Lowe Brockenbrough & Co. Inc. Acquires 314 Shares of American Express Company (NYSE:AXP)
Lowe Brockenbrough & Co. Inc. raised its position in American Express Company (NYSE:AXP) by 2.1% during the first quarter, Holdings Channel reports. The institutional investor owned 15,454 shares of the payment services company’s stock after buying an additional 314 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in American Express were worth $1,223,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Rothschild Investment Corp IL boosted its position in shares of American Express by 2.3% in the first quarter. Rothschild Investment Corp IL now owns 5,297 shares of the payment services company’s stock worth $419,000 after buying an additional 120 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of American Express by 5.0% in the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after buying an additional 819 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in shares of American Express by 2.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 5,115 shares of the payment services company’s stock worth $405,000 after buying an additional 128 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of American Express by 0.8% in the first quarter. LS Investment Advisors LLC now owns 25,569 shares of the payment services company’s stock worth $2,023,000 after buying an additional 206 shares in the last quarter. Finally, TNB Financial acquired a new position in shares of American Express during the first quarter worth about $794,000. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
American Express Company (NYSE AXP) traded up 1.32% on Monday, hitting $85.40. 527,757 shares of the stock were exchanged. The company has a 50 day moving average of $84.79 and a 200 day moving average of $80.22. The stock has a market capitalization of $75.49 billion, a P/E ratio of 17.51 and a beta of 1.18. American Express Company has a one year low of $59.50 and a one year high of $86.67.
American Express (NYSE:AXP) last announced its earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the prior year, the company posted $2.10 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. On average, equities research analysts forecast 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 approved 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 buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several brokerages have commented on AXP. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $87.00 price target on shares of American Express in a research note on Thursday, April 20th. Guggenheim upgraded shares of American Express from a “neutral” rating to a “buy” rating and raised their price target for the company from $81.05 to $90.00 in a research note on Tuesday, April 25th. BidaskClub lowered shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. CIBC dropped their price target on shares of American Express from $97.00 to $93.00 and set an “outperform” rating on the stock in a research note on Monday, April 24th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $100.00 price target (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $84.77.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the 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 sale, the chief executive officer now owns 889,836 shares in the company, valued at $75,297,922.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Marc D. Gordon sold 4,900 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total transaction of $377,202.00. The disclosure for this sale can be found here. Insiders have sold 948,287 shares of company stock valued at $80,321,961 in the last 90 days. 0.67% of the stock is currently owned by corporate insiders.
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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