Warren Averett Asset Management LLC boosted its position in shares of American Express Company (NYSE:AXP) by 5.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,217 shares of the payment services company’s stock after buying an additional 1,038 shares during the period. Warren Averett Asset Management LLC’s holdings in American Express were worth $1,703,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in American Express by 1.5% during the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after buying an additional 722,235 shares in the last quarter. BlackRock Inc. grew its stake in American Express by 2,686.0% during the first 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 in the last quarter. State Street Corp grew its stake in 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 buying an additional 731,315 shares in the last quarter. Wellington Management Group LLP grew its stake in 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 buying an additional 3,071,573 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its stake in American Express by 1.9% during the first quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock worth $1,284,689,000 after buying an additional 305,651 shares in the last quarter. Hedge funds and other institutional investors own 82.80% of the company’s stock.

In other American Express news, CEO Kenneth I. Chenault sold 789,503 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 889,836 shares in the company, valued at $75,297,922.32. The sale was disclosed in a 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 value of $513,648.28. The disclosure for this sale can be found here. Insiders sold 949,387 shares of company stock valued at $80,451,099 in the last quarter. Corporate insiders own 0.67% of the company’s stock.

A number of equities research analysts have recently weighed in on AXP shares. Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley reduced their price target on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Friday, September 8th. Keefe, Bruyette & Woods set a $95.00 price target on shares of American Express and gave the company a “buy” rating in a research note on Saturday, August 19th. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $100.00 price target (up from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $86.29.

American Express Company (AXP) opened at 86.64 on Thursday. The firm’s 50-day moving average is $85.46 and its 200 day moving average is $81.37. The company has a market cap of $76.59 billion, a price-to-earnings ratio of 17.77 and a beta of 1.18. American Express Company has a 12-month low of $59.50 and a 12-month high of $87.78.

American Express (NYSE:AXP) last announced its quarterly earnings data 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 firm had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. During the same quarter in the previous year, the company posted $2.10 earnings per share. The business’s revenue was up .9% on a year-over-year basis. On average, equities analysts expect that American Express Company will post $5.74 earnings per share for the current fiscal year.

American Express announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

ILLEGAL ACTIVITY NOTICE: This article was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this article on another website, it was illegally stolen and republished in violation of international copyright and trademark laws. The legal version of this article can be read at https://www.thecerbatgem.com/2017/09/14/warren-averett-asset-management-llc-has-1-70-million-holdings-in-american-express-company-axp.html.

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).

Institutional Ownership by Quarter for American Express (NYSE:AXP)

Receive News & Stock Ratings for American Express Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Express Company and related stocks with our FREE daily email newsletter.