Wright Investors Service Inc. Raises Stake in American Express Company (AXP)
Wright Investors Service Inc. raised its position in American Express Company (NYSE:AXP) by 1.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 26,145 shares of the payment services company’s stock after buying an additional 250 shares during the period. Wright Investors Service Inc.’s holdings in American Express were worth $2,203,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of AXP. Parthenon LLC boosted its stake in shares of American Express by 10.4% in the second quarter. Parthenon LLC now owns 49,705 shares of the payment services company’s stock worth $4,187,000 after buying an additional 4,670 shares during the last quarter. Cornerstone Financial Partners LLC acquired a new stake in shares of American Express during the second quarter worth $401,000. Mount Vernon Associates Inc. MD boosted its stake in shares of American Express by 1.7% in the second quarter. Mount Vernon Associates Inc. MD now owns 18,375 shares of the payment services company’s stock worth $1,548,000 after buying an additional 300 shares during the last quarter. BB&T Corp boosted its stake in shares of American Express by 3.9% in the second quarter. BB&T Corp now owns 55,499 shares of the payment services company’s stock worth $4,676,000 after buying an additional 2,102 shares during the last quarter. Finally, Cape ANN Savings Bank acquired a new stake in shares of American Express during the second quarter worth $202,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.
American Express Company (NYSE AXP) traded down 0.32% on Friday, hitting $84.29. 3,078,650 shares of the stock were exchanged. The company has a 50 day moving average of $84.79 and a 200 day moving average of $80.22. The stock has a market capitalization of $74.51 billion, a P/E ratio of 17.29 and a beta of 1.18. American Express Company has a one year low of $59.50 and a one year high of $86.67.
American Express (NYSE:AXP) last announced its earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the prior year, the company posted $2.10 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. On average, equities research analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express declared that its Board of Directors 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 reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
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A number of brokerages recently weighed in on AXP. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a report on Tuesday. Sanford C. Bernstein restated 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. Jefferies Group LLC restated a “hold” rating and set a $85.00 target price on shares of American Express in a report on Saturday, July 22nd. 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. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $94.00 target price (up from $87.00) on shares of American Express in a report on Saturday, July 22nd. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. American Express currently has a consensus rating of “Hold” and a consensus price target of $84.77.
In related news, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the completion of the transaction, the chief executive officer now owns 889,836 shares in the company, valued at $75,297,922.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Marc D. Gordon sold 4,900 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total transaction of $377,202.00. The disclosure for this sale can be found here. Insiders have sold 948,287 shares of company stock valued at $80,321,961 in the last 90 days. 0.67% of the stock is currently owned by corporate insiders.
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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