Victory Capital Management Inc. raised its position in shares of American Express Company (NYSE:AXP) by 14.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,949 shares of the payment services company’s stock after buying an additional 3,968 shares during the period. Victory Capital Management Inc.’s holdings in American Express were worth $2,527,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in AXP. Rothschild Investment Corp IL raised its position in shares of American Express by 2.3% in the first quarter. Rothschild Investment Corp IL now owns 5,297 shares of the payment services company’s stock worth $419,000 after buying an additional 120 shares during the period. Trust Co. of Vermont raised its position in shares of American Express by 5.0% in the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after buying an additional 819 shares during the period. Bronfman E.L. Rothschild L.P. raised its position in shares of American Express by 2.6% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 5,115 shares of the payment services company’s stock worth $405,000 after buying an additional 128 shares during the period. LS Investment Advisors LLC raised its position in shares of American Express by 0.8% in the first quarter. LS Investment Advisors LLC now owns 25,569 shares of the payment services company’s stock worth $2,023,000 after buying an additional 206 shares during the period. Finally, TNB Financial acquired a new position in shares of American Express during the first quarter worth about $794,000. Hedge funds and other institutional investors own 83.86% of the company’s stock.
Shares of American Express Company (AXP) opened at 85.47 on Tuesday. The company’s 50-day moving average price is $84.88 and its 200 day moving average price is $80.33. American Express Company has a 1-year low of $59.50 and a 1-year high of $86.67. The stock has a market cap of $75.55 billion, a PE ratio of 17.53 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 for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $2.10 earnings per share. Equities analysts forecast that American Express Company will post $5.74 EPS for the current fiscal year.
American Express announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
AXP has been the subject of several recent research reports. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $87.00 price objective on shares of American Express in a research note on Thursday, April 20th. Guggenheim raised American Express from a “neutral” rating to a “buy” rating and increased their price objective for the company from $81.05 to $90.00 in a research note on Tuesday, April 25th. BidaskClub downgraded American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. CIBC cut their target price on American Express from $97.00 to $93.00 and set an “outperform” rating for the company in a research note on Monday, April 24th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 target price (up from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $84.77.
In other news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total value of $8,096,184.72. Following the transaction, the insider now directly owns 261,665 shares of the company’s stock, valued at approximately $22,348,807.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kenneth I. Chenault sold 789,503 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the completion of the transaction, the chief executive officer now owns 889,836 shares of the company’s stock, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. Insiders have sold 948,287 shares of company stock worth $80,321,961 over the last ninety days. Company insiders own 0.67% of the company’s stock.
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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