State Street Corp Has $3.20 Billion Position in American Express Company (NYSE:AXP)
State Street Corp raised its position in shares of American Express Company (NYSE:AXP) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,399,620 shares of the payment services company’s stock after buying an additional 731,315 shares during the period. State Street Corp’s holdings in American Express were worth $3,196,011,000 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 the stock. SeaBridge Investment Advisors LLC acquired a new position in shares of American Express during the first quarter worth approximately $100,000. MCF Advisors LLC increased its position 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 in the last quarter. SpiderRock Advisors LLC acquired a new position in shares of American Express during the first quarter worth approximately $112,000. SRS Capital Advisors Inc. increased its position in shares of American Express by 10.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after buying an additional 138 shares in the last quarter. Finally, Westside Investment Management Inc. increased its position in shares of American Express by 36.7% in the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after buying an additional 410 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.
Shares of American Express Company (NYSE:AXP) traded down 0.21% during trading on Friday, hitting $84.38. The stock had a trading volume of 1,135,741 shares. American Express Company has a 52 week low of $59.50 and a 52 week high of $86.67. The stock has a market capitalization of $74.59 billion, a price-to-earnings ratio of 17.31 and a beta of 1.18. The stock’s 50 day moving average is $84.73 and its 200 day moving average is $80.16.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the 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 firm had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the previous year, the company posted $2.10 EPS. American Express’s revenue was up .9% on a year-over-year basis. On average, equities research analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express declared that its board has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of research analysts have commented on AXP shares. Guggenheim raised American Express from a “neutral” rating to a “buy” rating and increased their target price for the stock from $81.05 to $90.00 in a report on Tuesday, April 25th. BidaskClub raised American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Barclays PLC reaffirmed a “buy” rating and set a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Stephens raised American Express from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $70.00 to $82.00 in a report on Tuesday, June 20th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $85.00 target price on shares of American Express in a report on Friday, April 28th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $84.77.
In related news, CEO Kenneth I. Chenault sold 789,503 shares of the business’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 value of $66,807,743.86. Following the completion of the transaction, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the completion of the transaction, the insider now owns 261,665 shares of the company’s stock, valued at approximately $22,348,807.65. 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 in the last 90 days. 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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