Veritas Asset Management LLP Has $998.60 Million Stake in American Express Company (AXP)
Veritas Asset Management LLP grew its stake in American Express Company (NYSE:AXP) by 7.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,039,153 shares of the payment services company’s stock after acquiring an additional 735,952 shares during the quarter. American Express accounts for 8.2% of Veritas Asset Management LLP’s holdings, making the stock its 2nd biggest position. Veritas Asset Management LLP owned 1.25% of American Express worth $998,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in AXP. OppenheimerFunds Inc. increased its stake in shares of American Express by 40.1% in the 1st quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock valued at $286,946,000 after acquiring an additional 1,038,328 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of American Express by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,082,718 shares of the payment services company’s stock valued at $85,654,000 after purchasing an additional 13,055 shares during the period. Wellington Management Group LLP grew its position in shares of American Express by 21.7% in the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock valued at $1,360,596,000 after purchasing an additional 3,071,573 shares during the period. Tradition Capital Management LLC grew its position in shares of American Express by 214.0% in the 1st quarter. Tradition Capital Management LLC now owns 23,014 shares of the payment services company’s stock valued at $1,820,000 after purchasing an additional 15,685 shares during the period. Finally, Probity Advisors Inc. acquired a new position in shares of American Express in the 1st quarter valued at approximately $210,000. 83.51% of the stock is owned by institutional investors.
Several equities analysts recently issued reports on the company. ValuEngine lowered American Express from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $107.00 price objective for the company in a research report on Wednesday, November 1st. Atlantic Securities upgraded American Express from an “underweight” rating to a “neutral” rating and set a $100.00 price objective for the company in a research report on Tuesday, October 24th. Credit Suisse Group reiterated an “underperform” rating and issued a $84.00 price objective (up from $79.00) on shares of American Express in a research report on Thursday, October 19th. Finally, Jefferies Group reiterated an “in-line” rating and issued a $93.00 price objective (up from $85.00) on shares of American Express in a research report on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the stock. American Express currently has a consensus rating of “Hold” and an average price target of $91.56.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.03. American Express had a return on equity of 22.73% and a net margin of 14.48%. The firm had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.31 billion. During the same quarter in the prior year, the firm posted $1.24 EPS. The business’s revenue was up 8.5% on a year-over-year basis. sell-side analysts expect that American Express Company will post 5.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, January 5th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Thursday, January 4th. American Express’s dividend payout ratio (DPR) is currently 26.97%.
In other news, insider James Peter Bush sold 10,230 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ashwini Gupta sold 90,658 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $94.71, for a total value of $8,586,219.18. Following the completion of the sale, 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. In the last three months, insiders sold 343,870 shares of company stock valued at $33,094,717. 0.67% of the stock is currently owned by insiders.
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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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