Manitou Investment Management Ltd. decreased its position in 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 institutional investor owned 201,167 shares of the payment services company’s stock after selling 8,920 shares during the period. American Express comprises 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 filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. Dodge & Cox purchased a new position in shares of American Express during the fourth quarter worth approximately $2,128,667,000. First Eagle Investment Management LLC increased its position 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 worth $1,284,689,000 after buying an additional 305,651 shares during the last quarter. Fisher Asset Management LLC increased its position 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 worth $860,638,000 after buying an additional 248,731 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of American Express by 9.4% in the first quarter. Bank of New York Mellon Corp now owns 10,274,363 shares of the payment services company’s stock worth $812,804,000 after buying an additional 879,569 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of American Express during the fourth quarter worth approximately $616,804,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.
American Express Company (AXP) opened at 85.97 on Monday. American Express Company has a 12-month low of $59.50 and a 12-month high of $86.33. The company’s 50-day moving average is $83.91 and its 200 day moving average is $79.79. The stock has a market capitalization of $76.00 billion, a PE ratio of 17.63 and a beta of 1.18.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. The firm had revenue of $8.31 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted $2.10 EPS. On average, analysts predict that American Express Company will post $5.74 EPS for the current year.
American Express announced that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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A number of equities analysts recently commented on AXP shares. Jefferies Group LLC reiterated a “hold” rating and set a $85.00 target price on shares of American Express in a research note on Saturday, July 22nd. Sanford C. Bernstein reiterated an “outperform” rating and set a $100.00 target price (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Guggenheim upgraded shares of American Express from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $81.05 to $90.00 in a research note on Tuesday, April 25th. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. Finally, Nomura upgraded shares of American Express from a “reduce” rating to a “neutral” rating and boosted their target price for the stock from $63.00 to $78.00 in a research note on Thursday, April 27th. Five analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $84.77.
In other news, insider Anre D. Williams sold 53,111 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $85.24, for a total value of $4,527,181.64. Following the completion of the sale, the insider now directly owns 79,614 shares of the company’s stock, valued at approximately $6,786,297.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul D. Fabara sold 5,981 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. Insiders have sold a total of 948,287 shares of company stock valued at $80,321,961 over the last three months. 0.67% of the stock is currently 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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