American Express Company (AXP) Position Lowered by BTR Capital Management Inc.
BTR Capital Management Inc. decreased its holdings in American Express Company (NYSE:AXP) by 41.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,710 shares of the payment services company’s stock after selling 3,375 shares during the quarter. BTR Capital Management Inc.’s holdings in American Express were worth $397,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in AXP. BlackRock Inc. lifted its stake in shares of American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after acquiring an additional 42,592,136 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of American Express by 21.7% in 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 acquiring an additional 3,071,573 shares in the last quarter. Tesco Pension Investment Ltd acquired a new position in shares of American Express in the first quarter worth about $137,325,000. OppenheimerFunds Inc. lifted its stake in shares of American Express by 40.1% in the first quarter. OppenheimerFunds Inc. now owns 3,627,184 shares of the payment services company’s stock worth $286,946,000 after acquiring an additional 1,038,328 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of American Express by 9.4% in the first 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 acquiring an additional 879,569 shares in the last quarter. Institutional investors and hedge funds own 82.77% of the company’s stock.
In other news, CEO Kenneth I. Chenault sold 789,503 shares of the firm’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 completion of the sale, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul D. Fabara sold 5,981 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was 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. In the last ninety days, insiders have sold 949,387 shares of company stock valued at $80,451,099. Company insiders own 0.67% of the company’s stock.
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Shares of American Express Company (NYSE:AXP) traded down 0.31% during trading on Monday, reaching $88.13. The company had a trading volume of 1,227,680 shares. The company has a market cap of $77.91 billion, a P/E ratio of 18.07 and a beta of 1.18. American Express Company has a 12-month low of $59.50 and a 12-month high of $89.38. The firm has a 50-day moving average of $85.80 and a 200-day moving average of $81.62.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business posted $2.10 earnings per share. On average, equities research analysts anticipate that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has authorized a stock buyback program on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
AXP has been the topic of several recent analyst reports. Guggenheim reiterated a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Barclays PLC reiterated a “buy” rating and issued a $83.00 price target on shares of American Express in a research note on Thursday, July 20th. BidaskClub upgraded American Express from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Keefe, Bruyette & Woods set a $95.00 price target on American Express and gave the stock a “buy” rating in a research note on Saturday, August 19th. Finally, Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a research note on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $86.29.
American Express 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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