Seaward Management Limited Partnership Raises Position in American Express Company (AXP)
Seaward Management Limited Partnership boosted its position in shares of American Express Company (NYSE:AXP) by 14.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,377 shares of the payment services company’s stock after buying an additional 7,850 shares during the period. Seaward Management Limited Partnership’s holdings in American Express were worth $4,776,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in AXP. BlackRock Inc. raised its position in shares of American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after buying an additional 42,592,136 shares in the last quarter. Wellington Management Group LLP raised its position in shares of American Express by 21.7% in the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after buying an additional 3,071,573 shares in the last quarter. Tesco Pension Investment Ltd purchased a new position in shares of American Express during the first quarter worth $137,325,000. OppenheimerFunds Inc. raised its position in shares of American Express by 40.1% in the first quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock worth $286,946,000 after buying an additional 1,038,328 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of American Express by 9.4% in the first quarter. Bank of New York Mellon Corp now owns 10,274,363 shares of the payment services company’s stock worth $812,804,000 after buying an additional 879,569 shares in the last quarter. 83.86% of the stock is currently owned by institutional investors and hedge funds.
American Express Company (NYSE AXP) traded up 0.06% during trading on Thursday, hitting $87.44. The stock had a trading volume of 964,155 shares. American Express Company has a 12-month low of $59.50 and a 12-month high of $87.78. The stock’s 50 day moving average price is $85.12 and its 200 day moving average price is $80.45. The firm has a market cap of $77.30 billion, a P/E ratio of 17.93 and a beta of 1.18.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 EPS. On average, analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.
American Express announced that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization permits the payment services company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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AXP has been the topic of a number of research reports. BMO Capital Markets reissued a “hold” rating and issued a $84.00 price objective on shares of American Express in a report on Thursday, June 1st. Credit Suisse Group reissued a “sell” rating on shares of American Express in a report on Wednesday, July 19th. Guggenheim reissued a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of American Express in a report on Saturday, July 22nd. BidaskClub lowered American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Instinet raised American Express from a “reduce” rating to a “neutral” rating and increased their price objective for the company from $63.00 to $78.00 in a report on Thursday, April 27th. 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 stock. The stock currently has an average rating of “Hold” and a consensus price target of $84.77.
In related news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’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 value of $8,096,184.72. Following the sale, the insider now owns 261,665 shares in the company, valued at approximately $22,348,807.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kenneth I. Chenault sold 789,503 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $84.62, for a total value of $66,807,743.86. Following the completion of the sale, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 948,287 shares of company stock worth $80,321,961. 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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