Abner Herrman & Brock LLC boosted its holdings in shares of American Express (NYSE:AXP) by 16.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 155,897 shares of the payment services company’s stock after buying an additional 21,624 shares during the quarter. American Express makes up approximately 2.4% of Abner Herrman & Brock LLC’s holdings, making the stock its 15th largest holding. Abner Herrman & Brock LLC’s holdings in American Express were worth $16,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the stock. GSA Capital Partners LLP purchased a new stake in American Express during the 1st quarter valued at about $371,000. Point72 Asset Management L.P. purchased a new stake in American Express during the 1st quarter valued at about $2,369,000. Summit Trail Advisors LLC grew its stake in American Express by 11,070.4% during the 1st quarter. Summit Trail Advisors LLC now owns 346,506 shares of the payment services company’s stock valued at $347,000 after purchasing an additional 343,404 shares during the last quarter. Suntrust Banks Inc. grew its stake in American Express by 16.7% during the 1st quarter. Suntrust Banks Inc. now owns 164,114 shares of the payment services company’s stock valued at $15,307,000 after purchasing an additional 23,538 shares during the last quarter. Finally, WealthTrust Fairport LLC grew its stake in American Express by 26.8% during the 1st quarter. WealthTrust Fairport LLC now owns 4,864 shares of the payment services company’s stock valued at $454,000 after purchasing an additional 1,029 shares during the last quarter. 82.92% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on AXP. BMO Capital Markets upped their target price on American Express from $106.00 to $110.00 and gave the stock a “market perform” rating in a research note on Friday. Bank of America set a $125.00 target price on American Express and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley upped their target price on American Express from $109.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Friday. Barclays set a $115.00 target price on American Express and gave the stock a “hold” rating in a research note on Friday. Finally, Nomura upped their target price on American Express from $128.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $111.31.
American Express (NYSE:AXP) last issued its quarterly earnings results on Thursday, October 18th. The payment services company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $10.06 billion. American Express had a return on equity of 30.08% and a net margin of 9.23%. American Express’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.50 earnings per share. On average, research analysts predict that American Express will post 7.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, October 5th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.56 dividend on an annualized basis and a yield of 1.46%. This is an increase from American Express’s previous quarterly dividend of $0.35. American Express’s dividend payout ratio is currently 26.58%.
American Express declared that its Board of Directors has initiated a share repurchase program on Thursday, June 28th that allows the company to buyback $3.40 billion in outstanding shares. This buyback authorization allows the payment services company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other American Express news, insider Marc D. Gordon sold 25,948 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $107.83, for a total transaction of $2,797,972.84. Following the transaction, the insider now owns 33,111 shares in the company, valued at $3,570,359.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen J. Squeri sold 12,500 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $99.73, for a total value of $1,246,625.00. Following the transaction, the chief executive officer now owns 191,971 shares in the company, valued at approximately $19,145,267.83. The disclosure for this sale can be found here. Insiders have sold 47,448 shares of company stock worth $4,942,168 in the last quarter. 0.20% of the stock is currently owned by company insiders.
American Express Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It operates through four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.
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