American Express Company (AXP) Holdings Lessened by Grandfield & Dodd LLC
Grandfield & Dodd LLC reduced its holdings in American Express Company (NYSE:AXP) by 15.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,548 shares of the payment services company’s stock after selling 5,402 shares during the quarter. Grandfield & Dodd LLC’s holdings in American Express were worth $2,573,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. MCF Advisors LLC grew its holdings in shares of 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 in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in American Express by 30.4% during the second 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 purchasing an additional 300 shares during the last quarter. SpiderRock Advisors LLC acquired a new position in American Express during the first quarter valued at approximately $112,000. SRS Capital Advisors Inc. boosted its position 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 valued at $116,000 after purchasing an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its position 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 valued at $119,000 after purchasing an additional 410 shares during the last quarter. Institutional investors own 82.77% of the company’s stock.
American Express Company (NYSE:AXP) opened at 86.99 on Monday. The firm’s 50-day moving average price is $85.61 and its 200-day moving average price is $81.49. American Express Company has a 1-year low of $59.50 and a 1-year high of $87.78. The company has a market cap of $76.90 billion, a price-to-earnings ratio of 17.84 and a beta of 1.18.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.10 earnings per share. Equities research analysts forecast that American Express Company will post $5.74 EPS for the current fiscal year.
American Express announced that its board has initiated a stock repurchase 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several research analysts recently commented on the company. Barclays PLC reissued a “buy” rating and set a $83.00 price target on shares of American Express in a research report on Thursday, July 20th. Credit Suisse Group reissued a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $85.00 price target on shares of American Express in a research report on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company. American Express has a consensus rating of “Hold” and an average price target of $86.29.
In other American Express news, insider Susan Sobbott sold 6,000 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Anre D. Williams sold 53,111 shares of the stock in a transaction on 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 949,387 shares of company stock worth $80,451,099. Company insiders own 0.67% of the company’s stock.
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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