Gateway Investment Advisers LLC lifted its stake in shares of American Express Company (NYSE:AXP) by 8.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 556,421 shares of the payment services company’s stock after buying an additional 43,877 shares during the quarter. Gateway Investment Advisers LLC owned about 0.06% of American Express worth $46,873,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. MCF Advisors LLC lifted its stake in shares of American Express by 0.5% during the 1st 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 during the last quarter. SpiderRock Advisors LLC acquired a new stake in shares of American Express during the 1st quarter worth about $112,000. SRS Capital Advisors Inc. lifted its stake in shares of American Express by 10.3% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after buying an additional 138 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of American Express by 36.7% during the 1st quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after buying an additional 410 shares during the last quarter. Finally, City Holding Co. lifted its stake in shares of American Express by 2.7% during the 2nd quarter. City Holding Co. now owns 1,572 shares of the payment services company’s stock worth $132,000 after buying an additional 41 shares during the last quarter. Institutional investors own 82.77% of the company’s stock.
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A number of research firms have recently issued reports on AXP. Barclays PLC restated a “buy” rating and set a $83.00 target price 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 cut 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 objective (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Three 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 currently has an average rating of “Hold” and an average target price of $86.29.
Shares of American Express Company (NYSE:AXP) traded down 0.27% during midday trading on Wednesday, hitting $88.76. 1,141,608 shares of the company traded hands. American Express Company has a 52 week low of $59.50 and a 52 week high of $89.38. The stock has a market capitalization of $78.46 billion, a PE ratio of 18.20 and a beta of 1.18. The stock has a 50 day moving average of $85.80 and a 200-day moving average of $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 for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. American Express’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm posted $2.10 earnings per share. Equities analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express declared that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $4.40 billion in outstanding shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of American Express stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the transaction, the insider now directly owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. Insiders sold 949,387 shares of company stock worth $80,451,099 over the last ninety days. 0.67% of the stock is currently owned by 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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