Cibc World Markets Corp Acquires 94,641 Shares of American Express Company (AXP)
Cibc World Markets Corp raised its stake in shares of American Express Company (NYSE:AXP) by 47.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,275 shares of the payment services company’s stock after buying an additional 94,641 shares during the period. Cibc World Markets Corp’s holdings in American Express were worth $23,280,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in AXP. SeaBridge Investment Advisors LLC purchased a new position in shares of American Express during the first quarter worth $100,000. MCF Advisors LLC raised its position in shares of American Express by 0.5% in the first 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 period. SpiderRock Advisors LLC purchased a new position in shares of American Express during the first quarter worth $112,000. Clean Yield Group purchased a new position in shares of American Express during the first quarter worth $175,000. Finally, RB Capital Management LLC purchased a new position in shares of American Express during the first quarter worth $201,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.
American Express Company (AXP) opened at 85.69 on Thursday. American Express Company has a 52 week low of $59.50 and a 52 week high of $86.67. The stock has a 50 day moving average price of $84.67 and a 200-day moving average price of $80.13. The stock has a market cap of $75.75 billion, a P/E ratio of 17.57 and a beta of 1.18.
American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.44 by $0.03. American Express had a net margin of 15.80% and a return on equity of 24.96%. The business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the prior year, the firm earned $2.10 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts anticipate that American Express Company will post $5.74 EPS for the current fiscal year.
American Express declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in outstanding shares. This buyback authorization authorizes the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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A number of equities research analysts recently issued reports on AXP shares. BidaskClub downgraded American Express from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $94.00 price target (up previously from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Jefferies Group LLC reissued a “hold” rating and set a $85.00 price target on shares of American Express in a research report on Saturday, July 22nd. Sanford C. Bernstein reissued an “outperform” rating and set a $100.00 price target (up previously from $99.00) on shares of American Express in a research report on Saturday, July 22nd. Finally, Instinet reissued an “underperform” rating and set a $80.00 price target on shares of American Express in a research report on Thursday, June 29th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $84.77.
In related news, insider Anre D. Williams sold 53,111 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $85.24, for a total transaction of $4,527,181.64. Following the sale, the insider now directly owns 79,614 shares of the company’s stock, valued at $6,786,297.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the sale, the insider now directly owns 261,665 shares in the company, valued at $22,348,807.65. The disclosure for this sale can be found here. Insiders have sold 948,287 shares of company stock worth $80,321,961 over the last three months. 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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