Alliancebernstein L.P. Sells 18,095 Shares of American Express Company (AXP)
Alliancebernstein L.P. reduced its holdings in shares of American Express Company (NYSE:AXP) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,269,311 shares of the payment services company’s stock after selling 18,095 shares during the period. Alliancebernstein L.P. owned about 0.26% of American Express worth $191,167,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in AXP. BlackRock Inc. increased its stake in American Express by 2,686.0% during the 1st 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 period. Wellington Management Group LLP increased its stake in American Express by 21.7% during the 1st 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 period. Veritas Asset Management LLP increased its stake in American Express by 15.2% during the 2nd quarter. Veritas Asset Management LLP now owns 10,303,201 shares of the payment services company’s stock worth $867,942,000 after buying an additional 1,358,474 shares during the period. Canada Pension Plan Investment Board increased its stake in American Express by 944,765.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock worth $90,739,000 after buying an additional 1,077,033 shares during the period. Finally, OppenheimerFunds Inc. increased its stake in American Express by 40.1% during the 1st 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 period. 83.06% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on AXP. Zacks Investment Research raised shares of American Express from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a research note on Wednesday. Atlantic Securities raised shares of American Express from an “underweight” rating to a “neutral” rating and set a $100.00 target price on the stock in a research note on Tuesday, October 24th. Jefferies Group LLC upped their target price on shares of American Express from $64.75 to $93.35 and gave the stock a “hold” rating in a research note on Friday, October 20th. Royal Bank Of Canada upped their target price on shares of American Express to $68.00 and gave the stock an “underperform” rating in a research note on Thursday, October 19th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $98.00 target price on shares of American Express in a research note on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $91.56.
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In other news, insider Anre D. Williams sold 30,761 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $93.41, for a total transaction of $2,873,385.01. Following the completion of the transaction, the insider now owns 28,720 shares of the company’s stock, valued at $2,682,735.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,845 shares of company stock valued at $13,197,233. Corporate insiders own 0.67% of the company’s stock.
American Express (NYSE:AXP) last released its earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.03. American Express had a net margin of 14.48% and a return on equity of 22.73%. The firm had revenue of $8.44 billion during the quarter, compared to analyst estimates of $8.31 billion. During the same quarter in the previous year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be issued a dividend of $0.35 per share. This is an increase from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.46%. American Express’s payout ratio is 26.97%.
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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