Cornerstone Investment Partners LLC Has $77.47 Million Position in American Express Company (AXP)
Cornerstone Investment Partners LLC decreased its stake in shares of American Express Company (NYSE:AXP) by 0.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 919,660 shares of the payment services company’s stock after selling 8,779 shares during the quarter. American Express comprises 3.6% of Cornerstone Investment Partners LLC’s holdings, making the stock its 11th largest position. Cornerstone Investment Partners LLC owned 0.10% of American Express worth $77,472,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. MCF Advisors LLC lifted its position in American Express by 0.5% during 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. SpiderRock Advisors LLC purchased a new position in American Express during the first quarter worth approximately $112,000. SRS Capital Advisors Inc. lifted 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 buying an additional 138 shares in the last quarter. Westside Investment Management Inc. lifted 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 buying an additional 410 shares in the last quarter. Finally, City Holding Co. lifted its position in American Express by 2.7% during the second quarter. City Holding Co. now owns 1,572 shares of the payment services company’s stock worth $132,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 82.77% of the company’s stock.
AXP has been the topic of a number of analyst reports. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Morgan Stanley reduced their price objective on American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Friday, September 8th. Jefferies Group LLC reiterated a “hold” rating and set a $85.00 price objective on shares of American Express in a research report on Saturday, July 22nd. Sanford C. Bernstein reiterated an “outperform” rating and set a $100.00 price objective (up previously from $99.00) on shares of American Express in a research report on Saturday, July 22nd. 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 investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company. American Express has an average rating of “Hold” and an average price target of $86.29.
In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total value of $8,096,184.72. Following the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider Susan Sobbott sold 6,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Insiders sold 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.
American Express Company (AXP) traded down 0.27% on Wednesday, reaching $88.76. The company had a trading volume of 1,141,608 shares. American Express Company has a 12 month low of $59.50 and a 12 month high of $89.38. The stock has a market capitalization of $78.46 billion, a P/E ratio of 18.20 and a beta of 1.18. The firm has a 50-day moving average of $85.80 and a 200-day moving average of $81.62.
American Express (NYSE:AXP) last released its quarterly earnings data 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 return on equity of 21.90% and a net margin of 14.11%. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period last year, the company posted $2.10 earnings per share. The firm’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $4.40 billion in outstanding shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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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