AE Wealth Management LLC increased its holdings in shares of American Express Company (NYSE:AXP) by 24.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,264 shares of the payment services company’s stock after acquiring an additional 3,341 shares during the period. AE Wealth Management LLC’s holdings in American Express were worth $1,562,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in AXP. BlackRock Inc. grew its holdings in 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 acquiring an additional 42,592,136 shares during the period. Veritas Asset Management LLP grew its holdings in 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 acquiring an additional 1,358,474 shares during the period. Renaissance Technologies LLC acquired a new position in American Express during the second quarter worth $101,526,000. Canada Pension Plan Investment Board grew its holdings in 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 acquiring an additional 1,077,033 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in American Express by 11,602.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 901,100 shares of the payment services company’s stock worth $75,909,000 after acquiring an additional 893,400 shares during the period. 83.35% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on AXP. Bank of America upped their target price on American Express from $102.00 to $106.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Barclays set a $93.00 target price on American Express and gave the company a “hold” rating in a report on Thursday, October 19th. Jefferies Group reissued an “in-line” rating and issued a $93.00 target price (up previously from $85.00) on shares of American Express in a report on Thursday, October 19th. Buckingham Research began coverage on American Express in a report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 target price on the stock. Finally, Zacks Investment Research raised 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. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $94.04.
American Express (NYSE:AXP) last released its earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $8.31 billion. During the same period in the prior year, the business posted $1.24 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. analysts predict that American Express Company will post 5.86 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, January 5th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, January 4th. This represents a $1.40 annualized dividend and a yield of 1.42%. American Express’s dividend payout ratio (DPR) is presently 27.03%.
In other news, insider Anre D. Williams sold 30,761 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $93.41, for a total value of $2,873,385.01. Following the transaction, the insider now directly owns 28,720 shares in the company, valued at approximately $2,682,735.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kenneth I. Chenault sold 96,440 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $97.30, for a total value of $9,383,612.00. Following the completion of the transaction, the chief executive officer now owns 1,178,333 shares in the company, valued at $114,651,800.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 440,310 shares of company stock worth $42,478,329. Company insiders own 0.67% of the company’s stock.
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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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