American Express Company (AXP) Shares Sold by Texas Permanent School Fund
Texas Permanent School Fund cut its holdings in American Express Company (NYSE:AXP) by 4.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 210,945 shares of the payment services company’s stock after selling 10,257 shares during the quarter. Texas Permanent School Fund’s holdings in American Express were worth $17,770,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of American Express by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after purchasing an additional 722,235 shares during the period. BlackRock Inc. grew its position in shares of American Express by 2,686.0% in the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after purchasing an additional 42,592,136 shares during the period. State Street Corp grew its position in shares of American Express by 1.8% in the 1st quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock valued at $3,196,011,000 after purchasing an additional 731,315 shares during the period. Wellington Management Group LLP boosted its position in American Express by 21.7% during the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after acquiring an additional 3,071,573 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its position in American Express by 1.9% during the 1st quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock worth $1,284,689,000 after acquiring an additional 305,651 shares during the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.
In related news, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the chief executive officer now owns 889,836 shares in the company, valued at $75,297,922.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 949,387 shares of company stock worth $80,451,099. 0.67% of the stock is currently owned by corporate insiders.
A number of research firms have weighed in on AXP. Keefe, Bruyette & Woods set a $95.00 price target on American Express and gave the stock a “buy” rating in a research report on Saturday, August 19th. BidaskClub downgraded American Express from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $94.00 price target (up previously from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Instinet reaffirmed an “underperform” rating and set a $80.00 price target on shares of American Express in a research report on Thursday, June 29th. Finally, Stephens raised American Express from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $70.00 to $82.00 in a research report on Tuesday, June 20th. Three investment 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. The company currently has a consensus rating of “Hold” and a consensus target price of $86.29.
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American Express Company (AXP) opened at 88.40 on Friday. American Express Company has a 52-week low of $59.50 and a 52-week high of $89.23. The company has a market cap of $78.14 billion, a PE ratio of 18.13 and a beta of 1.18. The firm’s 50-day moving average price is $85.80 and its 200 day moving average price is $81.62.
American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period in the previous year, the company posted $2.10 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts predict that American Express Company will post $5.74 EPS for the current fiscal year.
American Express announced that its board has initiated a share repurchase plan 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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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