Independent Portfolio Consultants Inc. lifted its position in shares of American Express Company (NYSE:AXP) by 3.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,526 shares of the payment services company’s stock after purchasing an additional 392 shares during the period. Independent Portfolio Consultants Inc.’s holdings in American Express were worth $887,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Matthew Goff Investment Advisor LLC acquired a new position in American Express in the 1st quarter valued at about $2,543,000. Rothschild Asset Management Inc. grew its stake in American Express by 19.5% in the 1st quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock valued at $50,742,000 after buying an additional 104,647 shares during the last quarter. Vanguard Group Inc. grew its stake in American Express by 1.5% in the 1st 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. Trust Co. of Vermont grew its stake in American Express by 5.0% in the 1st quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock valued at $1,367,000 after buying an additional 819 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its stake in American Express by 2.6% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 5,115 shares of the payment services company’s stock valued at $405,000 after buying an additional 128 shares during the last quarter. Institutional investors own 82.80% of the company’s stock.
Shares of American Express Company (NYSE AXP) traded up 0.91% during trading on Tuesday, reaching $86.47. 1,237,514 shares of the company traded hands. The firm’s 50-day moving average is $85.40 and its 200-day moving average is $81.29. The stock has a market capitalization of $76.44 billion, a PE ratio of 17.73 and a beta of 1.18. American Express Company has a 12-month low of $59.50 and a 12-month high of $87.78.
American Express (NYSE:AXP) last posted its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. 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 business posted $2.10 EPS. The firm’s revenue was up .9% compared to the same quarter last year. On average, equities analysts predict that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
A number of brokerages recently commented on AXP. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Zacks Investment Research upgraded shares of American Express from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a research note on Tuesday, August 29th. Instinet reiterated an “underperform” rating and issued a $80.00 price target on shares of American Express in a research note on Thursday, June 29th. Barclays PLC reiterated a “buy” rating and issued a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $84.00 price target on shares of American Express in a research note on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $86.29.
In related news, insider Paul D. Fabara sold 5,981 shares of the company’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $85.88, for a total transaction of $513,648.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Susan Sobbott sold 6,000 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. Insiders have sold a total of 949,387 shares of company stock valued at $80,451,099 over the last quarter. 0.67% of the stock is currently owned by company insiders.
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American Express 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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