Los Angeles Capital Management & Equity Research Inc. lessened its stake in shares of American Express Company (NYSE:AXP) by 34.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 590,082 shares of the payment services company’s stock after selling 305,708 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned about 0.07% of American Express worth $49,709,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of AXP. BlackRock Inc. grew its holdings in American Express by 2,686.0% during the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 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 purchasing an additional 3,071,573 shares in the last quarter. Veritas Asset Management LLP grew its holdings in shares of American Express by 15.2% during the second quarter. Veritas Asset Management LLP now owns 10,303,201 shares of the payment services company’s stock worth $867,942,000 after purchasing an additional 1,358,474 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of American Express by 944,765.8% during the second quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock worth $90,739,000 after purchasing an additional 1,077,033 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in shares of American Express by 40.1% during the first quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock worth $286,946,000 after purchasing an additional 1,038,328 shares in the last quarter. 83.06% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on AXP shares. Barclays PLC reissued a “buy” rating and set a $83.00 price objective on shares of American Express in a report on Thursday, July 20th. Guggenheim reissued a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of American Express in a report on Saturday, July 22nd. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 price objective for the company in a report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $95.00 price objective on American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, Bank of America Corporation reissued a “buy” rating and set a $102.00 price objective on shares of American Express in a report on Monday, October 9th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $91.04.
In related news, insider Anre D. Williams sold 30,761 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $93.41, for a total transaction of $2,873,385.01. Following the completion of the sale, the insider now directly owns 28,720 shares of the company’s stock, valued at approximately $2,682,735.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Insiders have sold a total of 46,991 shares of company stock valued at $4,306,052 over the last three months. 0.67% of the stock is owned by corporate insiders.
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American Express Company (NYSE:AXP) opened at 95.07 on Tuesday. The stock’s 50 day moving average price is $90.64 and its 200 day moving average price is $84.37. American Express Company has a 1-year low of $65.03 and a 1-year high of $96.12. The stock has a market capitalization of $84.04 billion, a PE ratio of 19.50 and a beta of 1.21.
American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.03. American Express had a return on equity of 22.73% and a net margin of 14.48%. The firm had revenue of $8.44 billion during the quarter, compared to analyst estimates of $8.31 billion. During the same period last year, the company earned $1.24 EPS. American Express’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts predict that American Express Company will post $5.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be paid a dividend of $0.35 per share. This is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Thursday, October 5th. American Express’s dividend payout ratio (DPR) is currently 26.97%.
American Express 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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