American Express Company (AXP) Shares Sold by Cambria Investment Management L.P.
Cambria Investment Management L.P. lessened its holdings in American Express Company (NYSE:AXP) by 12.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,090 shares of the payment services company’s stock after selling 1,810 shares during the period. Cambria Investment Management L.P.’s holdings in American Express were worth $1,103,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in AXP. BlackRock Inc. boosted its stake in shares of American Express by 2,686.0% in the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP lifted its stake in 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 valued at $1,360,596,000 after purchasing an additional 3,071,573 shares during the last quarter. Veritas Asset Management LLP lifted its stake in American Express by 15.2% in the second quarter. Veritas Asset Management LLP now owns 10,303,201 shares of the payment services company’s stock valued at $867,942,000 after purchasing an additional 1,358,474 shares during the last quarter. Renaissance Technologies LLC purchased a new position in American Express in the second quarter valued at approximately $101,526,000. Finally, Canada Pension Plan Investment Board lifted its stake in American Express by 944,765.8% in the second quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock valued at $90,739,000 after purchasing an additional 1,077,033 shares during the last quarter. Hedge funds and other institutional investors own 83.83% of the company’s stock.
Shares of American Express Company (AXP) opened at $94.41 on Wednesday. The firm has a market cap of $81,548.24, a P/E ratio of 18.00, a P/E/G ratio of 1.56 and a beta of 1.22. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 2.31. American Express Company has a 1 year low of $70.87 and a 1 year high of $96.90.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, October 18th. The payment services company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.03. American Express had a net margin of 14.48% and a return on equity of 22.73%. The business had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.31 billion. During the same quarter in the previous year, the firm posted $1.24 EPS. The firm’s revenue was up 8.5% on a year-over-year basis. research analysts forecast that American Express Company will post 5.86 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 10th. Shareholders of record on Friday, October 6th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Thursday, October 5th. This is an increase from American Express’s previous quarterly dividend of $0.32. American Express’s payout ratio is 26.97%.
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Several equities research analysts have issued reports on AXP shares. Bank of America Corporation increased their target price on American Express from $102.00 to $106.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. Barclays PLC set a $93.00 target price on American Express and gave the stock a “hold” rating in a research report on Thursday, October 19th. Jefferies Group LLC restated an “in-line” rating and set a $93.00 target price (up previously from $85.00) on shares of American Express in a research report on Thursday, October 19th. BidaskClub upgraded American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, Buckingham Research started coverage on American Express in a research report on Monday, October 2nd. They set a “neutral” rating and a $92.00 target price on the stock. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $91.56.
In other American Express news, EVP Linda Zukauckas sold 3,196 shares of American Express stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $95.42, for a total value of $304,962.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Susan Sobbott sold 5,500 shares of American Express stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $94.34, for a total transaction of $518,870.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,345 shares of company stock valued at $13,716,103. 0.67% of the stock is currently owned by insiders.
American Express 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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