Mitsubishi UFJ Trust & Banking Corp trimmed its stake in American Express Company (NYSE:AXP) by 0.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,921,246 shares of the payment services company’s stock after selling 16,875 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.22% of American Express worth $173,796,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in AXP. BlackRock Inc. raised its stake in shares of American Express by 2,686.0% in the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after acquiring an additional 42,592,136 shares during the period. Veritas Asset Management LLP raised its stake in shares of American Express by 15.2% in the 2nd quarter. Veritas Asset Management LLP now owns 10,303,201 shares of the payment services company’s stock valued at $867,942,000 after acquiring an additional 1,358,474 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of American Express in the 2nd quarter valued at approximately $101,526,000. Canada Pension Plan Investment Board grew its holdings in shares of American Express by 944,765.8% in the second quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock valued at $90,739,000 after purchasing an additional 1,077,033 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of American Express by 11,602.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 901,100 shares of the payment services company’s stock valued at $75,909,000 after purchasing an additional 893,400 shares in the last quarter. 83.35% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Ashwini Gupta sold 90,658 shares of the company’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $94.71, for a total value of $8,586,219.18. Following the completion of the transaction, the insider now owns 289,996 shares in the company, valued at approximately $27,465,521.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Anre D. Williams sold 30,761 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $93.41, for a total transaction of $2,873,385.01. Following the completion of the transaction, the insider now owns 28,720 shares of the company’s stock, valued at approximately $2,682,735.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 430,080 shares of company stock valued at $41,552,003. Company insiders own 0.67% of the company’s stock.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.03. American Express had a net margin of 14.48% and a return on equity of 22.73%. The business had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.31 billion. During the same quarter in the prior year, the business posted $1.24 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. equities analysts forecast that American Express Company will post 5.86 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, January 5th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend is Thursday, January 4th. American Express’s payout ratio is 27.03%.
AXP has been the subject of a number of research reports. Morgan Stanley dropped their price objective on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a report on Friday, September 8th. Zacks Investment Research upgraded shares of American Express from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Monday, September 11th. Credit Suisse Group restated a “sell” rating and issued a $79.00 price objective on shares of American Express in a report on Wednesday, October 4th. Atlantic Securities upgraded shares of American Express from an “underweight” rating to a “neutral” rating and set a $100.00 price objective for the company in a report on Tuesday, October 24th. Finally, Wells Fargo & Co initiated coverage on shares of American Express in a report on Tuesday, October 10th. They issued an “outperform” rating and a $105.00 price objective for the company. 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 stock. The stock has an average rating of “Hold” and a consensus target price of $94.04.
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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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