Highland Capital Management LLC maintained its stake in shares of American Express Company (NYSE:AXP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,050 shares of the payment services company’s stock at the end of the second quarter. Highland Capital Management LLC’s holdings in American Express were worth $594,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. SeaBridge Investment Advisors LLC bought a new stake in shares of American Express during the first quarter valued at approximately $100,000. MCF Advisors LLC boosted its stake in shares of American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after buying an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in shares of 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 valued at $109,000 after buying an additional 300 shares during the last quarter. SpiderRock Advisors LLC bought a new stake in shares of American Express during the first quarter valued at approximately $112,000. Finally, SRS Capital Advisors Inc. boosted its stake in shares of 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 valued at $116,000 after buying an additional 138 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.
Shares of American Express Company (AXP) traded down 0.32% during midday trading on Friday, hitting $84.29. The stock had a trading volume of 3,078,650 shares. 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 PE ratio of 17.29 and a beta of 1.18. The stock’s 50-day moving average is $84.79 and its 200-day moving average is $80.22.
American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.10 earnings per share. Equities analysts anticipate that American Express Company will post $5.74 EPS for the current year.
American Express announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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A number of research firms have issued reports on AXP. BidaskClub cut American Express from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $94.00 price target (up from $87.00) on shares of American Express in a report on Saturday, July 22nd. Jefferies Group LLC restated a “hold” rating and set a $85.00 price target on shares of American Express in a report on Saturday, July 22nd. 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 report on Saturday, July 22nd. Finally, Instinet restated an “underperform” rating and set a $80.00 price target on shares of American Express in a report on Thursday, June 29th. Four 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. The company currently has an average rating of “Hold” and an average target price of $84.77.
In related news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $84.62, for a total value of $66,807,743.86. Following the transaction, the chief executive officer now directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 948,287 shares of company stock valued at $80,321,961. Corporate insiders own 0.67% of the company’s stock.
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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