Klingenstein Fields & Co. LLC Raises Holdings in American Express Company (AXP)

Klingenstein Fields & Co. LLC grew its position in shares of American Express Company (NYSE:AXP) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 373,603 shares of the payment services company’s stock after purchasing an additional 1,304 shares during the quarter. American Express makes up about 1.2% of Klingenstein Fields & Co. LLC’s holdings, making the stock its 24th largest position. Klingenstein Fields & Co. LLC’s holdings in American Express were worth $31,472,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. MCF Advisors LLC grew its holdings in shares of American Express by 0.5% during the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after purchasing an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA grew its holdings in shares of American Express by 30.4% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock worth $109,000 after purchasing an additional 300 shares during the last quarter. SpiderRock Advisors LLC purchased a new position in shares of American Express during the first quarter worth about $112,000. SRS Capital Advisors Inc. grew its holdings in shares of American Express by 10.3% during the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after purchasing an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. grew its holdings in shares of American Express by 36.7% during the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after purchasing an additional 410 shares during the last quarter. 82.80% of the stock is currently owned by institutional investors.

Shares of American Express Company (NYSE:AXP) opened at 86.55 on Wednesday. American Express Company has a 52-week low of $59.50 and a 52-week high of $87.78. The stock’s 50 day moving average is $85.41 and its 200-day moving average is $81.32. The firm has a market capitalization of $76.51 billion, a P/E ratio of 17.75 and a beta of 1.18.

American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The company 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%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.10 EPS. On average, equities analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal 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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Several equities analysts have issued reports on the company. Zacks Investment Research lowered American Express from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley dropped their price objective on American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Friday, September 8th. Keefe, Bruyette & Woods set a $95.00 price objective on American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $100.00 price objective (up previously from $99.00) on shares of American Express in a report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $86.29.

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, CEO Kenneth I. Chenault sold 789,503 shares of the company’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 sale, the chief executive officer now directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 949,387 shares of company stock valued at $80,451,099. Company insiders own 0.67% of the company’s stock.

American Express 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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