10 15 Associates Inc. Boosts Position in American Express Company (NYSE:AXP)
10 15 Associates Inc. boosted its position in shares of American Express Company (NYSE:AXP) by 2.6% during the first quarter, Holdings Channel reports. The institutional investor owned 124,772 shares of the payment services company’s stock after buying an additional 3,191 shares during the period. American Express makes up approximately 2.7% of 10 15 Associates Inc.’s portfolio, making the stock its 13th largest position. 10 15 Associates Inc.’s holdings in American Express were worth $9,870,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SeaBridge Investment Advisors LLC purchased a new position in American Express during the first quarter worth approximately $100,000. MCF Advisors LLC increased 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 worth $101,000 after buying an additional 6 shares in the last quarter. SpiderRock Advisors LLC purchased a new position in American Express during the first quarter worth approximately $112,000. SRS Capital Advisors Inc. increased its position in 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 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. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Shares of American Express Company (NYSE:AXP) traded down 0.32% during trading on Friday, hitting $84.29. The stock had a trading volume of 3,078,650 shares. The company’s 50 day moving average price is $84.79 and its 200 day moving average price is $80.22. The stock has a market cap of $74.51 billion, a price-to-earnings ratio of 17.29 and a beta of 1.18. American Express Company has a 12 month low of $59.50 and a 12 month high of $86.67.
American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same quarter in the prior year, the business earned $2.10 EPS. American Express’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its Board of Directors has authorized a stock buyback 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 buy up to 5.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of research analysts have recently commented on AXP shares. Guggenheim upgraded American Express from a “neutral” rating to a “buy” rating and increased their target price for the company from $81.05 to $90.00 in a research report on Tuesday, April 25th. BidaskClub upgraded American Express from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Barclays PLC reiterated a “buy” rating and set a $83.00 target price on shares of American Express in a research report on Thursday, July 20th. Stephens upgraded American Express from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $70.00 to $82.00 in a research report on Tuesday, June 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $85.00 target price on shares of American Express in a research report on Friday, April 28th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $84.77.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the company’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 sale, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Anre D. Williams sold 53,111 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $85.24, for a total value of $4,527,181.64. Following the sale, the insider now owns 79,614 shares in the company, valued at approximately $6,786,297.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 948,287 shares of company stock worth $80,321,961. 0.67% of the stock is owned by company 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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