Cleararc Capital Inc. Reduces Stake in American Express Company (AXP)
Cleararc Capital Inc. decreased its position in American Express Company (NYSE:AXP) by 0.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 18,531 shares of the payment services company’s stock after selling 157 shares during the period. Cleararc Capital Inc.’s holdings in American Express were worth $1,466,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. First Manhattan Co. boosted its stake in American Express by 4.7% in the first quarter. First Manhattan Co. now owns 1,277,199 shares of the payment services company’s stock worth $81,791,000 after buying an additional 56,759 shares in the last quarter. Waldron LP bought a new stake in American Express during the first quarter worth about $246,000. Mn Services Vermogensbeheer B.V. boosted its stake in American Express by 2.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 20,766 shares of the payment services company’s stock worth $1,536,000 after buying an additional 440 shares in the last quarter. Nationwide Fund Advisors boosted its stake in American Express by 53.6% in the first quarter. Nationwide Fund Advisors now owns 331,996 shares of the payment services company’s stock worth $26,264,000 after buying an additional 115,857 shares in the last quarter. Finally, Diversified Trust Co boosted its stake in American Express by 48.9% in the first quarter. Diversified Trust Co now owns 47,548 shares of the payment services company’s stock worth $3,762,000 after buying an additional 15,613 shares in the last quarter. Institutional investors own 82.78% of the company’s stock.
Shares of American Express Company (NYSE AXP) traded up 0.01% during midday trading on Monday, hitting $85.48. 406,804 shares of the company traded hands. The stock has a market capitalization of $75.56 billion, a PE ratio of 17.53 and a beta of 1.18. American Express Company has a 52 week low of $59.50 and a 52 week high of $87.78. The stock has a 50 day moving average of $85.32 and a 200-day moving average of $80.84.
American Express (NYSE:AXP) last released its quarterly 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 analyst estimates of $8.20 billion. During the same quarter in the prior year, the firm posted $2.10 EPS. American Express’s quarterly revenue was up .9% compared to the same quarter last year. Equities analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its board has authorized 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 reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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A number of analysts have recently issued reports on the stock. Barclays PLC restated a “buy” rating and set a $83.00 target price on shares of American Express in a research note on Thursday, July 20th. Credit Suisse Group reiterated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $100.00 price objective (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $85.00 price objective on shares of American Express in a research note on Saturday, July 22nd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $84.94.
In related news, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The transaction 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 shares were sold at an average price of $85.41, for a total value of $8,096,184.72. Following the sale, the insider now owns 261,665 shares in the company, valued at approximately $22,348,807.65. The disclosure for this sale can be found here. Insiders have sold a total of 943,387 shares of company stock worth $79,944,759 in the last 90 days. 0.67% of the stock is currently owned by insiders.
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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