BTIM Corp. cut its position in American Express Company (NYSE:AXP) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 538,045 shares of the payment services company’s stock after selling 9,615 shares during the period. BTIM Corp. owned approximately 0.06% of American Express worth $45,325,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. SeaBridge Investment Advisors LLC bought a new position in American Express during the first quarter worth about $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 during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA increased its position in American Express by 30.4% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock worth $109,000 after buying an additional 300 shares during the last quarter. SpiderRock Advisors LLC bought a new position in American Express during the first quarter worth about $112,000. Finally, SRS Capital Advisors Inc. increased its position in American Express by 10.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after buying an additional 138 shares during the last quarter. 83.81% of the stock is owned by institutional investors.
Shares of American Express Company (NYSE:AXP) traded down 0.32% during mid-day trading on Friday, hitting $84.29. 3,078,650 shares of the stock traded hands. The firm has a 50 day moving average of $84.79 and a 200 day moving average of $80.22. American Express Company has a 12 month low of $59.50 and a 12 month high of $86.67. The stock has a market cap of $74.51 billion, a price-to-earnings ratio of 17.29 and a beta of 1.18.
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 Zacks’ 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 firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the prior year, the firm posted $2.10 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. On average, equities analysts expect that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in shares. This buyback authorization authorizes the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
A number of equities analysts recently issued reports on AXP shares. Guggenheim raised shares of American Express from a “neutral” rating to a “buy” rating and increased their price target for the stock from $81.05 to $90.00 in a research note on Tuesday, April 25th. BidaskClub raised shares of American Express from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Barclays PLC reissued a “buy” rating and issued a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. Stephens raised shares of American Express from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $70.00 to $82.00 in a research note on Tuesday, June 20th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $85.00 target price on shares of American Express in a research note on Friday, April 28th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the company. American Express presently has a consensus rating of “Hold” and a consensus target price of $84.77.
In other American Express news, insider Anre D. Williams sold 53,111 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the completion of the transaction, the insider now directly owns 79,614 shares in the company, valued at $6,786,297.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the transaction, the insider now owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The disclosure for this sale can be found here. Insiders have sold 948,287 shares of company stock worth $80,321,961 over the last three months. 0.67% of the stock is currently owned by 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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