American Express Company (AXP) Position Lowered by Stoneridge Investment Partners LLC
Stoneridge Investment Partners LLC trimmed its stake in American Express Company (NYSE:AXP) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,264 shares of the payment services company’s stock after selling 59 shares during the period. Stoneridge Investment Partners LLC’s holdings in American Express were worth $3,392,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Global X Management Co. LLC raised its stake in American Express by 27.8% during the 2nd quarter. Global X Management Co. LLC now owns 10,152 shares of the payment services company’s stock worth $855,000 after acquiring an additional 2,210 shares in the last quarter. Pioneer Investment Management Inc. lifted its position in American Express by 6.2% in the second quarter. Pioneer Investment Management Inc. now owns 414,778 shares of the payment services company’s stock valued at $34,941,000 after acquiring an additional 24,038 shares during the last quarter. MV Capital Management Inc. lifted its position in American Express by 3.5% in the second quarter. MV Capital Management Inc. now owns 1,448 shares of the payment services company’s stock valued at $122,000 after acquiring an additional 49 shares during the last quarter. Advisor Partners LLC lifted its position in American Express by 5.5% in the second quarter. Advisor Partners LLC now owns 17,439 shares of the payment services company’s stock valued at $1,469,000 after acquiring an additional 910 shares during the last quarter. Finally, Pictet Asset Management Ltd. lifted its position in American Express by 46.6% in the second quarter. Pictet Asset Management Ltd. now owns 993,099 shares of the payment services company’s stock valued at $76,409,000 after acquiring an additional 315,878 shares during the last quarter. 82.78% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Kenneth I. Chenault sold 789,503 shares of American Express stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the transaction, the chief executive officer now directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Insiders sold a total of 949,387 shares of company stock worth $80,451,099 in the last three months. Company insiders own 0.67% of the company’s stock.
Shares of American Express Company (AXP) opened at 91.43 on Wednesday. American Express Company has a 52-week low of $59.50 and a 52-week high of $91.64. The firm has a market capitalization of $80.82 billion, a P/E ratio of 18.75 and a beta of 1.21. The stock’s 50 day moving average is $86.96 and its 200-day moving average is $82.35.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The company 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%. American Express’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.10 EPS. On average, equities analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, October 5th. This is an increase from American Express’s previous quarterly dividend of $0.32. American Express’s payout ratio is currently 26.18%.
A number of research firms have recently commented on AXP. BidaskClub upgraded American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Buckingham Research initiated coverage on American Express in a research report on Monday. They issued a “neutral” rating and a $92.00 target price for the company. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a research report on Tuesday, August 29th. Instinet restated an “underperform” rating and set a $80.00 price target on shares of American Express in a research note on Thursday, June 29th. Finally, Barclays PLC restated a “buy” rating and set a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company. American Express has a consensus rating of “Hold” and an average target price of $86.53.
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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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