Sanders Morris Harris LLC Maintains Position in American Express Company (AXP)
Sanders Morris Harris LLC continued to hold its position in American Express Company (NYSE:AXP) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,170 shares of the payment services company’s stock at the close of the 2nd quarter. Sanders Morris Harris LLC’s holdings in American Express were worth $267,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in AXP. Waldron LP purchased a new stake in shares of American Express during the first quarter worth approximately $246,000. Lourd Capital LLC increased its stake in shares of American Express by 1.0% during the first quarter. Lourd Capital LLC now owns 19,480 shares of the payment services company’s stock worth $1,541,000 after buying an additional 191 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of American Express by 1.0% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 96,937 shares of the payment services company’s stock worth $7,668,000 after buying an additional 972 shares during the period. North Star Investment Management Corp. increased its stake in shares of American Express by 16.1% during the first quarter. North Star Investment Management Corp. now owns 2,927 shares of the payment services company’s stock worth $232,000 after buying an additional 405 shares during the period. Finally, Barrett Asset Management LLC increased its stake in shares of American Express by 28.0% during the first quarter. Barrett Asset Management LLC now owns 37,823 shares of the payment services company’s stock worth $2,992,000 after buying an additional 8,275 shares during the period. Hedge funds and other institutional investors own 82.77% of the company’s stock.
American Express Company (NYSE:AXP) traded down 0.02% during mid-day trading on Friday, reaching $88.40. The company had a trading volume of 2,770,085 shares. The firm has a market capitalization of $78.14 billion, a P/E ratio of 18.13 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. The stock’s 50-day moving average is $85.80 and its 200 day moving average is $81.62.
American Express (NYSE:AXP) last announced 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. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. American Express’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.10 earnings per share. On average, analysts predict that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its Board of Directors has initiated a share 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 repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, insider Paul D. Fabara sold 5,981 shares of the business’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The sale was disclosed in a document filed with the SEC, which is available 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 value of $506,340.00. The disclosure for this sale can be found here. Insiders have sold 949,387 shares of company stock worth $80,451,099 over the last ninety days. 0.67% of the stock is owned by insiders.
Several brokerages have commented on AXP. Barclays PLC reiterated a “buy” rating and issued a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $100.00 price target (up from $99.00) 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 given a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target 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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