American Express (AXP) Position Lowered by OLD National Bancorp IN
OLD National Bancorp IN reduced its stake in American Express (NYSE:AXP) by 8.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,373 shares of the payment services company’s stock after selling 912 shares during the quarter. OLD National Bancorp IN’s holdings in American Express were worth $931,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Cognios Capital LLC bought a new stake in American Express in the fourth quarter worth approximately $564,000. Daiwa Securities Group Inc. increased its holdings in American Express by 2.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 70,006 shares of the payment services company’s stock worth $6,952,000 after purchasing an additional 1,765 shares in the last quarter. Bedel Financial Consulting Inc. bought a new stake in American Express in the fourth quarter worth approximately $338,000. Rench Wealth Management Inc. increased its holdings in American Express by 10.1% in the fourth quarter. Rench Wealth Management Inc. now owns 28,107 shares of the payment services company’s stock worth $2,791,000 after purchasing an additional 2,578 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in American Express by 54.0% in the fourth quarter. Teacher Retirement System of Texas now owns 207,930 shares of the payment services company’s stock worth $20,650,000 after purchasing an additional 72,893 shares in the last quarter. 83.37% of the stock is currently owned by institutional investors.
AXP has been the subject of a number of research analyst reports. Barclays lifted their target price on American Express from $112.00 to $119.00 in a report on Friday, January 19th. Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $107.00 target price for the company in a report on Wednesday, November 1st. Oppenheimer set a $99.00 target price on American Express and gave the stock a “buy” rating in a report on Thursday, October 19th. Bank of America lifted their target price on American Express from $102.00 to $106.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $116.00 target price on shares of American Express in a report on Friday, December 22nd. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $102.68.
American Express (NYSE:AXP) last announced its earnings results on Thursday, January 18th. The payment services company reported $1.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.54 by $0.04. The company had revenue of $8.84 billion for the quarter, compared to analysts’ expectations of $8.73 billion. American Express had a return on equity of 26.07% and a net margin of 8.08%. American Express’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share. sell-side analysts expect that American Express will post 7.13 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Friday, January 5th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, January 4th. This represents a $1.40 annualized dividend and a dividend yield of 1.48%. American Express’s payout ratio is 48.28%.
In related news, insider Douglas E. Buckminster sold 88,930 shares of American Express stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $98.87, for a total transaction of $8,792,509.10. Following the transaction, the insider now owns 152,507 shares of the company’s stock, valued at $15,078,367.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ashwini Gupta sold 57,306 shares of American Express stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $95.04, for a total value of $5,446,362.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 326,110 shares of company stock worth $31,858,001. 0.67% of the stock is owned by insiders.
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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