Triangle Securities Wealth Management Decreases Position in American Express Company (AXP)
Triangle Securities Wealth Management decreased its position in shares of American Express Company (NYSE:AXP) by 5.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,207 shares of the payment services company’s stock after selling 200 shares during the quarter. Triangle Securities Wealth Management’s holdings in American Express were worth $270,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of American Express by 1.5% during the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after purchasing an additional 722,235 shares during the period. BlackRock Inc. lifted its holdings in shares of American Express by 2,686.0% during the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after purchasing an additional 42,592,136 shares during the period. State Street Corp lifted its holdings in shares of American Express by 1.8% during the first quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after purchasing an additional 731,315 shares during the period. Wellington Management Group LLP lifted its holdings in shares of American Express by 21.7% during 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 purchasing an additional 3,071,573 shares during the period. Finally, First Eagle Investment Management LLC lifted its holdings in shares of American Express by 1.9% during the first quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock worth $1,284,689,000 after purchasing an additional 305,651 shares during the period. 82.80% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kenneth I. Chenault sold 789,503 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 949,387 shares of company stock valued at $80,451,099. Insiders own 0.67% of the company’s stock.
A number of research analysts have issued reports on AXP shares. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday. Keefe, Bruyette & Woods set a $95.00 price target on American Express and gave the company a “buy” rating in a report on Saturday, August 19th. BidaskClub downgraded American Express from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $94.00 price target (up from $87.00) on shares of American Express in a report on Saturday, July 22nd. Finally, Instinet reissued an “underperform” rating and issued a $80.00 price target on shares of American Express in a report on Thursday, June 29th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.29.
Shares of American Express Company (NYSE:AXP) traded up 0.91% during mid-day trading on Tuesday, hitting $86.47. The company had a trading volume of 1,237,514 shares. The firm has a market capitalization of $76.44 billion, a P/E ratio of 17.73 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. The firm has a 50-day moving average price of $85.40 and a 200 day moving average price of $81.29.
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 the Zacks’ 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 during the quarter, compared to analysts’ expectations of $8.20 billion. During the same period in the previous year, the firm posted $2.10 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts forecast 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 approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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