Pictet & Cie Europe SA Has $571,000 Stake in American Express Company (AXP)
Pictet & Cie Europe SA decreased its stake in American Express Company (NYSE:AXP) by 5.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,223 shares of the payment services company’s stock after selling 431 shares during the period. Pictet & Cie Europe SA’s holdings in American Express were worth $571,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. MCF Advisors LLC boosted its position in 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 in the last quarter. SpiderRock Advisors LLC acquired a new position in American Express during the first quarter worth approximately $112,000. SRS Capital Advisors Inc. boosted its position in American Express by 10.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after buying an additional 138 shares in the last quarter. Westside Investment Management Inc. boosted its position in American Express by 36.7% in the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after buying an additional 410 shares in the last quarter. Finally, Clean Yield Group acquired a new position in American Express during the first quarter worth approximately $175,000. 82.78% of the stock is currently owned by institutional investors.
Shares of American Express Company (AXP) traded down 0.310% during mid-day trading on Tuesday, hitting $85.145. The stock had a trading volume of 626,088 shares. American Express Company has a 12 month low of $59.50 and a 12 month high of $87.78. The stock’s 50-day moving average is $85.32 and its 200 day moving average is $80.84. The firm has a market cap of $75.27 billion, a PE ratio of 17.462 and a beta of 1.18.
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, topping the consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the firm posted $2.10 earnings per share. Equities research analysts predict that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express declared that its Board of Directors has approved a share 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 repurchase up to 5.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
AXP has been the topic of a number of analyst reports. BMO Capital Markets reaffirmed a “hold” rating and set a $84.00 target price on shares of American Express in a research note on Thursday, June 1st. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub cut American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Guggenheim reaffirmed a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $100.00 target price (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Four equities 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 a consensus rating of “Hold” and an average price target of $84.94.
In related news, CEO Kenneth I. Chenault sold 789,503 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the transaction, the chief executive officer now directly owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul D. Fabara sold 5,981 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. Insiders have sold 943,387 shares of company stock worth $79,944,759 over the last ninety days. 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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