American Express (NYSE:AXP) Shares Sold by WealthPLAN Partners LLC
WealthPLAN Partners LLC decreased its holdings in American Express (NYSE:AXP) by 16.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,697 shares of the payment services company’s stock after selling 519 shares during the period. WealthPLAN Partners LLC’s holdings in American Express were worth $271,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the business. BlackRock Inc. lifted its stake in American Express by 6.2% in the second quarter. BlackRock Inc. now owns 45,537,738 shares of the payment services company’s stock valued at $4,335,193,000 after buying an additional 2,645,570 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of American Express by 28.8% during the first quarter. Wellington Management Group LLP now owns 36,189,848 shares of the payment services company’s stock valued at $3,098,213,000 after acquiring an additional 8,097,131 shares during the period. Fisher Asset Management LLC raised its stake in shares of American Express by 4.1% in the 2nd quarter. Fisher Asset Management LLC now owns 14,608,262 shares of the payment services company’s stock worth $1,390,707,000 after buying an additional 569,150 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in American Express by 9.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,681,642 shares of the payment services company’s stock valued at $914,455,000 after acquiring an additional 965,938 shares during the last quarter. Finally, Viking Global Investors LP grew its stake in shares of American Express by 170.7% in the 2nd quarter. Viking Global Investors LP now owns 10,497,498 shares of the payment services company’s stock worth $999,362,000 after purchasing an additional 6,619,218 shares during the last quarter. 84.14% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Denise Pickett sold 2,864 shares of American Express stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $96.62, for a total value of $276,719.68. Following the completion of the sale, the insider now directly owns 10,202 shares in the company, valued at $985,717.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is owned by company insiders.
American Express (NYSE:AXP) last announced its quarterly earnings data on Friday, July 24th. The payment services company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.16. The firm had revenue of $7.68 billion for the quarter, compared to analyst estimates of $8.25 billion. American Express had a return on equity of 24.08% and a net margin of 10.02%. The business’s quarterly revenue was down 29.2% compared to the same quarter last year. During the same period last year, the company earned $2.07 EPS. Sell-side analysts expect that American Express will post 4.52 earnings per share for the current year.
AXP has been the subject of a number of research reports. Compass Point raised their target price on shares of American Express from $78.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, July 2nd. Morgan Stanley restated a “buy” rating and issued a $114.00 target price on shares of American Express in a report on Tuesday, August 18th. Atlantic Securities lowered American Express from an “overweight” rating to a “neutral” rating and set a $110.00 price target on the stock. in a research report on Monday, June 8th. Wells Fargo & Company raised their price objective on American Express from $115.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, Deutsche Bank lowered their target price on American Express from $108.00 to $106.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $106.75.
American Express Company Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services to consumers and businesses worldwide. It operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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