Summit Global Investments Increases Stake in American Express Company (AXP)
Summit Global Investments lifted its holdings in American Express Company (NYSE:AXP) by 3.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,623 shares of the payment services company’s stock after purchasing an additional 2,032 shares during the quarter. American Express accounts for approximately 1.8% of Summit Global Investments’ investment portfolio, making the stock its 12th biggest holding. Summit Global Investments’ holdings in American Express were worth $5,865,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. Riverhead Capital Management LLC lifted its position in shares of American Express by 2.5% in the second quarter. Riverhead Capital Management LLC now owns 24,131 shares of the payment services company’s stock worth $2,033,000 after purchasing an additional 591 shares in the last quarter. Dai Ichi Life Insurance Company Ltd lifted its position in shares of American Express by 3.5% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 44,162 shares of the payment services company’s stock worth $3,720,000 after purchasing an additional 1,473 shares in the last quarter. Holowesko Partners Ltd. lifted its position in shares of American Express by 105.7% in the second quarter. Holowesko Partners Ltd. now owns 1,485,000 shares of the payment services company’s stock worth $125,096,000 after purchasing an additional 763,000 shares in the last quarter. Regal Investment Advisors LLC bought a new stake in shares of American Express in the second quarter worth $2,208,000. Finally, White Pine Capital LLC acquired a new position in American Express during the second quarter worth $336,000. 84.66% of the stock is currently owned by institutional investors and hedge funds.
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In other news, EVP Linda Zukauckas sold 3,196 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $95.42, for a total value of $304,962.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ashwini Gupta sold 90,658 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $94.71, for a total transaction of $8,586,219.18. Following the completion of the transaction, the insider now directly owns 289,996 shares of the company’s stock, valued at approximately $27,465,521.16. The disclosure for this sale can be found here. Insiders have sold 140,845 shares of company stock valued at $13,197,233 in the last ninety days. 0.67% of the stock is currently owned by company insiders.
AXP has been the topic of a number of recent analyst reports. Barclays PLC restated a “buy” rating and set a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Guggenheim restated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of American Express in a report on Saturday, July 22nd. Zacks Investment Research upgraded shares of American Express from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $95.00 target price on shares of American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, Bank of America Corporation restated a “buy” rating and set 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, sixteen have given a hold rating and fourteen have assigned a buy rating to the company. American Express currently has an average rating of “Hold” and a consensus target price of $91.56.
Shares of American Express Company (NYSE AXP) opened at $96.43 on Monday. American Express Company has a 52-week low of $65.03 and a 52-week high of $96.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market cap of $83,700.88, a PE ratio of 18.47, a P/E/G ratio of 1.61 and a beta of 1.22.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.03. American Express had a net margin of 14.48% and a return on equity of 22.73%. The business had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.31 billion. During the same quarter in the prior year, the business posted $1.24 earnings per share. American Express’s revenue was up 8.5% compared to the same quarter last year. analysts expect that American Express Company will post 5.85 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be given a dividend of $0.35 per share. 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. This represents a $1.40 annualized dividend and a yield of 1.45%. American Express’s dividend payout ratio is currently 26.97%.
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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