Cornerstone Financial Partners LLC Purchases New Stake in American Express Company (NYSE:AXP)

Cornerstone Financial Partners LLC purchased a new position in American Express Company (NYSE:AXP) during the second quarter, Holdings Channel reports. The fund purchased 4,773 shares of the payment services company’s stock, valued at approximately $401,000.

Other institutional investors have also bought and sold shares of the company. Rothschild Investment Corp IL boosted its position in shares of American Express by 2.3% in the first quarter. Rothschild Investment Corp IL now owns 5,297 shares of the payment services company’s stock worth $419,000 after buying an additional 120 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of American Express by 5.0% in the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after buying an additional 819 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of American Express by 0.8% in the first quarter. LS Investment Advisors LLC now owns 25,569 shares of the payment services company’s stock worth $2,023,000 after buying an additional 206 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in shares of American Express by 2.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 5,115 shares of the payment services company’s stock worth $405,000 after buying an additional 128 shares in the last quarter. Finally, TNB Financial purchased a new position in shares of American Express during the first quarter worth about $794,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Shares of American Express Company (NYSE AXP) traded down 1.09% during trading on Thursday, hitting $84.76. The company had a trading volume of 1,392,343 shares. The stock has a market capitalization of $74.93 billion, a P/E ratio of 17.38 and a beta of 1.18. American Express Company has a 52 week low of $59.50 and a 52 week high of $86.67. The firm’s 50 day moving average is $84.67 and its 200-day moving average is $80.13.

American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. American Express had a return on equity of 24.96% and a net margin of 15.80%. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. During the same period in the prior year, the company earned $2.10 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.

American Express announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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A number of equities analysts recently issued reports on AXP shares. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $87.00 target price on shares of American Express in a report on Thursday, April 20th. Guggenheim raised American Express from a “neutral” rating to a “buy” rating and increased their price target for the company from $81.05 to $90.00 in a research report on Tuesday, April 25th. BidaskClub lowered American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. CIBC lowered their price target on American Express from $97.00 to $93.00 and set an “outperform” rating for the company in a research report on Monday, April 24th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $100.00 price target (up from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $84.77.

In other news, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total value of $377,202.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul D. Fabara sold 5,981 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $85.88, for a total value of $513,648.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 948,287 shares of company stock valued at $80,321,961. 0.67% of the stock is owned by corporate insiders.

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).

Want to see what other hedge funds are holding AXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Express Company (NYSE:AXP).

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

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