Hexavest Inc. Has $66.07 Million Stake in American Express Company (AXP)
Hexavest Inc. lowered its holdings in shares of American Express Company (NYSE:AXP) by 45.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 784,358 shares of the payment services company’s stock after selling 645,721 shares during the period. Hexavest Inc. owned about 0.09% of American Express worth $66,074,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in AXP. MCF Advisors LLC raised its stake in American Express by 0.5% during 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 during the last quarter. SpiderRock Advisors LLC bought a new position in American Express during the first quarter worth $112,000. SRS Capital Advisors Inc. raised its stake in American Express by 10.3% during 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 during the last quarter. Westside Investment Management Inc. raised its stake in American Express by 36.7% during 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 during the last quarter. Finally, Clean Yield Group bought a new position in American Express during the first quarter worth $175,000. 82.80% of the stock is owned by hedge funds and other institutional investors.
AXP has been the subject of a number of analyst reports. Morgan Stanley lowered their target price on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a research note on Friday, September 8th. BidaskClub downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Sanford C. Bernstein reissued an “outperform” rating and set a $100.00 target price (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Guggenheim reissued a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $86.29.
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American Express Company (AXP) traded up 0.688% during mid-day trading on Friday, reaching $86.783. 2,438,221 shares of the company were exchanged. The stock has a 50 day moving average of $85.52 and a 200-day moving average of $81.45. American Express Company has a one year low of $59.50 and a one year high of $87.78. The stock has a market capitalization of $76.71 billion, a price-to-earnings ratio of 17.798 and a beta of 1.18.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The company had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.10 earnings per share. On average, equities analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $4.40 billion in outstanding shares. This buyback authorization permits the payment services company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other American Express news, insider Paul D. Fabara sold 5,981 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $85.88, for a total transaction of $513,648.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of the firm’s stock in a transaction that occurred on 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. In the last 90 days, insiders have sold 949,387 shares of company stock worth $80,451,099. 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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