Legal & General Group Plc lowered its position in shares of American Express Company (NYSE:AXP) by 1.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,780,535 shares of the payment services company’s stock after selling 55,353 shares during the quarter. Legal & General Group Plc owned approximately 0.43% of American Express worth $318,460,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC raised 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. Farmers & Merchants Trust Co of Chambersburg PA grew its stake 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 period. SpiderRock Advisors LLC acquired a new stake in shares of American Express during the first quarter worth $112,000. MV Capital Management Inc. grew its stake in shares of American Express by 3.5% during the second quarter. MV Capital Management Inc. now owns 1,448 shares of the payment services company’s stock worth $122,000 after purchasing an additional 49 shares during the period. Finally, SRS Capital Advisors Inc. grew its stake 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 period. Institutional investors own 82.78% of the company’s stock.
In other American Express news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the completion of the sale, the insider now directly owns 79,614 shares in the company, valued at approximately $6,786,297.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the stock in a transaction dated 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 sale, the insider now owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 959,617 shares of company stock valued at $81,377,425. Company insiders own 0.67% of the company’s stock.
American Express Company (NYSE:AXP) opened at 91.89 on Wednesday. The firm has a market capitalization of $81.23 billion, a PE ratio of 18.85 and a beta of 1.21. American Express Company has a 1-year low of $59.50 and a 1-year high of $92.34. The firm has a 50-day moving average price of $87.71 and a 200-day moving average price of $82.84.
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 the Zacks’ consensus estimate of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The firm had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. During the same period last year, the business posted $2.10 EPS. The business’s revenue was up .9% compared to the same quarter last year. Equities analysts expect 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 buyback program on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be issued a dividend of $0.35 per share. This is an increase from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, October 5th. American Express’s dividend payout ratio (DPR) is presently 28.63%.
A number of brokerages recently commented on AXP. Wells Fargo & Company began coverage on American Express in a research note on Tuesday. They set an “outperform” rating for the company. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $85.00 price objective on shares of American Express in a research note on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods set a $95.00 price objective on American Express and gave the stock a “buy” rating in a research note on Saturday, August 19th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $86.65.
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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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