PNC Financial Services Group Inc. Has $107,362,000 Position in American Express Co. (AXP)
PNC Financial Services Group Inc. lowered its stake in shares of American Express Co. (NYSE:AXP) by 5.2% during the third quarter, Holdings Channel reports. The fund owned 1,676,469 shares of the payment services company’s stock after selling 92,131 shares during the period. PNC Financial Services Group Inc.’s holdings in American Express were worth $107,362,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. TNB Financial raised its position in American Express by 5.1% in the third quarter. TNB Financial now owns 65,277 shares of the payment services company’s stock valued at $4,180,000 after buying an additional 3,174 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in American Express during the third quarter valued at about $204,000. Walter & Keenan Financial Consulting Co. MI ADV raised its position in American Express by 6.4% in the third quarter. Walter & Keenan Financial Consulting Co. MI ADV now owns 25,100 shares of the payment services company’s stock valued at $1,607,000 after buying an additional 1,500 shares during the last quarter. Accredited Investors Inc. acquired a new position in American Express during the third quarter valued at about $202,000. Finally, Smithfield Trust Co. raised its position in American Express by 9.0% in the third quarter. Smithfield Trust Co. now owns 17,237 shares of the payment services company’s stock valued at $1,104,000 after buying an additional 1,425 shares during the last quarter. Hedge funds and other institutional investors own 80.82% of the company’s stock.
Shares of American Express Co. (NYSE:AXP) opened at 72.04 on Thursday. The stock has a market capitalization of $65.93 billion, a PE ratio of 12.80 and a beta of 1.19. The stock’s 50 day moving average is $67.04 and its 200 day moving average is $64.69. American Express Co. has a 12 month low of $50.27 and a 12 month high of $73.18.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, October 19th. The payment services company reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.28. The company had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.70 billion. American Express had a net margin of 16.67% and a return on equity of 27.84%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the business earned $1.24 earnings per share. Analysts anticipate that American Express Co. will post $5.73 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Investors of record on Friday, January 6th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $1.28 annualized dividend and a yield of 1.78%. American Express’s dividend payout ratio is presently 22.70%.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a report on Friday, November 25th. Stephens assumed coverage on shares of American Express in a research report on Friday, November 18th. They set an “underweight” rating and a $71.78 price target for the company. TheStreet raised shares of American Express from a “hold” rating to a “buy” rating in a research report on Tuesday, November 15th. Vetr downgraded shares of American Express from a “sell” rating to a “strong sell” rating and set a $64.38 price target for the company. in a research report on Tuesday, November 15th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating on shares of American Express in a research report on Saturday, October 22nd. Eight analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have given a buy rating to the stock. American Express currently has a consensus rating of “Hold” and a consensus price target of $67.65.
In related news, insider Ashwini Gupta sold 140,808 shares of the firm’s stock in a transaction on Friday, October 21st. The shares were sold at an average price of $67.18, for a total transaction of $9,459,481.44. Following the sale, the insider now owns 239,718 shares in the company, valued at $16,104,255.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Susan Sobbott sold 19,186 shares of the firm’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $70.45, for a total transaction of $1,351,653.70. Following the sale, the insider now owns 56,870 shares in the company, valued at approximately $4,006,491.50. The disclosure for this sale can be found here. Corporate insiders own 0.78% of the company’s stock.
American Express Company Profile
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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