Montag & Caldwell LLC Purchases Shares of 2,400 American Express Company (AXP)
Montag & Caldwell LLC purchased a new stake in American Express Company (NYSE:AXP) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,400 shares of the payment services company’s stock, valued at approximately $202,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Biltmore Wealth Management LLC increased its position in shares of American Express by 1.3% during the second quarter. Biltmore Wealth Management LLC now owns 10,141 shares of the payment services company’s stock worth $854,000 after acquiring an additional 135 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of American Express by 38.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 113,490 shares of the payment services company’s stock worth $9,741,000 after acquiring an additional 31,414 shares in the last quarter. OLD Dominion Capital Management Inc. increased its position in shares of American Express by 2.2% during the second quarter. OLD Dominion Capital Management Inc. now owns 9,910 shares of the payment services company’s stock worth $835,000 after acquiring an additional 215 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of American Express during the second quarter worth about $284,000. Finally, Boston Partners bought a new stake in shares of American Express during the second quarter worth about $69,453,000. 82.78% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Susan Sobbott sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total value of $506,340.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the completion of the transaction, the insider now directly owns 261,665 shares in the company, valued at approximately $22,348,807.65. The disclosure for this sale can be found here. In the last three months, insiders sold 959,617 shares of company stock worth $81,377,425. 0.67% of the stock is currently owned by insiders.
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Shares of American Express Company (NYSE:AXP) opened at 91.55 on Friday. The company’s 50 day moving average is $87.34 and its 200-day moving average is $82.57. The stock has a market capitalization of $80.93 billion, a PE ratio of 18.78 and a beta of 1.21. American Express Company has a 52 week low of $59.50 and a 52 week high of $91.64.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.10 earnings per share. On average, equities analysts predict that American Express Company will post $5.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be issued a $0.35 dividend. This is an increase from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.53%. American Express’s dividend payout ratio (DPR) is presently 28.63%.
American Express declared that its board has initiated a share repurchase program 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 buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
Several equities research analysts have recently commented on the stock. Credit Suisse Group reissued a “sell” rating and set a $79.00 target price on shares of American Express in a research report on Wednesday. Buckingham Research assumed coverage on shares of American Express in a research report on Monday, October 2nd. They set a “neutral” rating and a $92.00 target price for the company. Barclays PLC reissued a “buy” rating and set a $83.00 target price on shares of American Express in a research report on Thursday, July 20th. BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. American Express currently has an average rating of “Hold” and an average target price of $86.48.
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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