Selway Asset Management Maintains Holdings in American Express Company (AXP)
Selway Asset Management maintained its stake in American Express Company (NYSE:AXP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,850 shares of the payment services company’s stock at the end of the 2nd quarter. Selway Asset Management’s holdings in American Express were worth $1,419,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of American Express by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after purchasing an additional 722,235 shares in the last quarter. BlackRock Inc. increased its holdings in shares of American Express by 2,686.0% during the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after acquiring an additional 42,592,136 shares during the last quarter. State Street Corp increased its holdings in shares of American Express by 1.8% during the 1st quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after acquiring an additional 731,315 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of American Express by 21.7% during the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after acquiring an additional 3,071,573 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its holdings in shares of American Express by 1.9% during the 1st quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock worth $1,284,689,000 after acquiring an additional 305,651 shares during the last quarter. Institutional investors own 82.77% of the company’s stock.
A number of research analysts recently weighed in on the company. Barclays PLC reissued a “buy” rating and set a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Credit Suisse Group reissued a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research lowered American Express from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $100.00 target price (up from $99.00) on shares of American Express in a report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $86.29.
Shares of American Express Company (AXP) opened at 88.40 on Monday. The company has a market capitalization of $78.14 billion, a P/E ratio of 18.13 and a beta of 1.18. The company’s 50 day moving average price is $85.80 and its 200 day moving average price is $81.62. American Express Company has a 12 month low of $59.50 and a 12 month high of $89.38.
American Express (NYSE:AXP) last announced its quarterly 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. The company had revenue of $8.31 billion during 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 firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.10 earnings per share. Analysts expect that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, insider Paul D. Fabara sold 5,981 shares of the business’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction dated 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. Over the last quarter, insiders sold 949,387 shares of company stock valued at $80,451,099. 0.67% of the stock is 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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