Parametric Portfolio Associates LLC boosted its holdings in American Express Company (NYSE:AXP) by 7.7% in the third quarter, HoldingsChannel reports. The firm owned 2,155,226 shares of the payment services company’s stock after buying an additional 154,228 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in American Express were worth $194,962,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Institutional & Family Asset Management LLC boosted its holdings in American Express by 58.5% in the third quarter. Institutional & Family Asset Management LLC now owns 6,439 shares of the payment services company’s stock valued at $582,000 after purchasing an additional 2,376 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of American Express in the third quarter valued at approximately $3,886,000. Visionary Asset Management Inc. acquired a new stake in shares of American Express in the third quarter valued at approximately $230,000. Public Employees Retirement System of Ohio boosted its holdings in shares of American Express by 0.8% in the third quarter. Public Employees Retirement System of Ohio now owns 515,896 shares of the payment services company’s stock valued at $46,668,000 after acquiring an additional 4,285 shares during the period. Finally, Independent Advisor Alliance acquired a new stake in shares of American Express in the third quarter valued at approximately $563,000. 83.35% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on AXP. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays set a $119.00 price objective on American Express and gave the company an “equal weight” rating in a report on Thursday. BMO Capital Markets reissued a “hold” rating and issued a $103.00 price objective on shares of American Express in a report on Monday. Wells Fargo & Co reissued an “outperform” rating and issued a $115.00 price objective (up from $105.00) on shares of American Express in a report on Tuesday. Finally, Stephens set a $97.00 price objective on American Express and gave the company a “hold” rating in a report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $98.96.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 EPS 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 business had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.31 billion. During the same quarter in the prior year, the business earned $1.24 earnings per share. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. research analysts forecast that American Express Company will post 5.86 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, January 5th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, January 4th. American Express’s payout ratio is 27.03%.
In other American Express news, EVP Linda Zukauckas sold 3,196 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $95.42, for a total value of $304,962.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anre D. Williams sold 30,761 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 28,720 shares of the company’s stock, valued at approximately $2,682,735.20. The disclosure for this sale can be found here. Insiders sold 442,869 shares of company stock valued at $42,823,869 in the last quarter. 0.67% of the stock is currently owned by company insiders.
American Express Company 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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