Canada Pension Plan Investment Board Grows Stake in American Express Company (AXP)
Canada Pension Plan Investment Board raised its holdings in shares of American Express Company (NYSE:AXP) by 944,765.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,077,147 shares of the payment services company’s stock after buying an additional 1,077,033 shares during the quarter. Canada Pension Plan Investment Board owned about 0.12% of American Express worth $90,739,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. MCF Advisors LLC lifted 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 in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in American Express by 30.4% during 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 acquiring an additional 300 shares during the last quarter. SpiderRock Advisors LLC acquired a new position in American Express during the first quarter worth about $112,000. SRS Capital Advisors Inc. boosted its position in American Express by 10.3% during the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after acquiring an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its position in American Express by 36.7% during the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after acquiring an additional 410 shares during the last quarter. 82.78% of the stock is owned by institutional investors and hedge funds.
American Express Company (NYSE AXP) opened at 91.43 on Wednesday. American Express Company has a 1-year low of $59.50 and a 1-year high of $91.64. The company’s 50-day moving average price is $86.96 and its 200 day moving average price is $82.35. The firm has a market capitalization of $80.82 billion, a PE ratio of 18.75 and a beta of 1.21.
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. The business had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.10 earnings per share. On average, equities analysts anticipate that American Express Company will post $5.74 EPS for the current year.
The business also recently declared 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 is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 1.53%. American Express’s payout ratio is 26.18%.
American Express announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Kenneth I. Chenault sold 789,503 shares of American Express stock in a transaction on 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 sale, the chief executive officer now directly owns 889,836 shares in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. Insiders have sold a total of 949,387 shares of company stock worth $80,451,099 over the last three months. 0.67% of the stock is currently owned by corporate insiders.
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AXP has been the topic of several recent research reports. 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 report on Friday, September 8th. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub downgraded American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Guggenheim reiterated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of American Express in a research report 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 given a buy rating to the company. American Express currently has an average rating of “Hold” and an average target price of $86.53.
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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