Highland Capital Management LLC maintained its position in shares of American Express Company (NYSE:AXP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 and other institutional investors have also recently made changes to their positions in the company. Boltwood Capital Management boosted its position in shares of American Express by 4.7% in the first quarter. Boltwood Capital Management now owns 25,816 shares of the payment services company’s stock valued at $2,042,000 after buying an additional 1,150 shares during the last quarter. Trust Co boosted its stake in American Express by 1.6% in the fourth quarter. Trust Co now owns 43,421 shares of the payment services company’s stock valued at $3,217,000 after buying an additional 668 shares in the last quarter. Acropolis Investment Management LLC boosted its stake in American Express by 1.3% in the first quarter. Acropolis Investment Management LLC now owns 19,382 shares of the payment services company’s stock valued at $1,533,000 after buying an additional 250 shares in the last quarter. West Oak Capital LLC boosted its stake in American Express by 5.9% in the first quarter. West Oak Capital LLC now owns 18,575 shares of the payment services company’s stock valued at $1,469,000 after buying an additional 1,040 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its stake in American Express by 0.8% in the first quarter. Confluence Investment Management LLC now owns 527,909 shares of the payment services company’s stock valued at $41,763,000 after buying an additional 4,449 shares in the last quarter. Institutional investors own 83.86% of the company’s stock.
Shares of American Express Company (NYSE AXP) traded down 0.82% during trading on Friday, reaching $85.38. 4,271,186 shares of the company were exchanged. American Express Company has a one year low of $59.50 and a one year high of $87.78. The company has a 50 day moving average price of $85.23 and a 200-day moving average price of $80.55. The stock has a market capitalization of $75.47 billion, a price-to-earnings ratio of 17.51 and a beta of 1.18.
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 the Zacks’ consensus estimate of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the business earned $2.10 earnings per share. American Express’s revenue was up .9% on a year-over-year basis. Equities analysts predict that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has authorized a stock repurchase plan 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 purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
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Several research firms recently commented on AXP. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. 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. 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. Guggenheim restated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of American Express in a report on Saturday, July 22nd. Finally, 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. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have issued a buy rating to the company. American Express presently has a consensus rating of “Hold” and a consensus target price of $84.77.
In related news, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction dated 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 document filed with the SEC, which can be accessed through the SEC website. Also, insider Anre D. Williams sold 53,111 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 79,614 shares in the company, valued at $6,786,297.36. The disclosure for this sale can be found here. Insiders sold 948,287 shares of company stock worth $80,321,961 in the last 90 days. 0.67% of the stock is owned by company 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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