Highstreet Asset Management Inc. Takes $1.32 Million Position in American Express Company (AXP)
Highstreet Asset Management Inc. acquired a new position in shares of American Express Company (NYSE:AXP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 15,659 shares of the payment services company’s stock, valued at approximately $1,320,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. MCF Advisors LLC boosted its holdings in American Express by 0.5% during the 1st quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after acquiring an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in American Express by 30.4% during the 2nd 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 purchased a new position in American Express during the 1st quarter worth $112,000. MV Capital Management Inc. boosted its holdings in American Express by 3.5% during the 2nd quarter. MV Capital Management Inc. now owns 1,448 shares of the payment services company’s stock worth $122,000 after acquiring an additional 49 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in American Express by 10.3% during the 1st 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. 82.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of American Express Company (NYSE:AXP) opened at 91.96 on Thursday. The company has a market capitalization of $81.29 billion, a PE ratio of 18.86 and a beta of 1.21. American Express Company has a 12 month low of $59.50 and a 12 month high of $92.65. The stock’s 50 day moving average price is $87.90 and its 200 day moving average price is $82.90.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the company earned $2.10 earnings per share. On average, analysts forecast that American Express Company will post $5.74 EPS for the current year.
The firm 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 dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.52%. The ex-dividend date is Thursday, October 5th. This is an increase from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio (DPR) is 28.63%.
American Express announced that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
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AXP has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Friday, September 8th. Bank of America Corporation reaffirmed a “buy” rating and set a $102.00 price objective on shares of American Express in a report on Monday. BidaskClub downgraded shares of American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $100.00 price objective (up from $99.00) on shares of American Express in a report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. American Express currently has a consensus rating of “Hold” and a consensus price target of $87.69.
In related news, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kenneth I. Chenault sold 789,503 shares of American Express stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $84.62, for a total value 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 959,617 shares of company stock worth $81,377,425 in the last three months. 0.67% of the stock is owned by corporate 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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