Gamco Investors INC. ET AL decreased its stake in American Express Company (NYSE:AXP) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,429,398 shares of the payment services company’s stock after selling 35,508 shares during the quarter. American Express makes up about 1.3% of Gamco Investors INC. ET AL’s holdings, making the stock its 7th biggest position. Gamco Investors INC. ET AL owned approximately 0.27% of American Express worth $204,652,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the business. MCF Advisors LLC lifted its position in American Express by 0.3% in the 2nd quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock worth $108,000 after buying an additional 4 shares in the last quarter. Appleton Partners Inc. MA lifted its position in American Express by 0.3% in the 2nd quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock worth $224,000 after buying an additional 8 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its position in American Express by 0.4% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,652 shares of the payment services company’s stock worth $223,000 after buying an additional 11 shares in the last quarter. Bath Savings Trust Co lifted its position in American Express by 0.3% in the 2nd quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock worth $369,000 after buying an additional 14 shares in the last quarter. Finally, Accredited Investors Inc. lifted its position in American Express by 0.5% in the 1st quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock worth $251,000 after buying an additional 15 shares in the last quarter. Institutional investors own 82.78% of the company’s stock.
In other news, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $513,648.28. The disclosure for this sale can be found here. Insiders sold 959,617 shares of company stock worth $81,377,425 over the last three months. Insiders own 0.67% of the company’s stock.
Shares of American Express Company (NYSE AXP) opened at 91.96 on Thursday. The firm has a market capitalization of $81.29 billion, a price-to-earnings ratio of 18.86 and a beta of 1.21. American Express Company has a 52-week low of $59.50 and a 52-week high of $92.65. The firm has a 50-day moving average of $87.90 and a 200 day moving average of $82.90.
American Express (NYSE:AXP) last issued its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The company’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.10 earnings per share. Analysts predict that American Express Company will post $5.74 EPS for the current year.
American Express declared that its board has approved a stock buyback 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 repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be given 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 presently 28.63%.
A number of equities research analysts have issued reports on the stock. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Buckingham Research assumed coverage on shares of American Express in a research report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 target price for the company. Zacks Investment Research upgraded shares of American Express from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a research report on Tuesday, August 29th. Instinet reiterated an “underperform” rating and issued a $80.00 target price on shares of American Express in a research report on Thursday, June 29th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $102.00 target price on shares of American Express in a research report on Monday. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the company. American Express presently has an average rating of “Hold” and a consensus price target of $87.69.
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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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