American Express Company (AXP) Shares Sold by Cypress Asset Management Inc. TX
Cypress Asset Management Inc. TX cut its stake in American Express Company (NYSE:AXP) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,850 shares of the payment services company’s stock after selling 100 shares during the period. Cypress Asset Management Inc. TX’s holdings in American Express were worth $324,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 shares during the period. Wellington Management Group LLP raised its position in American Express by 21.7% in the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock valued at $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Tesco Pension Investment Ltd acquired a new position in American Express during the first quarter valued at about $137,325,000. OppenheimerFunds Inc. raised its position in American Express by 40.1% in the first quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock valued at $286,946,000 after buying an additional 1,038,328 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position 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 last quarter. Institutional investors and hedge funds own 83.86% of the company’s stock.
Shares of American Express Company (NYSE:AXP) traded down 0.2793% on Monday, hitting $85.1415. 954,985 shares of the stock traded hands. The stock has a 50 day moving average of $85.23 and a 200 day moving average of $80.55. The company has a market cap of $75.26 billion, a PE ratio of 17.4613 and a beta of 1.18. American Express Company has a one year low of $59.50 and a one year high of $87.78.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter in the previous year, the business posted $2.10 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts anticipate that American Express Company will post $5.74 earnings per share for the current year.
American Express announced that its Board of Directors has initiated a stock buyback 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 often an indication that the company’s board of directors believes its shares are undervalued.
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AXP has been the subject of several recent research reports. BidaskClub upgraded shares of American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Guggenheim upgraded shares of American Express from a “neutral” rating to a “buy” rating and lifted their target price for the company from $81.05 to $90.00 in a report on Tuesday, April 25th. Barclays PLC reiterated a “buy” rating and set a $83.00 target price on shares of American Express in a report on Thursday, July 20th. Keefe, Bruyette & Woods set a $95.00 target price on shares of American Express and gave the company a “buy” rating in a report on Saturday. Finally, Stephens upgraded shares of American Express from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $70.00 to $82.00 in a report on Tuesday, June 20th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $84.94.
In other news, CEO Kenneth I. Chenault sold 789,503 shares of American Express stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the completion of the sale, the chief executive officer now directly owns 889,836 shares in the company, valued at approximately $75,297,922.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $85.88, for a total value of $513,648.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 948,287 shares of company stock worth $80,321,961. Company insiders own 0.67% of the company’s stock.
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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