American Express Company (AXP) Holdings Lifted by MV Capital Management Inc.
MV Capital Management Inc. raised its stake in American Express Company (NYSE:AXP) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,448 shares of the payment services company’s stock after buying an additional 49 shares during the quarter. MV Capital Management Inc.’s holdings in American Express were worth $122,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. MCF Advisors LLC increased its position in shares of American Express by 0.3% during the second quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock valued at $108,000 after acquiring an additional 4 shares during the last quarter. Appleton Partners Inc. MA raised its stake in shares of American Express by 0.3% in the 2nd quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock valued at $224,000 after acquiring an additional 8 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in shares of American Express by 0.4% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,652 shares of the payment services company’s stock valued at $223,000 after acquiring an additional 11 shares during the period. Bath Savings Trust Co raised its stake in shares of American Express by 0.3% in the 2nd quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock valued at $369,000 after acquiring an additional 14 shares during the period. Finally, Accredited Investors Inc. raised its stake in shares of American Express by 0.5% in the 1st quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock valued at $251,000 after acquiring an additional 15 shares during the period. 82.78% of the stock is currently owned by institutional investors.
American Express Company (NYSE AXP) opened at 90.46 on Monday. American Express Company has a one year low of $59.50 and a one year high of $90.77. The firm’s 50 day moving average price is $85.80 and its 200 day moving average price is $81.62. The stock has a market cap of $79.96 billion, a price-to-earnings ratio of 18.55 and a beta of 1.21.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The firm’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.10 EPS. Equities analysts forecast that American Express Company will post $5.74 earnings per share for the current year.
American Express announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in outstanding shares. This buyback authorization permits the payment services company to buy up to 5.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be given a $0.35 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.55%. This is an increase from American Express’s previous quarterly dividend of $0.32. American Express’s payout ratio is presently 26.18%.
AXP has been the subject of several research reports. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub upgraded American Express from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Jefferies Group LLC restated a “hold” rating and set a $85.00 price target on shares of American Express in a research report on Saturday, July 22nd. Keefe, Bruyette & Woods set a $95.00 price target on American Express and gave the stock a “buy” rating in a research report on Saturday, August 19th. Finally, Stephens raised American Express from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $70.00 to $82.00 in a research note on Tuesday, June 20th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $86.29.
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In other news, insider Susan Sobbott sold 6,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul D. Fabara sold 5,981 shares of the stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. Insiders sold a total of 949,387 shares of company stock valued at $80,451,099 in the last three months. 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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