New England Asset Management Inc. Acquires 3,400 Shares of American Express (NYSE:AXP)

New England Asset Management Inc. boosted its holdings in shares of American Express (NYSE:AXP) by 18.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,307 shares of the payment services company’s stock after acquiring an additional 3,400 shares during the period. New England Asset Management Inc.’s holdings in American Express were worth $2,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of AXP. HMS Capital Management LLC acquired a new position in shares of American Express during the 2nd quarter worth about $37,000. Edge Wealth Management LLC grew its position in American Express by 140.3% during the 2nd quarter. Edge Wealth Management LLC now owns 370 shares of the payment services company’s stock worth $46,000 after acquiring an additional 216 shares during the last quarter. Virtus ETF Advisers LLC bought a new stake in American Express during the 2nd quarter worth approximately $48,000. Manchester Financial Inc. bought a new stake in American Express during the 2nd quarter worth approximately $59,000. Finally, Coastal Capital Group Inc. bought a new position in American Express in the 2nd quarter valued at $60,000. Institutional investors own 83.85% of the company’s stock.

AXP traded down $0.99 on Friday, hitting $116.80. 4,379,689 shares of the company’s stock were exchanged, compared to its average volume of 3,496,891. American Express has a fifty-two week low of $89.05 and a fifty-two week high of $129.34. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 2.50. The firm has a 50-day moving average price of $121.14 and a 200-day moving average price of $118.80. The stock has a market cap of $98.52 billion, a price-to-earnings ratio of 15.93, a P/E/G ratio of 1.43 and a beta of 1.06.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, July 19th. The payment services company reported $2.07 EPS for the quarter, topping the consensus estimate of $2.05 by $0.02. The business had revenue of $10.84 billion for the quarter, compared to analyst estimates of $10.82 billion. American Express had a return on equity of 29.75% and a net margin of 16.60%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.84 EPS. On average, equities analysts predict that American Express will post 8.14 EPS for the current year.

In other American Express news, insider Paul D. Fabara sold 15,455 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $127.06, for a total value of $1,963,712.30. Following the completion of the sale, the insider now owns 35,931 shares in the company, valued at $4,565,392.86. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Stephen J. Squeri sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $118.33, for a total value of $1,774,950.00. Following the completion of the sale, the chief executive officer now owns 199,609 shares of the company’s stock, valued at approximately $23,619,732.97. The disclosure for this sale can be found here. Insiders sold 37,500 shares of company stock valued at $4,618,653 over the last ninety days. 0.21% of the stock is currently owned by corporate insiders.

A number of equities analysts have issued reports on AXP shares. Royal Bank of Canada increased their target price on American Express from $120.00 to $125.00 and gave the stock a “sector perform” rating in a report on Monday, July 22nd. They noted that the move was a valuation call. JPMorgan Chase & Co. reduced their price objective on shares of American Express from $135.00 to $132.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. Bank of America initiated coverage on shares of American Express in a report on Wednesday, June 19th. They issued a “buy” rating and a $145.00 target price on the stock. BMO Capital Markets boosted their target price on shares of American Express to $119.00 and gave the company a “market perform” rating in a report on Monday, July 22nd. Finally, Jefferies Financial Group set a $130.00 target price on shares of American Express and gave the company a “hold” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $124.49.

About American Express

American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services to consumers and businesses worldwide. It operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.

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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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