Modera Wealth 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. The institutional investor owned 12,873 shares of the payment services company’s stock at the end of the second quarter. Modera Wealth Management LLC’s holdings in American Express were worth $1,084,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. 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 purchasing an additional 722,235 shares during 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 purchasing an additional 42,592,136 shares during 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 purchasing an additional 731,315 shares during 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 during the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in shares of American Express by 0.6% during the second quarter. First Eagle Investment Management LLC now owns 16,342,822 shares of the payment services company’s stock worth $1,376,719,000 after purchasing an additional 103,546 shares during the last quarter. Hedge funds and other institutional investors own 83.06% of the company’s stock.
American Express (NYSE:AXP) last announced its earnings results on Wednesday, October 18th. The payment services company reported $1.50 EPS for the quarter, beating the 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 company had revenue of $8.44 billion for the quarter, compared to analyst estimates of $8.31 billion. During the same quarter in the prior year, the company earned $1.24 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year.
The firm 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 dividend of $0.35 per share. This is a positive change from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.46%. American Express’s dividend payout ratio is presently 26.97%.
AXP has been the topic of several research analyst reports. Barclays PLC restated a “buy” rating and set a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Guggenheim restated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of American Express in a report on Saturday, July 22nd. Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, Bank of America Corporation restated a “buy” rating and set a $102.00 target price on shares of American Express in a report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the company. American Express presently has a consensus rating of “Hold” and a consensus price target of $91.56.
In related news, insider Susan Sobbott sold 6,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Peter Bush sold 10,230 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were 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. In the last 90 days, insiders have sold 140,845 shares of company stock worth $13,197,233. 0.67% of the stock is owned by corporate insiders.
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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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