Adalta Capital Management LLC Acquires Shares of 38,235 American Express Company (AXP)
Adalta Capital Management LLC acquired a new stake in shares of American Express Company (NYSE:AXP) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 38,235 shares of the payment services company’s stock, valued at approximately $3,024,000. American Express comprises about 2.6% of Adalta Capital Management LLC’s portfolio, making the stock its 15th largest position.
A number of other large investors also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in 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. Wellington Management Group LLP boosted its stake in 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. Tesco Pension Investment Ltd bought a new stake in American Express during the first quarter valued at $137,325,000. OppenheimerFunds Inc. boosted its stake in American Express by 40.1% in the first quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock valued at $286,946,000 after buying an additional 1,038,328 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in 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 valued at $812,804,000 after buying an additional 879,569 shares during the last quarter. Hedge funds and other institutional investors own 83.86% of the company’s stock.
Shares of American Express Company (AXP) traded up 1.1672% on Monday, reaching $85.2738. 369,688 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $84.79 and its 200-day moving average price is $80.22. The stock has a market cap of $75.38 billion, a P/E ratio of 17.4885 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.
American Express (NYSE:AXP) last posted 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. The firm had revenue of $8.31 billion for 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 company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.10 EPS. Equities analysts forecast that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization permits the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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AXP has been the subject of several research reports. BMO Capital Markets restated a “hold” rating and issued a $84.00 price objective on shares of American Express in a research report on Thursday, June 1st. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. 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 note on Thursday, April 27th. Nomura 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 note on Thursday, April 27th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $75.00 target price on shares of American Express in a research note on Saturday, April 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 stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.77.
In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the 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 transaction, the insider now directly owns 261,665 shares in the company, valued at approximately $22,348,807.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Anre D. Williams sold 53,111 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $85.24, for a total value of $4,527,181.64. Following the transaction, the insider now owns 79,614 shares in the company, valued at $6,786,297.36. The disclosure for this sale can be found here. Insiders have sold a total of 948,287 shares of company stock worth $80,321,961 over the last 90 days. Company insiders own 0.67% of the company’s stock.
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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