Benedict Financial Advisors Inc. Raises Holdings in American Express Company (AXP)
Benedict Financial Advisors Inc. grew its position in shares of American Express Company (NYSE:AXP) by 4.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,160 shares of the payment services company’s stock after purchasing an additional 446 shares during the quarter. Benedict Financial Advisors Inc.’s holdings in American Express were worth $870,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of AXP. Matthew Goff Investment Advisor LLC purchased a new position in shares of American Express during the first quarter worth about $2,543,000. Vanguard Group Inc. grew 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 buying an additional 722,235 shares during the last quarter. Rothschild Asset Management Inc. grew its holdings in shares of American Express by 19.5% during the first quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock worth $50,742,000 after buying an additional 104,647 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of American Express during the second quarter worth about $215,000. Finally, Trust Co. of Vermont grew its holdings in shares of American Express by 5.0% during the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after buying an additional 819 shares during the last quarter. 82.77% of the stock is currently owned by institutional investors.
A number of research firms recently issued reports on AXP. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a report on Tuesday, August 29th. Instinet reissued an “underperform” rating and set a $80.00 price target on shares of American Express in a report on Thursday, June 29th. Barclays PLC reissued a “buy” rating and set a $83.00 price target on shares of American Express in a report on Thursday, July 20th. Finally, BMO Capital Markets reissued a “hold” rating and set a $84.00 price target on shares of American Express in a report on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $86.29.
In other American Express news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $85.24, for a total value of $4,527,181.64. Following the completion of the sale, the insider now owns 79,614 shares in the company, valued at approximately $6,786,297.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Susan Sobbott sold 6,000 shares of the 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 quarter, insiders sold 949,387 shares of company stock valued at $80,451,099. Insiders own 0.67% of the company’s stock.
American Express Company (NYSE:AXP) opened at 88.40 on Friday. The firm has a market capitalization of $78.14 billion, a P/E ratio of 18.13 and a beta of 1.18. The company’s 50 day moving average price is $85.80 and its 200 day moving average price is $81.62. American Express Company has a 12 month low of $59.50 and a 12 month high of $89.23.
American Express (NYSE:AXP) last released its earnings results 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 quarter in the prior year, the firm earned $2.10 EPS. The company’s revenue was up .9% compared to the same quarter last year. Analysts anticipate that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are often 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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