Wealthfront Inc. boosted its stake in shares of American Express (NYSE:AXP) by 11.8% during the 4th quarter, Holdings Channel reports. The fund owned 29,978 shares of the payment services company’s stock after purchasing an additional 3,165 shares during the period. Wealthfront Inc.’s holdings in American Express were worth $2,977,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation increased its stake in American Express by 912.9% during the third quarter. Zions Bancorporation now owns 1,337 shares of the payment services company’s stock worth $121,000 after acquiring an additional 1,205 shares during the last quarter. Capital Analysts LLC bought a new stake in American Express during the second quarter worth approximately $115,000. First Dallas Securities Inc. bought a new position in shares of American Express during the fourth quarter valued at approximately $139,000. Fusion Family Wealth LLC bought a new position in shares of American Express during the fourth quarter valued at approximately $146,000. Finally, Westside Investment Management Inc. grew its stake in shares of American Express by 0.5% during the second quarter. Westside Investment Management Inc. now owns 1,536 shares of the payment services company’s stock valued at $129,000 after buying an additional 8 shares during the last quarter. 82.38% of the stock is currently owned by institutional investors.
A number of research firms have recently commented on AXP. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a research note on Wednesday, November 1st. Morgan Stanley upped their target price on American Express from $108.00 to $109.00 and gave the company an “equal weight” rating in a research note on Friday, February 2nd. Guggenheim cut American Express from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $98.03 to $102.00 in a research note on Monday, January 22nd. Deutsche Bank started coverage on American Express in a research note on Tuesday, January 2nd. They issued a “buy” rating and a $118.00 price objective on the stock. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $126.00 price objective on shares of American Express in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $102.68.
American Express (NYSE:AXP) last released its earnings results on Thursday, January 18th. The payment services company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.04. American Express had a return on equity of 26.07% and a net margin of 8.08%. The firm had revenue of $8.84 billion for the quarter, compared to the consensus estimate of $8.73 billion. During the same period in the prior year, the firm earned $0.91 EPS. The firm’s revenue was up 10.2% on a year-over-year basis. research analysts predict that American Express will post 7.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, January 5th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, January 4th. American Express’s dividend payout ratio is currently 48.28%.
In other American Express news, CEO Kenneth I. Chenault sold 96,440 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $97.30, for a total transaction of $9,383,612.00. Following the sale, the chief executive officer now directly owns 1,178,333 shares of the company’s stock, valued at approximately $114,651,800.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ashwini Gupta sold 57,306 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $95.04, for a total value of $5,446,362.24. The disclosure for this sale can be found here. Insiders have sold a total of 326,110 shares of company stock worth $31,858,001 over the last ninety days. 0.67% of the stock is owned by insiders.
American Express 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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