Fiduciary Trust Co. Acquires 18,139 Shares of American Express Company (AXP)
Fiduciary Trust Co. boosted its holdings in shares of American Express Company (NYSE:AXP) by 27.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 85,379 shares of the payment services company’s stock after buying an additional 18,139 shares during the quarter. Fiduciary Trust Co.’s holdings in American Express were worth $6,754,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of AXP. BlackRock Inc. raised its position in American Express by 2,686.0% during the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP raised its position in American Express by 21.7% during the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Tesco Pension Investment Ltd purchased a new position in American Express during the 1st quarter worth approximately $137,325,000. OppenheimerFunds Inc. raised its position in American Express by 40.1% during the 1st quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock worth $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% during the 1st quarter. Bank of New York Mellon Corp now owns 10,274,363 shares of the payment services company’s stock worth $812,804,000 after buying an additional 879,569 shares during the last quarter. 82.80% of the stock is owned by institutional investors.
A number of equities analysts have issued reports on AXP shares. Wells Fargo & Company reissued a “market perform” rating and set a $80.00 price target on shares of American Express in a research report on Sunday, May 21st. BMO Capital Markets reissued a “hold” rating and set a $84.00 price target on shares of American Express in a research report on Thursday, June 1st. BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Stephens raised shares of American Express from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $70.00 to $82.00 in a research report on Tuesday, June 20th. 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 equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have given a buy rating to the company’s stock. American Express has an average rating of “Hold” and a consensus target price of $85.20.
Shares of American Express Company (NYSE:AXP) traded up 0.50% during midday trading on Friday, reaching $84.83. 1,496,803 shares of the company’s stock traded hands. American Express Company has a 52 week low of $59.50 and a 52 week high of $87.78. The company has a market capitalization of $74.99 billion, a PE ratio of 17.40 and a beta of 1.18. The stock’s 50 day moving average is $85.44 and its 200-day moving average is $81.24. American Express also was the target of some unusual options trading on Thursday. Investors acquired 9,027 put options on the company. This represents an increase of approximately 153% compared to the typical volume of 3,574 put options.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same quarter last year, the business posted $2.10 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts forecast 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 authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $4.40 billion in shares. This repurchase authorization permits the payment services company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $84.62, for a total value of $66,807,743.86. Following the completion of the transaction, the chief executive officer now owns 889,836 shares in the company, valued at $75,297,922.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul D. Fabara sold 5,981 shares of the firm’s stock in a transaction on 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 90 days, insiders sold 943,387 shares of company stock valued at $79,944,759. Company insiders own 0.67% of the company’s stock.
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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