Pictet Asset Management Ltd. Raises Holdings in American Express Company (AXP)
Pictet Asset Management Ltd. grew its position in American Express Company (NYSE:AXP) by 46.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 993,099 shares of the payment services company’s stock after buying an additional 315,878 shares during the quarter. Pictet Asset Management Ltd. owned 0.11% of American Express worth $76,409,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of AXP. Hussman Strategic Advisors Inc. grew its position in shares of American Express by 48.7% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 76,300 shares of the payment services company’s stock worth $6,428,000 after buying an additional 25,000 shares in the last quarter. Goelzer Investment Management Inc. increased its stake in shares of American Express by 1.7% during the second quarter. Goelzer Investment Management Inc. now owns 64,729 shares of the payment services company’s stock valued at $5,453,000 after buying an additional 1,090 shares during the period. AT Bancorp purchased a new position in shares of American Express during the second quarter valued at $204,000. Honeywell International Inc. purchased a new position in shares of American Express during the second quarter valued at $21,060,000. Finally, Beach Investment Management LLC. purchased a new position in shares of American Express during the second quarter valued at $678,000. Institutional investors and hedge funds own 82.78% of the company’s stock.
Shares of American Express Company (AXP) opened at 90.46 on Monday. The stock has a 50 day moving average of $85.80 and a 200-day moving average of $81.62. The firm has a market cap of $79.96 billion, a price-to-earnings ratio of 18.55 and a beta of 1.21. American Express Company has a 1-year low of $59.50 and a 1-year high of $90.77.
American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. American Express’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.10 EPS. Equities analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, October 5th. This is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 1.55%. American Express’s payout ratio is currently 26.18%.
American Express announced that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in shares. This buyback authorization authorizes the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the completion of the sale, the insider now owns 261,665 shares in the company, valued at $22,348,807.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul D. Fabara sold 5,981 shares of the stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 949,387 shares of company stock worth $80,451,099. 0.67% of the stock is currently owned by company insiders.
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Several brokerages have issued reports on AXP. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Jefferies Group LLC restated a “hold” rating and issued a $85.00 price target on shares of American Express in a report on Saturday, July 22nd. Keefe, Bruyette & Woods set a $95.00 price target on shares of American Express and gave the stock a “buy” rating in a research report on Saturday, August 19th. Finally, Stephens raised shares of American Express from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $70.00 to $82.00 in a research report on Tuesday, June 20th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $86.29.
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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