American Express Company (AXP) Holdings Lowered by Gamble Jones Investment Counsel
Gamble Jones Investment Counsel trimmed its position in American Express Company (NYSE:AXP) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,085 shares of the payment services company’s stock after selling 500 shares during the quarter. Gamble Jones Investment Counsel’s holdings in American Express were worth $934,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after purchasing an additional 722,235 shares in the last quarter. BlackRock Inc. lifted 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 purchasing an additional 42,592,136 shares in the last quarter. State Street Corp lifted its position in shares of American Express by 1.8% in the first quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after purchasing an additional 731,315 shares in the last quarter. Wellington Management Group LLP lifted 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 purchasing an additional 3,071,573 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of American Express by 1.9% in the first quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock worth $1,284,689,000 after purchasing an additional 305,651 shares in the last quarter. Institutional investors own 82.77% of the company’s stock.
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A number of analysts have recently issued reports on the stock. Credit Suisse Group reissued a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. BMO Capital Markets reissued a “hold” rating and issued a $84.00 price target on shares of American Express in a research report on Thursday, June 1st. Jefferies Group LLC reissued a “hold” rating and issued a $85.00 price target on shares of American Express in a research report on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods set a $95.00 price target on shares of American Express and gave the stock a “buy” rating in a research report on Saturday, August 19th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company. American Express currently has an average rating of “Hold” and a consensus price target of $86.29.
In other news, insider Susan Sobbott sold 6,000 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Anre D. Williams sold 53,111 shares of the stock in a transaction 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 sale, the insider now directly owns 79,614 shares in the company, valued at $6,786,297.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 949,387 shares of company stock worth $80,451,099. 0.67% of the stock is currently owned by insiders.
Shares of American Express Company (NYSE:AXP) opened at 88.40 on Friday. The stock has a 50 day moving average of $85.80 and a 200 day moving average of $81.62. American Express Company has a 52 week low of $59.50 and a 52 week high of $89.23. The firm has a market cap of $78.14 billion, a P/E ratio of 18.13 and a beta of 1.18.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. American Express’s quarterly revenue was up .9% on a year-over-year basis. 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 has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in outstanding shares. This buyback authorization authorizes the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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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