Achmea Investment Management B.V. Acquires Shares of 101,774 American Express Company (AXP)
Achmea Investment Management B.V. acquired a new position in shares of American Express Company (NYSE:AXP) during the first quarter, Holdings Channel reports. The fund acquired 101,774 shares of the payment services company’s stock, valued at approximately $8,051,000.
A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. boosted its position 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 during the last quarter. Wellington Management Group LLP boosted its position 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 during the last quarter. Tesco Pension Investment Ltd acquired a new position in shares of American Express during the first quarter worth about $137,325,000. OppenheimerFunds Inc. boosted its position 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 during the last quarter. Finally, Bank of New York Mellon Corp boosted its position 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 during the last quarter. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
Shares of American Express Company (AXP) traded up 1.29% during midday trading on Tuesday, reaching $86.57. 952,672 shares of the company’s stock traded hands. The firm has a market cap of $76.53 billion, a PE ratio of 17.75 and a beta of 1.18. American Express Company has a 52-week low of $59.50 and a 52-week high of $86.67. The company has a 50 day moving average of $84.88 and a 200 day moving average of $80.33.
American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating 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 analyst estimates of $8.20 billion. During the same period last year, the firm earned $2.10 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. On average, equities analysts predict that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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A number of equities analysts have issued reports on AXP shares. BMO Capital Markets reaffirmed a “hold” rating and issued a $84.00 price objective on shares of American Express in a research note on Thursday, June 1st. Credit Suisse Group reissued a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. Instinet raised shares of American Express from a “reduce” rating to a “neutral” rating and lifted their price target for the stock from $63.00 to $78.00 in a research report on Thursday, April 27th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $87.00 price target on shares of American Express in a research report on Thursday, April 20th. Finally, Nomura raised shares of American Express from a “reduce” rating to a “neutral” rating and lifted their price target for the stock from $63.00 to $78.00 in a research report on Thursday, April 27th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have issued a buy rating to the stock. American Express presently has an average rating of “Hold” and a consensus price target of $84.77.
In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the completion of the transaction, the chief executive officer now directly owns 889,836 shares in the company, valued at $75,297,922.32. The disclosure for this sale can be found here. Insiders sold 948,287 shares of company stock worth $80,321,961 over the last ninety days. 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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