TD Asset Management Inc. Sells 14,164 Shares of American Express Company (AXP)
TD Asset Management Inc. lessened its position in shares of American Express Company (NYSE:AXP) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 682,982 shares of the payment services company’s stock after selling 14,164 shares during the period. TD Asset Management Inc. owned 0.08% of American Express worth $57,535,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of American Express by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after buying an additional 722,235 shares during the last quarter. BlackRock Inc. lifted its position in shares of 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 valued at $3,494,913,000 after buying an additional 42,592,136 shares during the last quarter. State Street Corp lifted its position in shares of American Express by 1.8% during the 1st quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock valued at $3,196,011,000 after buying an additional 731,315 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of 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 valued at $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of American Express by 1.9% during the 1st quarter. First Eagle Investment Management LLC now owns 16,239,276 shares of the payment services company’s stock valued at $1,284,689,000 after buying an additional 305,651 shares during the last quarter. 82.77% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on AXP shares. Guggenheim reaffirmed a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of American Express in a research report on Saturday, July 22nd. Barclays PLC reaffirmed a “buy” rating and set a $83.00 price target on shares of American Express in a research report on Thursday, July 20th. BidaskClub raised American Express from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Keefe, Bruyette & Woods set a $95.00 price objective on American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a report on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $86.29.
In other news, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $85.88, for a total value of $513,648.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Anre D. Williams sold 53,111 shares of American Express stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $85.24, for a total value of $4,527,181.64. Following the completion of the sale, the insider now directly owns 79,614 shares in the company, valued at $6,786,297.36. The disclosure for this sale can be found here. Insiders sold 949,387 shares of company stock worth $80,451,099 over the last ninety days. Insiders own 0.67% of the company’s stock.
American Express Company (NYSE:AXP) opened at 90.46 on Friday. The stock’s 50 day moving average price is $85.80 and its 200 day moving average price is $81.62. American Express Company has a 12 month low of $59.50 and a 12 month high of $90.77. The company has a market capitalization of $79.96 billion, a price-to-earnings ratio of 18.55 and a beta of 1.18.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $8.20 billion. During the same period in the previous year, the firm posted $2.10 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate 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 initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization permits the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.55%. This is a boost from American Express’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, October 5th. American Express’s payout ratio is 26.18%.
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American Express Company 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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