Union Bankshares Corp Sells 108 Shares of American Express Company (AXP)

Union Bankshares Corp cut its stake in shares of American Express Company (NYSE:AXP) by 0.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,595 shares of the payment services company’s stock after selling 108 shares during the quarter. American Express accounts for approximately 1.5% of Union Bankshares Corp’s holdings, making the stock its 29th biggest position. Union Bankshares Corp’s holdings in American Express were worth $4,347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Bank of The West acquired a new stake in shares of American Express during the second quarter worth $279,000. NN Investment Partners Holdings N.V. lifted its holdings in shares of American Express by 3.9% during the second quarter. NN Investment Partners Holdings N.V. now owns 74,447 shares of the payment services company’s stock worth $6,272,000 after purchasing an additional 2,777 shares during the period. Pennsylvania Trust Co lifted its holdings in shares of American Express by 60.9% during the second quarter. Pennsylvania Trust Co now owns 89,578 shares of the payment services company’s stock worth $7,553,000 after purchasing an additional 33,910 shares during the period. Narwhal Capital Management lifted its holdings in shares of American Express by 30.5% during the second quarter. Narwhal Capital Management now owns 37,950 shares of the payment services company’s stock worth $3,197,000 after purchasing an additional 8,860 shares during the period. Finally, Gateway Investment Advisers LLC lifted its holdings in shares of American Express by 8.6% during the second quarter. Gateway Investment Advisers LLC now owns 556,421 shares of the payment services company’s stock worth $46,873,000 after purchasing an additional 43,877 shares during the period. 82.77% of the stock is owned by hedge funds and other institutional investors.

In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $84.62, for a total value of $66,807,743.86. Following the transaction, the chief executive officer now directly owns 889,836 shares of the company’s stock, valued at approximately $75,297,922.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Susan Sobbott sold 6,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 949,387 shares of company stock worth $80,451,099. Insiders own 0.67% of the company’s stock.

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American Express Company (NYSE:AXP) traded down 0.37% during trading on Thursday, hitting $88.10. The stock had a trading volume of 1,279,308 shares. The company has a market cap of $77.88 billion, a P/E ratio of 18.07 and a beta of 1.18. The company has a 50 day moving average of $85.80 and a 200-day moving average of $81.62. American Express Company has a 12-month low of $59.50 and a 12-month high of $89.23.

American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period in the prior year, the firm posted $2.10 EPS. The business’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 EPS for the current year.

American Express declared that its Board of Directors has approved a share 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 buy up to 5.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

A number of equities research analysts have commented on the company. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 target price for the company in a report on Tuesday, August 29th. Instinet reissued an “underperform” rating and issued a $80.00 target price on shares of American Express in a report on Thursday, June 29th. Barclays PLC reissued a “buy” rating and issued a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $84.00 target price on shares of American Express in a report on Thursday, June 1st. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $86.29.

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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