Neuberger Berman Group LLC lowered its stake in American Express Company (NYSE:AXP) by 16.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,981,425 shares of the payment services company’s stock after selling 403,417 shares during the period. Neuberger Berman Group LLC’s holdings in American Express were worth $156,751,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. SeaBridge Investment Advisors LLC bought a new position in shares of American Express during the first quarter valued at $100,000. MCF Advisors LLC increased its position in American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after buying an additional 6 shares in the last quarter. SpiderRock Advisors LLC bought a new position in American Express during the first quarter worth $112,000. Clean Yield Group bought a new position in American Express during the first quarter worth $175,000. Finally, RB Capital Management LLC acquired a new position in shares of American Express during the first quarter worth approximately $201,000. Institutional investors own 83.81% of the company’s stock.
Shares of American Express Company (NYSE AXP) traded down 0.32% during mid-day trading on Friday, reaching $84.29. 3,078,650 shares of the company’s stock traded hands. The company has a market cap of $74.51 billion, a price-to-earnings ratio of 17.29 and a beta of 1.18. The company has a 50 day moving average of $84.73 and a 200 day moving average of $80.16. American Express Company has a 12 month low of $59.50 and a 12 month high of $86.67.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. American Express’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.10 earnings per share. Analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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AXP has been the subject of several recent analyst reports. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $87.00 price objective on shares of American Express in a report on Thursday, April 20th. Guggenheim raised shares of American Express from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $81.05 to $90.00 in a report on Tuesday, April 25th. BidaskClub lowered shares of American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. CIBC decreased their price target on shares of American Express from $97.00 to $93.00 and set an “outperform” rating for the company in a report on Monday, April 24th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $100.00 price target (up from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have given a buy rating to the stock. American Express currently has a consensus rating of “Hold” and an average price target of $84.77.
In other news, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total value of $377,202.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anre D. Williams sold 53,111 shares of American Express stock in a transaction on Monday, July 31st. The shares were sold at an average price of $85.24, for a total value of $4,527,181.64. Following the transaction, the insider now owns 79,614 shares of the company’s stock, valued at approximately $6,786,297.36. The disclosure for this sale can be found here. Insiders have sold a total of 948,287 shares of company stock valued at $80,321,961 in the last quarter. 0.67% of the stock is 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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