Pioneer Investment Management Inc. Increases Position in American Express Company (AXP)
Pioneer Investment Management Inc. lifted its holdings in American Express Company (NYSE:AXP) by 6.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 414,778 shares of the payment services company’s stock after purchasing an additional 24,038 shares during the period. Pioneer Investment Management Inc.’s holdings in American Express were worth $34,941,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. MCF Advisors LLC lifted its holdings in American Express by 0.3% during the 2nd quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock worth $108,000 after buying an additional 4 shares in the last quarter. Appleton Partners Inc. MA boosted its position in American Express by 0.3% in the 2nd quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock valued at $224,000 after buying an additional 8 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in American Express by 0.4% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,652 shares of the payment services company’s stock valued at $223,000 after buying an additional 11 shares during the period. Bath Savings Trust Co boosted its position in American Express by 0.3% in the 2nd quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock valued at $369,000 after buying an additional 14 shares during the period. Finally, Accredited Investors Inc. boosted its position in American Express by 0.5% in the 1st quarter. Accredited Investors Inc. now owns 3,174 shares of the payment services company’s stock valued at $251,000 after buying an additional 15 shares during the period. Hedge funds and other institutional investors own 82.78% of the company’s stock.
Several equities analysts have commented on the stock. Morgan Stanley dropped their price target on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a research note on Friday, September 8th. BidaskClub cut American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $100.00 target price (up from $99.00) on shares of American Express in a report on Saturday, July 22nd. Finally, Guggenheim reiterated a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of American Express in a report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $86.53.
In other news, insider Susan Sobbott sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Anre D. Williams sold 53,111 shares of the stock in a transaction that occurred on 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 sale, the insider now 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 in the last three months. 0.67% of the stock is currently owned by corporate insiders.
Shares of American Express Company (NYSE:AXP) opened at 90.54 on Tuesday. The stock’s 50 day moving average is $86.79 and its 200 day moving average is $82.26. The firm has a market cap of $80.04 billion, a P/E ratio of 18.57 and a beta of 1.21. American Express Company has a 52 week low of $59.50 and a 52 week high of $91.17.
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 analysts’ consensus estimates of $1.44 by $0.03. The business had revenue of $8.31 billion during the quarter, compared to the consensus estimate 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 for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 EPS. On average, equities research analysts predict 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 approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in shares. This buyback authorization authorizes the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be issued a $0.35 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.40 dividend on an annualized basis and a yield of 1.55%. This is a boost from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio (DPR) is currently 26.18%.
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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