Walter & Keenan Financial Consulting Co. MI ADV continued to hold its stake in American Express Company (NYSE:AXP) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,100 shares of the payment services company’s stock at the end of the first quarter. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in American Express were worth $1,195,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of AXP. SeaBridge Investment Advisors LLC purchased a new position in American Express during the first quarter worth about $100,000. MCF Advisors LLC increased its position in American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after buying an additional 6 shares in the last quarter. SpiderRock Advisors LLC purchased a new position in American Express during the first quarter worth about $112,000. Sowell Financial Services LLC purchased a new position in American Express during the fourth quarter worth about $128,000. Finally, Capital Guardian Trust Co. increased its position in American Express by 23.6% in the fourth quarter. Capital Guardian Trust Co. now owns 1,717 shares of the payment services company’s stock worth $127,000 after buying an additional 328 shares in the last quarter. 82.76% of the stock is owned by institutional investors and hedge funds.
Shares of American Express Company (NYSE:AXP) traded up 1.13% during trading on Friday, hitting $84.80. The company had a trading volume of 3,321,176 shares. American Express Company has a 52 week low of $59.50 and a 52 week high of $86.28. The company has a market capitalization of $74.96 billion, a P/E ratio of 17.39 and a beta of 1.18. The stock’s 50-day moving average price is $83.63 and its 200 day moving average price is $79.62.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the previous year, the business earned $2.10 EPS. American Express’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts forecast that American Express Company will post $5.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Friday, July 7th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Wednesday, July 5th. American Express’s payout ratio is currently 26.18%.
American Express declared that its board has approved a stock buyback 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 repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
A number of equities analysts have issued reports on AXP shares. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $87.00 price objective on shares of American Express in a report on Thursday, April 20th. Guggenheim raised shares of American Express from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $81.05 to $90.00 in a report on Tuesday, April 25th. Credit Suisse Group reaffirmed a “sell” rating and set a $76.00 price objective on shares of American Express in a report on Friday, April 7th. BidaskClub cut American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, CIBC lowered their target price on American Express from $97.00 to $93.00 and set an “outperform” rating on the stock in a research note on Monday, April 24th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the company. American Express presently has a consensus rating of “Hold” and an average price target of $84.77.
In related news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the completion of the transaction, the insider now owns 261,665 shares in the company, valued at approximately $22,348,807.65. 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 American Express 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 directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 895,176 shares of company stock valued at $75,794,779. 0.67% of the stock is owned by company insiders.
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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