Bank of The West Purchases Shares of 3,318 American Express Company (AXP)
Bank of The West purchased a new position in shares of American Express Company (NYSE:AXP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,318 shares of the payment services company’s stock, valued at approximately $279,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in AXP. BlackRock Inc. increased its position in 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 buying an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP increased its position in 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 buying an additional 3,071,573 shares during the last quarter. Tesco Pension Investment Ltd acquired a new position in American Express during the first quarter worth approximately $137,325,000. OppenheimerFunds Inc. increased its position in American Express by 40.1% during 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 during the last quarter. Finally, Bank of New York Mellon Corp increased its position in American Express by 9.4% during 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 during the last quarter. 82.77% of the stock is currently owned by hedge funds and other institutional investors.
In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the business’s stock in a transaction on Monday, July 24th. The shares were 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 directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $506,340.00. The disclosure for this sale can be found here. Insiders sold 949,387 shares of company stock valued at $80,451,099 over the last three months. 0.67% of the stock is currently owned by insiders.
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American Express Company (NYSE AXP) traded down 0.37% during mid-day trading on Thursday, reaching $88.10. The company had a trading volume of 1,279,308 shares. The firm has a 50-day moving average price of $85.80 and a 200 day moving average price of $81.62. The firm has a market capitalization of $77.88 billion, a price-to-earnings ratio of 18.07 and a beta of 1.18. American Express Company has a 12-month low of $59.50 and a 12-month high of $89.23.
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. American Express had a net margin of 14.11% and a return on equity of 21.90%. The company had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the previous year, the firm posted $2.10 EPS. The firm’s revenue was up .9% compared to the same quarter last year. Analysts expect that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of brokerages have weighed in on AXP. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $96.00 price objective for the company in a report on Tuesday, August 29th. Instinet restated an “underperform” rating and set a $80.00 price objective on shares of American Express in a report on Thursday, June 29th. Barclays PLC restated a “buy” rating and set a $83.00 price objective on shares of American Express in a report on Thursday, July 20th. Finally, BMO Capital Markets restated a “hold” rating and set a $84.00 price objective on shares of American Express in a report on Thursday, June 1st. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $86.29.
American Express 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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