Susan Sobbott Sells 6,000 Shares of American Express Company (AXP) Stock
American Express Company (NYSE:AXP) insider Susan Sobbott sold 6,000 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
American Express Company (NYSE AXP) opened at 86.55 on Wednesday. The firm has a market cap of $76.51 billion, a price-to-earnings ratio of 17.75 and a beta of 1.18. The company has a 50 day moving average price of $85.41 and a 200-day moving average price of $81.32. American Express Company has a 52-week low of $59.50 and a 52-week high of $87.78.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) 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 firm had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.20 billion. During the same period in the previous year, the firm earned $2.10 earnings per share. The company’s revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has initiated a stock repurchase program 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 buy up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
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Several brokerages have weighed in on AXP. Barclays PLC reaffirmed a “buy” rating and issued a $83.00 target price on shares of American Express in a research report on Thursday, July 20th. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research lowered American Express from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $85.00 target price on shares of American Express in a research report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $86.29.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in American Express by 1.5% in the second quarter. Vanguard Group Inc. now owns 50,233,957 shares of the payment services company’s stock valued at $4,231,710,000 after buying an additional 731,428 shares during the period. BlackRock Inc. increased its stake in shares of American Express by 1.1% during the second quarter. BlackRock Inc. now owns 44,685,897 shares of the payment services company’s stock worth $3,764,339,000 after purchasing an additional 508,030 shares during the period. State Street Corp increased its stake in shares of American Express by 1.8% during the first quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after purchasing an additional 731,315 shares during the period. Wellington Management Group LLP increased its stake in shares of American Express by 21.7% during the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after purchasing an additional 3,071,573 shares during the period. Finally, First Eagle Investment Management LLC increased its stake in shares of American Express by 0.6% during the second quarter. First Eagle Investment Management LLC now owns 16,342,822 shares of the payment services company’s stock worth $1,376,719,000 after purchasing an additional 103,546 shares during the period. Institutional investors and hedge funds own 82.80% 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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