Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in shares of American Express Company (NYSE:AXP) by 7.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 158,655 shares of the payment services company’s stock after selling 12,122 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in American Express were worth $12,551,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. SeaBridge Investment Advisors LLC acquired a new position in American Express during the first quarter valued at approximately $100,000. MCF Advisors LLC raised its position in American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after buying an additional 6 shares during the period. SpiderRock Advisors LLC acquired a new position in American Express during the first quarter valued at approximately $112,000. Capital Guardian Trust Co. raised its position in American Express by 23.6% in the fourth quarter. Capital Guardian Trust Co. now owns 1,717 shares of the payment services company’s stock valued at $127,000 after buying an additional 328 shares during the period. Finally, Sowell Financial Services LLC acquired a new position in American Express during the fourth quarter valued at approximately $128,000. 83.86% of the stock is owned by institutional investors and hedge funds.
American Express Company (AXP) traded up 0.69% on Wednesday, hitting $87.39. 3,379,219 shares of the stock traded hands. The stock has a market capitalization of $77.25 billion, a P/E ratio of 17.92 and a beta of 1.18. The company’s 50 day moving average price is $84.99 and its 200-day moving average price is $80.40. American Express Company has a 12-month low of $59.50 and a 12-month high of $87.78.
American Express (NYSE:AXP) last announced its quarterly earnings results 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 business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. American Express’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the company posted $2.10 EPS. Analysts predict that American Express Company will post $5.74 EPS for the current year.
American Express announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in outstanding shares. This buyback authorization authorizes the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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A number of research analysts have issued reports on AXP shares. Jefferies Group LLC reissued a “hold” rating and set a $85.00 target price on shares of American Express in a research note on Saturday, July 22nd. Sanford C. Bernstein reissued an “outperform” rating and set a $100.00 target price (up from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Guggenheim raised shares of American Express from a “neutral” rating to a “buy” rating and boosted their target price for the company from $81.05 to $90.00 in a research note on Tuesday, April 25th. Credit Suisse Group reissued a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. Finally, Nomura raised shares of American Express from a “reduce” rating to a “neutral” rating and boosted their target price for the company from $63.00 to $78.00 in a research note on Thursday, April 27th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $84.77.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anre D. Williams sold 53,111 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 79,614 shares in the company, valued at $6,786,297.36. The disclosure for this sale can be found here. Insiders sold a total of 948,287 shares of company stock worth $80,321,961 over the last quarter. 0.67% of the stock is currently owned by corporate 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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