Boston Partners Buys Shares of 824,464 American Express Company (AXP)
Boston Partners bought a new position in American Express Company (NYSE:AXP) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 824,464 shares of the payment services company’s stock, valued at approximately $69,453,000. Boston Partners owned about 0.09% of American Express as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. MCF Advisors LLC boosted its stake in shares of American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after buying an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in shares of American Express by 30.4% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock worth $109,000 after buying an additional 300 shares during the last quarter. SpiderRock Advisors LLC purchased a new stake in shares of American Express in the first quarter worth about $112,000. SRS Capital Advisors Inc. boosted its stake in shares of American Express by 10.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after buying an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its stake in shares of American Express by 36.7% in the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after buying an additional 410 shares during the last quarter. Hedge funds and other institutional investors own 82.78% of the company’s stock.
AXP has been the topic of a number of recent research reports. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Morgan Stanley lowered their target price on American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Friday, September 8th. Jefferies Group LLC restated a “hold” rating and issued a $85.00 target price on shares of American Express in a research note on Saturday, July 22nd. Sanford C. Bernstein restated an “outperform” rating and issued a $100.00 target price (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Guggenheim restated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $86.48.
In related news, insider Susan Sobbott sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Peter Bush sold 10,230 shares of the company’s 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. In the last ninety days, insiders sold 959,617 shares of company stock worth $81,377,425. 0.67% of the stock is owned by corporate insiders.
Shares of American Express Company (NYSE:AXP) opened at 91.01 on Thursday. The firm has a market cap of $80.45 billion, a PE ratio of 18.66 and a beta of 1.21. The company has a 50 day moving average price of $87.08 and a 200 day moving average price of $82.41. American Express Company has a 12-month low of $59.50 and a 12-month high of $91.64.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.20 billion. During the same quarter in the prior year, the company earned $2.10 EPS. American Express’s revenue was up .9% on a year-over-year basis. On average, 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 initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization authorizes the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. This is a positive change from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio is presently 26.18%.
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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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