Confluence Investment Management LLC Raises Position in American Express Company (AXP)

Confluence Investment Management LLC increased its stake in shares of American Express Company (NYSE:AXP) by 2.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 540,389 shares of the payment services company’s stock after acquiring an additional 12,480 shares during the quarter. Confluence Investment Management LLC owned about 0.06% of American Express worth $45,522,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. MCF Advisors LLC boosted its position 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 acquiring an additional 6 shares during the last quarter. Appleton Partners Inc. MA lifted its position in American Express by 0.3% during the second quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock valued at $224,000 after purchasing an additional 8 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its position in American Express by 0.4% during the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,641 shares of the payment services company’s stock valued at $209,000 after purchasing an additional 10 shares during the last quarter. Bath Savings Trust Co lifted its position in American Express by 0.3% during the second quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock valued at $369,000 after purchasing an additional 14 shares during the last quarter. Finally, Accredited Investors Inc. lifted its position in American Express by 0.5% during the first quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock valued at $251,000 after purchasing an additional 15 shares during the last quarter. Hedge funds and other institutional investors own 82.77% of the company’s stock.

American Express Company (AXP) traded up 1.32% on Tuesday, reaching $89.03. 1,355,952 shares of the company’s stock were exchanged. The stock has a market cap of $78.70 billion, a price-to-earnings ratio of 18.26 and a beta of 1.18. American Express Company has a one year low of $59.50 and a one year high of $89.14. The firm has a 50 day moving average of $85.70 and a 200-day moving average of $81.56.

American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.10 earnings per share. Equities research analysts forecast that American Express Company will post $5.74 EPS for the current fiscal year.

American Express announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $4.40 billion in outstanding shares. This buyback authorization permits the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

In other news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the sale, the insider now owns 79,614 shares of the company’s stock, valued at $6,786,297.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 889,836 shares in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. Insiders have sold 949,387 shares of company stock worth $80,451,099 in the last three months. Corporate insiders own 0.67% of the company’s stock.

AXP has been the subject of several research reports. BMO Capital Markets reiterated a “hold” rating and set a $84.00 price objective on shares of American Express in a research report on Thursday, June 1st. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. Morgan Stanley lowered their target price on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a report on Friday, September 8th. Finally, BidaskClub lowered shares of American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the stock. American Express presently has a consensus rating of “Hold” and a consensus target price of $86.29.

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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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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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