American Express (AXP) Position Lowered by Dai Ichi Life Insurance Company Ltd
Dai Ichi Life Insurance Company Ltd lessened its holdings in shares of American Express (NYSE:AXP) by 11.3% in the second quarter, HoldingsChannel reports. The fund owned 38,535 shares of the payment services company’s stock after selling 4,921 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in American Express were worth $3,776,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Motley Fool Asset Management LLC raised its holdings in American Express by 16.3% in the second quarter. Motley Fool Asset Management LLC now owns 9,314 shares of the payment services company’s stock worth $913,000 after purchasing an additional 1,307 shares in the last quarter. Sumitomo Life Insurance Co. raised its holdings in American Express by 9.2% in the second quarter. Sumitomo Life Insurance Co. now owns 39,136 shares of the payment services company’s stock worth $3,835,000 after purchasing an additional 3,313 shares in the last quarter. BlackRock Inc. raised its holdings in American Express by 1.4% in the second quarter. BlackRock Inc. now owns 44,131,020 shares of the payment services company’s stock worth $4,324,840,000 after purchasing an additional 626,323 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in American Express by 9.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,446 shares of the payment services company’s stock worth $39,440,000 after purchasing an additional 35,275 shares in the last quarter. Finally, NumerixS Investment Technologies Inc bought a new position in American Express in the second quarter worth $680,000. Institutional investors and hedge funds own 82.91% of the company’s stock.
NYSE AXP opened at $107.01 on Wednesday. American Express has a 12 month low of $84.02 and a 12 month high of $107.43. The firm has a market capitalization of $91.25 billion, a PE ratio of 15.63, a P/E/G ratio of 1.43 and a beta of 1.17. The company has a debt-to-equity ratio of 2.67, a quick ratio of 1.92 and a current ratio of 1.92.
American Express announced that its board has approved a stock repurchase plan on Thursday, June 28th that allows the company to buyback $3.40 billion in outstanding shares. This buyback authorization allows the payment services company to purchase up to 4.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO Jeffrey C. Campbell sold 9,000 shares of the stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $99.73, for a total transaction of $897,570.00. Following the sale, the chief financial officer now directly owns 66,568 shares of the company’s stock, valued at $6,638,826.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ventures Fund Vii L.P. Vivo acquired 20,142,123 shares of the company’s stock in a transaction that occurred on Thursday, August 30th. The shares were acquired at an average cost of $0.17 per share, for a total transaction of $3,424,160.91. The disclosure for this purchase can be found here. Company insiders own 0.20% of the company’s stock.
AXP has been the subject of a number of research reports. Royal Bank of Canada reiterated a “sell” rating and issued a $87.00 price objective on shares of American Express in a report on Thursday, July 19th. Jefferies Financial Group reiterated a “hold” rating and issued a $105.00 price objective on shares of American Express in a report on Monday, July 16th. Buckingham Research upgraded American Express from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $111.00 to $112.00 in a report on Friday, June 29th. Stephens set a $97.00 price objective on American Express and gave the stock a “hold” rating in a report on Friday, June 29th. Finally, BMO Capital Markets increased their price objective on American Express from $103.00 to $106.00 and gave the stock a “market perform” rating in a report on Thursday, July 19th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. American Express presently has an average rating of “Hold” and a consensus price target of $108.83.
American Express Company Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It operates through four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.
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