American Express Company (AXP) Shares Bought by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. grew its holdings in shares of American Express Company (NYSE:AXP) by 3.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,701,584 shares of the payment services company’s stock after purchasing an additional 82,031 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.31% of American Express worth $227,582,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. MCF Advisors LLC increased its position in shares of American Express by 0.5% during the 1st quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after purchasing an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of American Express by 30.4% during the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock valued at $109,000 after purchasing an additional 300 shares during the last quarter. SpiderRock Advisors LLC purchased a new stake in shares of American Express during the 1st quarter valued at $112,000. SRS Capital Advisors Inc. increased its position in shares of American Express by 10.3% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock valued at $116,000 after purchasing an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. increased its position in shares of American Express by 36.7% during the 1st quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock valued at $119,000 after purchasing an additional 410 shares during the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.
Shares of American Express Company (AXP) opened at 91.01 on Thursday. American Express Company has a 12 month low of $59.50 and a 12 month high of $91.64. The stock’s 50 day moving average price is $87.08 and its 200-day moving average price is $82.41. The company has a market cap of $80.45 billion, a P/E ratio of 18.66 and a beta of 1.21.
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. American Express had a return on equity of 21.90% and a net margin of 14.11%. The firm had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the business posted $2.10 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that American Express Company will post $5.74 earnings per share for the current year.
American Express declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, October 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. This is a boost from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio (DPR) is currently 26.18%.
Several equities research analysts have recently issued reports on the company. Credit Suisse Group reaffirmed a “sell” rating and set a $79.00 target price on shares of American Express in a research report on Wednesday. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $85.00 target price on shares of American Express in a research report on Saturday, July 22nd. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the company 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 raised their target price for the company from $70.00 to $82.00 in a research report on Tuesday, June 20th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $86.48.
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In related news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the completion of the transaction, the insider now directly owns 79,614 shares of the company’s stock, valued at $6,786,297.36. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider James Peter Bush sold 10,230 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. Insiders have sold 959,617 shares of company stock valued at $81,377,425 in the last quarter. 0.67% of the stock is currently owned by company insiders.
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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