Private Asset Management Inc. Continues to Hold Stake in American Express Company (AXP)

Private Asset Management Inc. held its stake in shares of American Express Company (NYSE:AXP) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,000 shares of the payment services company’s stock at the close of the second quarter. Private Asset Management Inc.’s holdings in American Express were worth $1,516,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MCF Advisors LLC increased its position in American Express by 0.5% in the 1st quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after acquiring an additional 6 shares during the period. SpiderRock Advisors LLC acquired a new position in American Express in the 1st quarter valued at approximately $112,000. SRS Capital Advisors Inc. increased its position in American Express by 10.3% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock valued at $116,000 after acquiring an additional 138 shares during the period. Westside Investment Management Inc. increased its position in American Express by 36.7% in the 1st quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock valued at $119,000 after acquiring an additional 410 shares during the period. Finally, Clean Yield Group acquired a new position in American Express in the 1st quarter valued at approximately $175,000. Hedge funds and other institutional investors own 82.80% of the company’s stock.

In other American Express news, insider Paul D. Fabara sold 5,981 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which is accessible through this link. Also, CEO Kenneth I. Chenault sold 789,503 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the transaction, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. Insiders have sold a total of 949,387 shares of company stock worth $80,451,099 in the last 90 days. Company insiders own 0.67% of the company’s stock.

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American Express Company (NYSE:AXP) traded up 0.91% on Tuesday, hitting $86.47. 1,237,514 shares of the company were exchanged. American Express Company has a 52 week low of $59.50 and a 52 week high of $87.78. The company has a 50 day moving average price of $85.40 and a 200-day moving average price of $81.29. The stock has a market capitalization of $76.44 billion, a P/E ratio of 17.73 and a beta of 1.18.

American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. American Express’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.10 EPS. On average, equities analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.

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

Several equities research analysts have recently weighed in on AXP shares. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research report 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 objective for the company in a research report on Tuesday, August 29th. Instinet reiterated an “underperform” rating and set a $80.00 price objective on shares of American Express in a research report on Thursday, June 29th. Barclays PLC reiterated a “buy” rating and set a $83.00 price objective on shares of American Express in a research report on Thursday, July 20th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $84.00 price objective on shares of American Express in a research report on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $86.29.

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).

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

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