First Interstate Bank lessened its stake in shares of American Express Company (NYSE:AXP) by 3.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 117,038 shares of the payment services company’s stock after selling 4,105 shares during the period. American Express comprises approximately 2.0% of First Interstate Bank’s investment portfolio, making the stock its 10th largest holding. First Interstate Bank’s holdings in American Express were worth $9,859,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Waldron LP bought a new stake in American Express in the first quarter valued at approximately $246,000. Point View Wealth Management Inc. raised its stake in American Express by 7.5% in the first quarter. Point View Wealth Management Inc. now owns 7,340 shares of the payment services company’s stock valued at $581,000 after buying an additional 512 shares during the period. Bank of New York Mellon Corp raised its stake in American Express by 9.4% in the first quarter. Bank of New York Mellon Corp now owns 10,274,363 shares of the payment services company’s stock valued at $812,804,000 after buying an additional 879,569 shares during the period. Clean Yield Group bought a new stake in American Express in the first quarter valued at approximately $175,000. Finally, Trust Co. of Vermont raised its stake in American Express by 5.0% in the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock valued at $1,367,000 after buying an additional 819 shares during the period. Institutional investors and hedge funds own 82.77% of the company’s stock.
Shares of American Express Company (NYSE AXP) opened at 92.08 on Thursday. The firm has a market cap of $81.40 billion, a P/E ratio of 18.88 and a beta of 1.21. The firm has a 50 day moving average price of $88.85 and a 200-day moving average price of $83.39. American Express Company has a one year low of $64.75 and a one year high of $92.92.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.47 by $0.03. The firm had revenue of $8.44 billion during the quarter, compared to analyst estimates of $8.31 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.24 EPS. Analysts forecast that American Express Company will post $5.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be given a dividend of $0.35 per share. This is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, October 5th. American Express’s payout ratio is 28.63%.
American Express declared that its board has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider James Peter Bush sold 10,230 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $90.55, for a total transaction of $926,326.50. The disclosure for this sale can be found here. Insiders have sold a total of 959,617 shares of company stock valued at $81,377,425 over the last 90 days. Company insiders own 0.67% of the company’s stock.
Several analysts have issued reports on the company. Compass Point lowered American Express from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. They noted that the move was a valuation call. Wells Fargo & Company assumed coverage on American Express in a research note on Tuesday, October 10th. They issued an “outperform” rating and a $105.00 price objective on the stock. Bank of America Corporation restated a “buy” rating and issued a $102.00 price objective on shares of American Express in a research note on Monday, October 9th. Credit Suisse Group restated a “sell” rating and issued a $79.00 price objective on shares of American Express in a research note on Wednesday, October 4th. Finally, Buckingham Research assumed coverage on American Express in a research note on Monday, October 2nd. They issued a “neutral” rating and a $92.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. American Express has an average rating of “Hold” and an average target price of $87.69.
American Express Company 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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