Comerica Bank cut its position in shares of American Express Company (NYSE:AXP) by 2.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 193,312 shares of the payment services company’s stock after selling 4,781 shares during the quarter. Comerica Bank’s holdings in American Express were worth $16,431,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of American Express by 1.5% during 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 in the last quarter. BlackRock Inc. grew its holdings in shares of American Express by 2,686.0% during 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 in the last quarter. State Street Corp grew its holdings in shares of American Express by 1.8% during 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 in the last quarter. Wellington Management Group LLP grew its holdings in shares of American Express by 21.7% during 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 in the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in shares of American Express by 1.9% during 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. Institutional investors and hedge funds own 82.78% of the company’s stock.
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In other news, insider James Peter Bush sold 10,230 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Anre D. Williams sold 53,111 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 79,614 shares of the company’s stock, valued at $6,786,297.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 959,617 shares of company stock valued at $81,377,425. 0.67% of the stock is currently owned by corporate insiders.
Shares of American Express Company (AXP) opened at 91.89 on Wednesday. The firm has a market capitalization of $81.23 billion, a PE ratio of 18.85 and a beta of 1.21. American Express Company has a 52-week low of $59.50 and a 52-week high of $92.34. The stock has a 50 day moving average price of $87.71 and a 200-day moving average price of $82.84.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. American Express’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $2.10 earnings per share. Equities analysts forecast that American Express Company will post $5.74 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be issued a $0.35 dividend. The ex-dividend date is Thursday, October 5th. This is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a dividend yield of 1.52%. American Express’s dividend payout ratio is currently 28.63%.
American Express declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research firms recently issued reports on AXP. Wells Fargo & Company began coverage on American Express in a report on Tuesday. They set an “outperform” rating for the company. Bank of America Corporation reissued a “buy” rating and set a $102.00 price target on shares of American Express in a research report on Monday. Credit Suisse Group reissued a “sell” rating and set a $79.00 price target on shares of American Express in a research report on Wednesday, October 4th. Buckingham Research began coverage on American Express in a research report on Monday, October 2nd. They set a “neutral” rating and a $92.00 price target for the company. Finally, Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.65.
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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