Chartwell Investment Partners LLC decreased its stake in shares of American Express Company (NYSE:AXP) by 19.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 41,500 shares of the payment services company’s stock after selling 10,000 shares during the period. Chartwell Investment Partners LLC’s holdings in American Express were worth $3,496,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in American Express by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after acquiring an additional 722,235 shares during the last quarter. BlackRock Inc. increased its stake in American Express by 2,686.0% in the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after acquiring an additional 42,592,136 shares during the last quarter. State Street Corp increased its stake in American Express by 1.8% in the 1st quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after acquiring an additional 731,315 shares during the last quarter. Wellington Management Group LLP increased its stake in American Express by 21.7% in the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after acquiring an additional 3,071,573 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its stake in American Express by 1.9% in the 1st 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 acquiring an additional 305,651 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors and hedge funds.
Shares of American Express Company (NYSE:AXP) opened at 91.61 on Friday. American Express Company has a one year low of $59.78 and a one year high of $92.65. The company has a market cap of $80.98 billion, a price-to-earnings ratio of 18.79 and a beta of 1.21. The company has a 50 day moving average price of $88.08 and a 200 day moving average price of $82.96.
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. American Express had a return on equity of 21.90% and a net margin of 14.11%. The firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the prior year, the firm earned $2.10 EPS. The firm’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.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.53%. This is an increase from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. American Express’s dividend payout ratio is presently 28.63%.
American Express announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in outstanding shares. This buyback authorization authorizes the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other American Express news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the sale, the insider now directly owns 79,614 shares of the company’s stock, valued at approximately $6,786,297.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Peter Bush sold 10,230 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 959,617 shares of company stock worth $81,377,425. 0.67% of the stock is owned by insiders.
A number of equities analysts have weighed in on the company. Buckingham Research assumed coverage on American Express in a research note on Monday, October 2nd. They issued a “neutral” rating and a $92.00 target price on the stock. Compass Point lowered American Express from a “buy” rating to a “neutral” rating in a research note on Thursday. They noted that the move was a valuation call. Credit Suisse Group restated a “sell” rating and issued a $79.00 target price on shares of American Express in a research note on Wednesday, October 4th. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the stock a “buy” rating in a research note on Saturday, August 19th. Finally, BidaskClub lowered American Express from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $87.69.
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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