Peapack Gladstone Financial Corp reduced its position in shares of American Express Company (NYSE:AXP) by 4.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,705 shares of the payment services company’s stock after selling 605 shares during the period. Peapack Gladstone Financial Corp’s holdings in American Express were worth $926,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. SeaBridge Investment Advisors LLC purchased a new stake in shares of American Express during the first quarter worth about $100,000. MCF Advisors LLC raised 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 last quarter. SpiderRock Advisors LLC purchased a new stake in shares of American Express during the first quarter worth about $112,000. Sowell Financial Services LLC purchased a new stake in shares of American Express during the fourth quarter worth about $128,000. Finally, Capital Guardian Trust Co. raised its stake in shares of 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 worth $127,000 after buying an additional 328 shares during the last quarter. 83.86% of the stock is currently owned by institutional investors.
Shares of American Express Company (NYSE:AXP) traded up 0.69% during midday trading on Wednesday, hitting $87.39. 3,379,219 shares of the stock were exchanged. The firm has a 50-day moving average price of $84.99 and a 200-day moving average price of $80.40. The company has a market cap of $77.25 billion, a PE ratio of 17.92 and a beta of 1.18. American Express Company has a 12-month low of $59.50 and a 12-month high of $87.78.
American Express (NYSE:AXP) last posted its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. During the same period in the previous year, the business posted $2.10 EPS. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, equities analysts predict that American Express Company will post $5.74 EPS for the current year.
American Express declared that its board has initiated a share repurchase plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
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Several equities analysts have commented on the stock. Credit Suisse Group restated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. Barclays PLC restated a “buy” rating and issued a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $94.00 price target (up previously from $87.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $85.00 price target on shares of American Express in a research note on Saturday, July 22nd. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have given a buy rating to the company. American Express has a consensus rating of “Hold” and an average price target of $84.77.
In other news, EVP Marc D. Gordon sold 4,900 shares of American Express stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total value of $377,202.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anre D. Williams sold 53,111 shares of American Express 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 completion of the transaction, the insider now directly owns 79,614 shares of the company’s stock, 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 valued at $80,321,961 over the last ninety days. Company insiders own 0.67% of the company’s stock.
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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