Whittier Trust Co. lowered its stake in American Express Co. (NYSE:AXP) by 7.4% during the second quarter, Holdings Channel reports. The firm owned 86,880 shares of the payment services company’s stock after selling 6,933 shares during the period. Whittier Trust Co.’s holdings in American Express were worth $5,279,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the company. Prudential Financial Inc. raised its stake in American Express by 1.7% in the first quarter. Prudential Financial Inc. now owns 1,068,636 shares of the payment services company’s stock valued at $65,613,000 after buying an additional 17,500 shares during the period. Teachers Advisors Inc. increased its stake in shares of American Express by 12.6% in the first quarter. Teachers Advisors Inc. now owns 1,701,671 shares of the payment services company’s stock valued at $104,483,000 after buying an additional 191,083 shares in the last quarter. Ngam Advisors L.P. increased its stake in shares of American Express by 13.9% in the first quarter. Ngam Advisors L.P. now owns 348,059 shares of the payment services company’s stock valued at $21,372,000 after buying an additional 42,456 shares in the last quarter. Dubuque Bank & Trust Co. increased its stake in shares of American Express by 36.5% in the first quarter. Dubuque Bank & Trust Co. now owns 63,048 shares of the payment services company’s stock valued at $3,871,000 after buying an additional 16,866 shares in the last quarter. Finally, Ayalon Holdings Ltd. increased its stake in shares of American Express by 39.0% in the first quarter. Ayalon Holdings Ltd. now owns 20,155 shares of the payment services company’s stock valued at $1,231,000 after buying an additional 5,655 shares in the last quarter. 82.18% of the stock is currently owned by institutional investors.
American Express Co. (NYSE:AXP) traded down 0.29% on Friday, hitting $61.76. The stock had a trading volume of 4,217,375 shares. American Express Co. has a 1-year low of $50.27 and a 1-year high of $77.61. The stock has a 50 day moving average price of $64.52 and a 200 day moving average price of $63.61. The company has a market cap of $57.05 billion, a P/E ratio of 10.93 and a beta of 1.24.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 20th. The payment services company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.15. American Express had a return on equity of 28.00% and a net margin of 16.73%. The firm had revenue of $8.20 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the prior year, the business earned $1.42 EPS. The business’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities research analysts expect that American Express Co. will post $5.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, October 7th will be issued a dividend of $0.32 per share. This is an increase from American Express’s previous quarterly dividend of $0.29. The ex-dividend date is Wednesday, October 5th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.07%. American Express’s dividend payout ratio is 22.54%.
Several brokerages recently weighed in on AXP. Nomura downgraded American Express from a “neutral” rating to a “reduce” rating and dropped their price objective for the stock from $62.00 to $56.00 in a research report on Thursday. Credit Suisse Group AG restated a “sell” rating and set a $62.00 price objective on shares of American Express in a research report on Friday, September 16th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $74.00 price objective on shares of American Express in a research report on Monday, September 12th. Atlantic Securities began coverage on American Express in a research report on Friday, September 9th. They set an “underweight” rating and a $62.00 price objective for the company. Finally, Piper Jaffray Cos. restated a “hold” rating and set a $71.00 price objective on shares of American Express in a research report on Wednesday, September 7th. Eight research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. American Express presently has an average rating of “Hold” and an average target price of $68.46.
About American Express
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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