5th. American Express’s dividend payout ratio (DPR) is currently 28.63%.
In other news, insider Paul D. Fabara sold 5,981 shares of the firm’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Peter Bush sold 10,230 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 959,617 shares of company stock valued at $81,377,425. 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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