Cambridge Trust Co. Boosts Stake in American Express Company (AXP)
Cambridge Trust Co. boosted its stake in American Express Company (NYSE:AXP) by 5.4% during the first quarter, Holdings Channel reports. The institutional investor owned 19,373 shares of the payment services company’s stock after buying an additional 990 shares during the period. Cambridge Trust Co.’s holdings in American Express were worth $1,533,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in AXP. SeaBridge Investment Advisors LLC purchased a new position in shares of American Express during the first quarter valued at about $100,000. MCF Advisors LLC raised its position 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 valued at $101,000 after buying an additional 6 shares in the last quarter. SpiderRock Advisors LLC purchased a new position in shares of American Express during the first quarter valued at about $112,000. SRS Capital Advisors Inc. raised its position 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 valued at $116,000 after buying an additional 138 shares in the last quarter. Finally, Westside Investment Management Inc. raised its position 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 valued at $119,000 after buying an additional 410 shares in the last quarter. 83.86% of the stock is owned by hedge funds and other institutional investors.
Shares of American Express Company (AXP) traded up 0.68% during trading on Wednesday, reaching $87.38. The company had a trading volume of 761,064 shares. American Express Company has a 1-year low of $59.50 and a 1-year high of $87.60. The company’s 50 day moving average is $84.99 and its 200-day moving average is $80.40. The stock has a market capitalization of $77.24 billion, a price-to-earnings ratio of 17.92 and a beta of 1.18.
American Express (NYSE:AXP) last posted its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period in the prior year, the company earned $2.10 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. On average, equities research analysts anticipate that American Express Company will post $5.74 earnings per share for the current year.
American Express announced that its board has approved a stock repurchase plan 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 repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
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AXP has been the subject of several research reports. Guggenheim raised American Express from a “neutral” rating to a “buy” rating and increased their target price for the stock from $81.05 to $90.00 in a research report on Tuesday, April 25th. BidaskClub upgraded American Express from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Barclays PLC restated a “buy” rating and issued a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. Stephens upgraded American Express from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $70.00 to $82.00 in a research note on Tuesday, June 20th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $85.00 price target on shares of American Express in a research note on Friday, April 28th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $84.77.
In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total value of $8,096,184.72. Following the sale, the insider now directly owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Marc D. Gordon sold 4,900 shares of the company’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total transaction of $377,202.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 948,287 shares of company stock worth $80,321,961. 0.67% of the stock is owned by corporate 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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