BTIM Corp. reduced its position in shares of American Express Company (NYSE:AXP) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 538,045 shares of the payment services company’s stock after selling 9,615 shares during the period. BTIM Corp. owned about 0.06% of American Express worth $45,325,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after buying an additional 722,235 shares during the last quarter. BlackRock Inc. raised its stake in shares of 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 worth $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. State Street Corp raised its stake in shares of American Express by 1.8% in the first quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after buying an additional 731,315 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of 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 worth $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its stake in shares of American Express by 1.9% in the first quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock worth $1,284,689,000 after buying an additional 305,651 shares in the last quarter. 83.86% of the stock is currently owned by institutional investors.
Shares of American Express Company (NYSE AXP) opened at 85.38 on Friday. The firm has a 50-day moving average of $85.23 and a 200-day moving average of $80.55. American Express Company has a 52-week low of $59.50 and a 52-week high of $87.78. The company has a market cap of $75.47 billion, a P/E ratio of 17.51 and a beta of 1.18.
American Express (NYSE:AXP) last posted its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share 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 business had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same period in the prior year, the company posted $2.10 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts forecast that American Express Company will post $5.74 earnings per share for the current year.
American Express declared that its board has initiated a share buyback plan on Wednesday, June 28th that permits the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization permits the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
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A number of analysts have commented on the company. Piper Jaffray Companies reissued a “neutral” rating and set a $83.00 price objective (up from $82.00) on shares of American Express in a report on Saturday, April 22nd. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Instinet reaffirmed an “underperform” rating and issued a $80.00 target price on shares of American Express in a report on Thursday, June 29th. Barclays PLC reaffirmed a “buy” rating and issued a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $84.00 price objective on shares of American Express in a research note on Thursday, June 1st. Four investment 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 has a consensus rating of “Hold” and an average price target of $84.77.
In related news, insider Paul D. Fabara sold 5,981 shares of the stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $85.88, for a total value of $513,648.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Marc D. Gordon sold 4,900 shares of the 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 three months, insiders sold 948,287 shares of company stock worth $80,321,961. 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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