Headinvest LLC cut its stake in shares of American Express Company (NYSE:AXP) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,969 shares of the payment services company’s stock after selling 1,200 shares during the period. American Express makes up about 1.3% of Headinvest LLC’s portfolio, making the stock its 26th largest position. Headinvest LLC’s holdings in American Express were worth $3,957,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. Dodge & Cox purchased a new stake in shares of American Express during the fourth quarter valued at approximately $2,128,667,000. Norges Bank purchased a new stake in shares of American Express during the fourth quarter valued at approximately $616,804,000. Wellington Management Group LLP increased its stake in shares of American Express by 21.7% in the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock valued at $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Finally, Tesco Pension Investment Ltd purchased a new stake in shares of American Express during the first quarter valued at approximately $137,325,000. 83.86% of the stock is owned by hedge funds and other institutional investors.
American Express Company (NYSE AXP) traded down 0.82% during trading on Friday, reaching $85.38. 4,271,186 shares of the company were exchanged. The firm’s 50 day moving average price is $85.23 and its 200-day moving average price is $80.55. The stock has a market capitalization of $75.47 billion, a price-to-earnings ratio of 17.51 and a beta of 1.18. American Express Company has a one year low of $59.50 and a one year high of $87.78.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the prior year, the firm posted $2.10 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts predict that American Express Company will post $5.74 earnings per share for the current year.
American Express declared that its board has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization authorizes the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Several equities research analysts have recently issued reports on the stock. BMO Capital Markets reissued a “hold” rating and set a $84.00 price objective on shares of American Express in a research report on Thursday, June 1st. Credit Suisse Group reissued a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. Guggenheim reissued a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of American Express in a research report on Saturday, July 22nd. BidaskClub downgraded shares of American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Instinet raised shares of American Express from a “reduce” rating to a “neutral” rating and raised their target price for the company from $63.00 to $78.00 in a research report on Thursday, April 27th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $84.77.
In related news, EVP Marc D. Gordon sold 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total value of $377,202.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the completion of the transaction, the insider now owns 261,665 shares in the company, valued at $22,348,807.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 948,287 shares of company stock worth $80,321,961. 0.67% of the stock is owned by company insiders.
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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