Jacobi Capital Management LLC Boosts Position in American Express Company (AXP)
Jacobi Capital Management LLC raised its position in shares of American Express Company (NYSE:AXP) by 105.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,784 shares of the payment services company’s stock after buying an additional 8,100 shares during the period. Jacobi Capital Management LLC’s holdings in American Express were worth $1,227,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. SeaBridge Investment Advisors LLC purchased a new stake in American Express during the first quarter worth $100,000. MCF Advisors LLC boosted its stake in 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. SpiderRock Advisors LLC purchased a new stake in American Express during the first quarter worth $112,000. SRS Capital Advisors Inc. boosted its stake in 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 in the last quarter. Finally, Westside Investment Management Inc. boosted its stake in 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 in the last quarter. 83.86% of the stock is currently owned by institutional investors and hedge funds.
Shares of American Express Company (AXP) traded up 0.801% during midday trading on Wednesday, reaching $87.485. 983,862 shares of the company traded hands. The stock’s 50-day moving average is $84.99 and its 200-day moving average is $80.40. American Express Company has a 1-year low of $59.50 and a 1-year high of $87.60. The stock has a market capitalization of $77.33 billion, a P/E ratio of 17.942 and a beta of 1.18.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share 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 business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the business posted $2.10 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts predict that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $4.40 billion in shares. This repurchase authorization permits the payment services company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of analysts have recently weighed in on the stock. Piper Jaffray Companies restated a “neutral” rating and issued a $83.00 price target (up from $82.00) on shares of American Express in a report on Saturday, April 22nd. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Instinet restated an “underperform” rating and issued a $80.00 price target on shares of American Express in a report on Thursday, June 29th. Barclays PLC restated a “buy” rating and issued a $83.00 price target on shares of American Express in a report on Thursday, July 20th. Finally, BMO Capital Markets restated a “hold” rating and issued a $84.00 price target on shares of American Express in a report on Thursday, June 1st. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the stock. American Express presently has an average rating of “Hold” and a consensus price target of $84.77.
In other news, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total value of $377,202.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 889,836 shares of the company’s stock, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 948,287 shares of company stock valued at $80,321,961. Company insiders own 0.67% of the company’s stock.
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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