Oppenheimer Asset Management Inc. Acquires Shares of 30,646 American Express Company (AXP)

Oppenheimer Asset Management Inc. acquired a new stake in shares of American Express Company (NYSE:AXP) during the first quarter, Holdings Channel reports. The institutional investor acquired 30,646 shares of the payment services company’s stock, valued at approximately $2,421,000.

Several other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after buying an additional 722,235 shares during the last quarter. BlackRock Inc. increased its stake in shares of American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of American Express by 21.7% in the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock valued at $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. First Eagle Investment Management LLC increased its stake in shares of American Express by 1.9% in the first quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock valued at $1,284,689,000 after buying an additional 305,651 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of American Express by 2.3% in the first quarter. Fisher Asset Management LLC now owns 10,879,001 shares of the payment services company’s stock valued at $860,638,000 after buying an additional 248,731 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

American Express Company (AXP) traded down 0.77% during trading on Thursday, hitting $85.03. 644,909 shares of the company were exchanged. The company has a market capitalization of $75.16 billion, a price-to-earnings ratio of 17.44 and a beta of 1.18. The stock’s 50-day moving average is $84.67 and its 200-day moving average is $80.13. American Express Company has a 12 month low of $59.50 and a 12 month high of $86.67.

American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. American Express had a net margin of 15.80% and a return on equity of 24.96%. The firm had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same period last year, the business earned $2.10 earnings per share. American Express’s revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that American Express Company will post $5.74 earnings per share for the current year.

American Express announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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AXP has been the topic of several recent analyst reports. Jefferies Group LLC restated a “hold” rating and set a $85.00 price objective on shares of American Express in a research report on Saturday, July 22nd. Sanford C. Bernstein restated an “outperform” rating and set a $100.00 price objective (up from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Guggenheim upgraded shares of American Express from a “neutral” rating to a “buy” rating and raised their price objective for the company from $81.05 to $90.00 in a research report on Tuesday, April 25th. Credit Suisse Group restated a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. Finally, Nomura upgraded shares of American Express from a “reduce” rating to a “neutral” rating and raised their price objective for the company from $63.00 to $78.00 in a research report on Thursday, April 27th. Four investment 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’s stock. American Express presently has a consensus rating of “Hold” and an average price target of $84.77.

In related news, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total transaction of $377,202.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the sale, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 948,287 shares of company stock valued at $80,321,961. 0.67% of the stock is 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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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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