Matrix Asset Advisors Inc. NY reduced its position in American Express Company (NYSE:AXP) by 9.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,023 shares of the payment services company’s stock after selling 11,043 shares during the period. American Express accounts for approximately 1.5% of Matrix Asset Advisors Inc. NY’s holdings, making the stock its 28th largest position. Matrix Asset Advisors Inc. NY’s holdings in American Express were worth $8,625,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. SeaBridge Investment Advisors LLC acquired a new stake in shares of American Express during the first quarter worth $100,000. MCF Advisors LLC raised its stake in shares of American Express by 0.5% in the first 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 in the last quarter. SpiderRock Advisors LLC acquired a new stake in shares of American Express during the first quarter worth $112,000. Clean Yield Group acquired a new stake in shares of American Express during the first quarter worth $175,000. Finally, RB Capital Management LLC acquired a new stake in shares of American Express during the first quarter worth $201,000. Hedge funds and other institutional investors own 83.86% of the company’s stock.
Shares of American Express Company (NYSE:AXP) opened at 85.38 on Friday. The company’s 50-day moving average price is $85.23 and its 200-day moving average price is $80.55. The stock has a market cap of $75.47 billion, a PE ratio of 17.51 and a beta of 1.18. American Express Company has a 52-week low of $59.50 and a 52-week high of $87.78.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the business posted $2.10 EPS. On average, equities research analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to buyback $4.40 billion in outstanding shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Several research firms recently weighed in on AXP. BidaskClub upgraded American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Instinet restated an “underperform” rating and set a $80.00 price target on shares of American Express in a research report on Thursday, June 29th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $94.00 price target (up from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Wells Fargo & Company restated a “market perform” rating and set a $80.00 price target on shares of American Express in a research report on Sunday, May 21st. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $100.00 price target (up from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $84.77.
In other American Express news, insider Anre D. Williams sold 53,111 shares of American Express stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the completion of the transaction, the insider now owns 79,614 shares in the company, valued at approximately $6,786,297.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total value of $377,202.00. The disclosure for this sale can be found here. Insiders sold a total of 948,287 shares of company stock valued at $80,321,961 in the last 90 days. 0.67% of the stock is currently 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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