Mount Vernon Associates Inc. MD increased its position in American Express Company (NYSE:AXP) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,375 shares of the payment services company’s stock after buying an additional 300 shares during the period. American Express accounts for approximately 2.8% of Mount Vernon Associates Inc. MD’s holdings, making the stock its 13th largest position. Mount Vernon Associates Inc. MD’s holdings in American Express were worth $1,548,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of AXP. 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 worth $3,494,913,000 after buying an additional 42,592,136 shares in the last quarter. 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 worth $1,360,596,000 after buying an additional 3,071,573 shares in the last quarter. Tesco Pension Investment Ltd bought a new stake in shares of American Express during the first quarter worth about $137,325,000. OppenheimerFunds Inc. increased its stake in shares of American Express by 40.1% in the first quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock worth $286,946,000 after buying an additional 1,038,328 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of American Express by 9.4% in the first quarter. Bank of New York Mellon Corp now owns 10,274,363 shares of the payment services company’s stock worth $812,804,000 after buying an additional 879,569 shares in the last quarter. Institutional investors own 83.86% of the company’s stock.
Shares of American Express Company (NYSE AXP) traded down 0.82% during midday trading on Friday, reaching $85.38. The company’s stock had a trading volume of 4,271,186 shares. American Express Company has a 12-month low of $59.50 and a 12-month high of $87.78. The company has a market cap of $75.47 billion, a P/E ratio of 17.51 and a beta of 1.18. The stock’s 50-day moving average price is $85.23 and its 200-day moving average price is $80.55.
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, beating analysts’ consensus estimates of $1.44 by $0.03. The firm had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.10 EPS. On average, analysts expect that American Express Company will post $5.74 EPS for the current fiscal year.
American Express announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in shares. This buyback authorization authorizes the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
A number of analysts recently issued reports on AXP shares. BMO Capital Markets restated a “hold” rating and issued a $84.00 price target on shares of American Express in a research report on Thursday, June 1st. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. Guggenheim reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. BidaskClub lowered American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Instinet upgraded American Express from a “reduce” rating to a “neutral” rating and increased their target price for the stock from $63.00 to $78.00 in a research note on Thursday, April 27th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $84.77.
In related news, EVP Marc D. Gordon sold 4,900 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total value of $377,202.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 dated Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total value of $8,096,184.72. Following the completion of the sale, the insider now directly owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 948,287 shares of company stock valued at $80,321,961. Insiders own 0.67% of the company’s stock.
About American Express
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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