Cape Cod Five Cents Savings Bank lowered its stake in American Express Company (NYSE:AXP) by 7.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,135 shares of the payment services company’s stock after selling 1,666 shares during the period. Cape Cod Five Cents Savings Bank’s holdings in American Express were worth $1,864,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of AXP. BlackRock Inc. increased its position in American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. Dodge & Cox acquired a new position in American Express during the fourth quarter valued at approximately $2,128,667,000. Norges Bank acquired a new position in American Express during the fourth quarter valued at approximately $616,804,000. Wellington Management Group LLP increased its position in American Express by 21.7% in the first 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 buying an additional 3,071,573 shares during the last quarter. Finally, Tesco Pension Investment Ltd acquired a new position in American Express during the first quarter valued at approximately $137,325,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.
American Express Company (AXP) traded down 0.32% on Friday, hitting $84.29. 3,078,650 shares of the stock were exchanged. The company has a market capitalization of $74.51 billion, a PE ratio of 17.29 and a beta of 1.18. American Express Company has a 1-year low of $59.50 and a 1-year high of $86.67. The company has a 50-day moving average price of $84.79 and a 200 day moving average price of $80.22.
American Express (NYSE:AXP) last issued its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating 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 net margin of 14.11% and a return on equity of 21.90%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 EPS. Analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its board has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Several equities research analysts have recently issued reports on the company. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Tuesday. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 price target (up from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $85.00 price target on shares of American Express in a research report on Saturday, July 22nd. Guggenheim reaffirmed a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of American Express in a research report on Saturday, July 22nd. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $94.00 price target (up from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $84.77.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were 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. Over the last quarter, insiders have sold 948,287 shares of company stock valued at $80,321,961. 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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