Lincoln National Corp Invests $210,000 in American Express Company (AXP)
Lincoln National Corp purchased a new position in American Express Company (NYSE:AXP) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,495 shares of the payment services company’s stock, valued at approximately $210,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MCF Advisors LLC raised its holdings in shares of American Express by 0.3% in the second quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock worth $108,000 after acquiring an additional 4 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its holdings in shares of American Express by 30.4% in 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. MV Capital Management Inc. raised its holdings in shares of American Express by 3.5% in the second 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. SRS Capital Advisors Inc. raised its holdings 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 worth $116,000 after acquiring an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. raised its holdings 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 worth $119,000 after acquiring an additional 410 shares during the last quarter. 82.77% of the stock is owned by institutional investors.
Shares of American Express Company (AXP) opened at 91.96 on Tuesday. American Express Company has a 12 month low of $59.78 and a 12 month high of $93.35. The stock has a market cap of $81.29 billion, a P/E ratio of 18.86 and a beta of 1.21. The stock has a 50 day moving average price of $88.38 and a 200 day moving average price of $83.14.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ 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 earned $2.10 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be given a $0.35 dividend. This is an increase from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Thursday, October 5th. American Express’s dividend payout ratio (DPR) is currently 28.63%.
American Express announced that its Board of Directors has initiated a stock buyback 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 purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
AXP has been the subject of a number of analyst reports. BidaskClub raised American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Barclays PLC reiterated a “buy” rating and issued a $83.00 target price on shares of American Express in a research note on Thursday, July 20th. Guggenheim reiterated a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the company a “buy” rating in a research note on Saturday, August 19th. Finally, Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a research note on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $87.69.
In other news, insider Anre D. Williams sold 53,111 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $85.24, for a total value of $4,527,181.64. Following the sale, the insider now directly owns 79,614 shares of the company’s stock, valued at $6,786,297.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Peter Bush sold 10,230 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 959,617 shares of company stock worth $81,377,425. 0.67% of the stock is currently owned by company 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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