Livforsakringsbolaget Skandia Omsesidigt lifted its position in American Express (NYSE:AXP) by 15.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,040 shares of the payment services company’s stock after buying an additional 1,700 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in American Express were worth $1,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in AXP. Boston Partners raised its holdings in American Express by 447.8% in the 1st quarter. Boston Partners now owns 4,807,964 shares of the payment services company’s stock worth $448,487,000 after purchasing an additional 3,930,338 shares during the period. Millennium Management LLC raised its holdings in American Express by 847.9% in the 4th quarter. Millennium Management LLC now owns 1,480,273 shares of the payment services company’s stock worth $147,006,000 after purchasing an additional 1,324,105 shares during the period. Veritas Asset Management LLP raised its holdings in American Express by 9.0% in the 1st quarter. Veritas Asset Management LLP now owns 11,996,953 shares of the payment services company’s stock worth $1,119,076,000 after purchasing an additional 992,800 shares during the period. American Century Companies Inc. raised its holdings in American Express by 11.5% in the 1st quarter. American Century Companies Inc. now owns 5,239,962 shares of the payment services company’s stock worth $488,784,000 after purchasing an additional 539,681 shares during the period. Finally, BlackRock Inc. raised its holdings in American Express by 1.0% in the 1st quarter. BlackRock Inc. now owns 43,504,697 shares of the payment services company’s stock worth $4,058,115,000 after purchasing an additional 414,196 shares during the period. Hedge funds and other institutional investors own 82.84% of the company’s stock.
A number of brokerages recently commented on AXP. TheStreet raised American Express from a “c+” rating to a “b+” rating in a report on Wednesday, April 18th. Stephens set a $97.00 price target on American Express and gave the company a “hold” rating in a report on Friday, June 29th. Buckingham Research raised American Express from a “neutral” rating to a “buy” rating and raised their price target for the company from $111.00 to $112.00 in a report on Friday, June 29th. Sanford C. Bernstein reissued an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of American Express in a report on Thursday, April 19th. Finally, Oppenheimer set a $110.00 price target on American Express and gave the company a “buy” rating in a report on Thursday, April 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $107.49.
In related news, CFO Jeffrey C. Campbell sold 9,000 shares of American Express stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $98.05, for a total value of $882,450.00. Following the completion of the transaction, the chief financial officer now owns 79,978 shares in the company, valued at $7,841,842.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider L Kevin Cox sold 33,777 shares of American Express stock in a transaction dated Thursday, April 19th. The stock was sold at an average price of $100.54, for a total value of $3,395,939.58. Following the completion of the transaction, the insider now owns 19,249 shares of the company’s stock, valued at approximately $1,935,294.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,936 shares of company stock valued at $8,082,400. Company insiders own 0.20% of the company’s stock.
Shares of American Express stock opened at $100.30 on Thursday. The stock has a market cap of $85.96 billion, a PE ratio of 15.59, a PEG ratio of 1.35 and a beta of 1.10. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 2.67. American Express has a twelve month low of $83.33 and a twelve month high of $103.24.
American Express (NYSE:AXP) last issued its quarterly earnings data on Wednesday, April 18th. The payment services company reported $1.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.15. The firm had revenue of $9.72 billion during the quarter, compared to analyst estimates of $9.49 billion. American Express had a return on equity of 28.41% and a net margin of 8.79%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 earnings per share. analysts anticipate that American Express will post 7.23 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 10th. Stockholders of record on Friday, July 6th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, July 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.40%. American Express’s payout ratio is 23.85%.
American Express declared that its board has approved a stock buyback program on Thursday, June 28th that authorizes the company to repurchase $3.40 billion in shares. This repurchase authorization authorizes the payment services company to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
American Express Company Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It operates through four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.
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