Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in American Express Company (NYSE:AXP) by 16.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 184,091 shares of the payment services company’s stock after buying an additional 25,436 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in American Express were worth $15,508,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of AXP. BlackRock Inc. raised its holdings in American Express by 2,686.0% in the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP raised its holdings in American Express by 21.7% in the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock valued at $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Tesco Pension Investment Ltd bought a new position in American Express in the 1st quarter valued at approximately $137,325,000. Canada Pension Plan Investment Board raised its holdings in American Express by 944,765.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock valued at $90,739,000 after buying an additional 1,077,033 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its holdings in American Express by 40.1% in the 1st quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock valued at $286,946,000 after buying an additional 1,038,328 shares during the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.
AXP has been the subject of a number of research reports. Morgan Stanley dropped their price objective 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. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub lowered shares of American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Guggenheim reiterated a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of American Express in a report on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. American Express presently has a consensus rating of “Hold” and an average price target of $90.66.
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Shares of American Express Company (NYSE AXP) opened at 92.09 on Friday. The firm has a market cap of $81.41 billion, a P/E ratio of 18.89 and a beta of 1.21. The company has a 50-day moving average of $89.20 and a 200 day moving average of $83.54. American Express Company has a 52-week low of $65.03 and a 52-week high of $93.29.
American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.03. The company had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.31 billion. American Express had a return on equity of 22.75% and a net margin of 14.48%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 earnings per share. On average, equities analysts expect that American Express Company will post $5.84 earnings per share for the current year.
American Express announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in outstanding 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 usually an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.52%. This is a boost from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. American Express’s dividend payout ratio is presently 26.97%.
In other news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $85.24, for a total value of $4,527,181.64. Following the sale, the insider now directly owns 79,614 shares of the company’s stock, valued at $6,786,297.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $84.62, for a total value of $66,807,743.86. Following the completion of the sale, the chief executive officer now directly owns 889,836 shares in the company, valued at $75,297,922.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 953,636 shares of company stock worth $80,863,777. 0.67% of the stock is owned by 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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