RFG Advisory Group LLC Raises Holdings in American Express Company (AXP)
RFG Advisory Group LLC raised its position in American Express Company (NYSE:AXP) by 97.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,085 shares of the payment services company’s stock after buying an additional 5,472 shares during the quarter. RFG Advisory Group LLC’s holdings in American Express were worth $939,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MCF Advisors LLC lifted its stake in American Express by 0.3% in the second quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock valued at $108,000 after buying an additional 4 shares during the last quarter. Appleton Partners Inc. MA lifted its stake in American Express by 0.3% in the second quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock valued at $224,000 after buying an additional 8 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its stake in American Express by 0.4% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,652 shares of the payment services company’s stock valued at $223,000 after buying an additional 11 shares during the last quarter. Bath Savings Trust Co lifted its stake in American Express by 0.3% in the second quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock valued at $369,000 after buying an additional 14 shares during the last quarter. Finally, Accredited Investors Inc. lifted its stake in American Express by 0.5% in the first quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock valued at $251,000 after buying an additional 15 shares during the last quarter. Institutional investors own 82.77% of the company’s stock.
In related news, Vice Chairman Stephen J. Squeri sold 94,792 shares of American Express stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total value of $8,096,184.72. Following the transaction, the insider now directly owns 261,665 shares in the company, valued at approximately $22,348,807.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Insiders sold a total of 959,617 shares of company stock worth $81,377,425 over the last 90 days. Insiders own 0.67% of the company’s stock.
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Shares of American Express Company (NYSE:AXP) opened at 91.69 on Wednesday. The stock has a 50 day moving average price of $88.38 and a 200 day moving average price of $83.14. American Express Company has a 12 month low of $59.78 and a 12 month high of $92.92. The stock has a market capitalization of $81.05 billion, a P/E ratio of 18.80 and a beta of 1.21.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.10 EPS. On average, analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.
The business also recently announced 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 represents a $1.40 dividend on an annualized basis and a dividend yield of 1.53%. This is a boost from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. American Express’s payout ratio is presently 28.63%.
American Express declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization authorizes the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have weighed in on the company. Compass Point cut American Express from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. They noted that the move was a valuation call. Buckingham Research started coverage on American Express in a report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 target price on the stock. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the company a “buy” rating in a report on Saturday, August 19th. BidaskClub lowered American Express from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Bank of America Corporation reissued a “buy” rating and issued a $102.00 target price on shares of American Express in a report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the company. American Express has a consensus rating of “Hold” and an average price target of $87.69.
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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