Manitou Investment Management Ltd. cut its position in shares of American Express Company (NYSE:AXP) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 201,167 shares of the payment services company’s stock after selling 8,920 shares during the period. American Express makes up about 4.4% of Manitou Investment Management Ltd.’s portfolio, making the stock its 9th largest position. Manitou Investment Management Ltd.’s holdings in American Express were worth $15,914,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. SeaBridge Investment Advisors LLC acquired a new stake in American Express during the first quarter worth approximately $100,000. MCF Advisors LLC increased its stake in American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after buying an additional 6 shares during the last quarter. SpiderRock Advisors LLC acquired a new stake in American Express during the first quarter worth approximately $112,000. Sowell Financial Services LLC acquired a new stake in American Express during the fourth quarter worth approximately $128,000. Finally, Capital Guardian Trust Co. increased its stake in American Express by 23.6% in the fourth quarter. Capital Guardian Trust Co. now owns 1,717 shares of the payment services company’s stock worth $127,000 after buying an additional 328 shares during the last quarter. Institutional investors own 82.60% of the company’s stock.
American Express Company (NYSE:AXP) opened at 85.93 on Thursday. The firm has a 50-day moving average of $82.37 and a 200 day moving average of $79.20. American Express Company has a 12 month low of $59.50 and a 12 month high of $85.98. The stock has a market cap of $76.80 billion, a PE ratio of 15.51 and a beta of 1.18.
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 consensus estimate of $1.43 by $0.04. American Express had a net margin of 16.24% and a return on equity of 25.24%. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. During the same quarter in the prior year, the business earned $2.10 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. Analysts anticipate that American Express Company will post $5.70 EPS for the current year.
American Express announced that its board has initiated a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Friday, July 7th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Wednesday, July 5th. American Express’s payout ratio is currently 23.19%.
A number of research firms have commented on AXP. William Blair reiterated an “outperform” rating on shares of American Express in a report on Tuesday. BidaskClub upgraded shares of American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Instinet reiterated an “underperform” rating and issued a $80.00 price objective on shares of American Express in a report on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $91.00 price objective on shares of American Express in a report on Monday, April 10th. Finally, Credit Suisse Group reiterated a “sell” rating on shares of American Express in a report on Wednesday. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $83.53.
In other news, insider Douglas E. Buckminster sold 46,950 shares of the stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $80.78, for a total value of $3,792,621.00. Following the completion of the sale, the insider now owns 103,676 shares of the company’s stock, valued at $8,374,947.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas E. Buckminster sold 3,000 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $79.24, for a total transaction of $237,720.00. Following the completion of the sale, the insider now directly owns 55,486 shares of the company’s stock, valued at approximately $4,396,710.64. The disclosure for this sale can be found here. Insiders sold 54,850 shares of company stock valued at $4,407,543 in the last three months. Company insiders own 0.67% of the company’s stock.
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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