Massey Quick & Co. LLC held its stake in shares of American Express Company (NYSE:AXP) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,994 shares of the payment services company’s stock at the end of the first quarter. Massey Quick & Co. LLC’s holdings in American Express were worth $158,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of AXP. SeaBridge Investment Advisors LLC bought a new stake in shares of American Express during the first quarter worth $100,000. MCF Advisors LLC increased its stake in shares of American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after buying an additional 6 shares during the period. SpiderRock Advisors LLC bought a new stake in shares of American Express during the first quarter worth $112,000. Clean Yield Group bought a new stake in shares of American Express during the first quarter worth $175,000. Finally, RB Capital Management LLC bought a new stake in shares of American Express during the first quarter worth $201,000. 83.81% of the stock is owned by hedge funds and other institutional investors.
Shares of American Express Company (AXP) opened at 85.85 on Tuesday. American Express Company has a 52-week low of $59.50 and a 52-week high of $86.28. The firm has a market cap of $75.89 billion, a PE ratio of 17.61 and a beta of 1.18. The firm has a 50-day moving average of $83.91 and a 200 day moving average of $79.79.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.10 earnings per share. On average, equities analysts predict that American Express Company will post $5.74 earnings per share for the current year.
American Express declared that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $4.40 billion in shares. This repurchase authorization permits the payment services company to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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A number of analysts have weighed in on AXP shares. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $91.00 price target on shares of American Express in a report on Monday, April 10th. Guggenheim raised shares of American Express from a “neutral” rating to a “buy” rating and increased their price target for the company from $81.05 to $90.00 in a report on Tuesday, April 25th. BidaskClub raised shares of American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Barclays PLC reissued a “buy” rating and issued a $83.00 price target on shares of American Express in a report on Thursday, July 20th. Finally, Stephens raised shares of American Express from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $70.00 to $82.00 in a report on Tuesday, June 20th. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.77.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Marc D. Gordon sold 4,900 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $76.98, for a total value of $377,202.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 948,287 shares of company stock valued at $80,321,961. Insiders own 0.67% of the company’s stock.
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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