Coronation Fund Managers Ltd. Purchases 19,188 Shares of American Express Company (AXP)
Coronation Fund Managers Ltd. raised its position in American Express Company (NYSE:AXP) by 6.4% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 317,055 shares of the payment services company’s stock after buying an additional 19,188 shares during the period. Coronation Fund Managers Ltd.’s holdings in American Express were worth $26,709,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. MCF Advisors LLC boosted its position in American Express by 0.5% in the 1st quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after buying an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in American Express by 30.4% in the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock valued at $109,000 after buying an additional 300 shares during the last quarter. SpiderRock Advisors LLC bought a new position in American Express in the 1st quarter valued at $112,000. SRS Capital Advisors Inc. boosted its position in American Express by 10.3% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock valued at $116,000 after buying an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its position in American Express by 36.7% in the 1st quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock valued at $119,000 after buying an additional 410 shares during the last quarter. Hedge funds and other institutional investors own 82.80% of the company’s stock.
Shares of American Express Company (AXP) opened at 86.20 on Friday. The firm has a market cap of $76.20 billion, a P/E ratio of 17.68 and a beta of 1.18. American Express Company has a 1-year low of $59.50 and a 1-year high of $87.78. The firm has a 50 day moving average price of $85.52 and a 200 day moving average price of $81.44.
American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 EPS. Analysts anticipate that American Express Company will post $5.74 EPS for the current year.
American Express declared that its board has initiated a share 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 reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the transaction, the insider now owns 261,665 shares of the company’s stock, valued at approximately $22,348,807.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Susan Sobbott sold 6,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. Insiders have sold a total of 949,387 shares of company stock worth $80,451,099 in the last three months. Insiders own 0.67% of the company’s stock.
A number of brokerages have commented on AXP. Zacks Investment Research lowered American Express from a “buy” rating to a “hold” rating in a research report on Tuesday. Keefe, Bruyette & Woods set a $95.00 price target on American Express and gave the stock a “buy” rating in a research report on Saturday, August 19th. BidaskClub lowered American Express from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $94.00 price target (up from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Finally, Instinet restated an “underperform” rating and issued a $80.00 price target on shares of American Express in a research report on Thursday, June 29th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have issued a buy rating to the company. American Express currently has an average rating of “Hold” and an average target price of $86.29.
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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