Palisade Asset Management LLC Has $695,000 Position in American Express Company (AXP)
Palisade Asset Management LLC maintained its stake in shares of American Express Company (NYSE:AXP) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,249 shares of the payment services company’s stock at the close of the 2nd quarter. Palisade Asset Management LLC’s holdings in American Express were worth $695,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Canada Pension Plan Investment Board boosted its position in American Express by 944,765.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock valued at $90,739,000 after acquiring an additional 1,077,033 shares in the last quarter. Kovitz Investment Group Partners LLC increased its holdings in shares of American Express by 0.4% in the 2nd quarter. Kovitz Investment Group Partners LLC now owns 794,209 shares of the payment services company’s stock valued at $66,905,000 after acquiring an additional 3,352 shares during the period. Morse Asset Management Inc increased its holdings in shares of American Express by 6.9% in the 2nd quarter. Morse Asset Management Inc now owns 32,450 shares of the payment services company’s stock valued at $2,734,000 after acquiring an additional 2,100 shares during the period. Global X Management Co. LLC increased its holdings in shares of American Express by 27.8% in the 2nd quarter. Global X Management Co. LLC now owns 10,152 shares of the payment services company’s stock valued at $855,000 after acquiring an additional 2,210 shares during the period. Finally, Pioneer Investment Management Inc. raised its position in shares of American Express by 6.2% in the 2nd quarter. Pioneer Investment Management Inc. now owns 414,778 shares of the payment services company’s stock worth $34,941,000 after acquiring an additional 24,038 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on AXP. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Morgan Stanley dropped their price objective on American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Friday, September 8th. Jefferies Group LLC reiterated a “hold” rating and issued a $85.00 target price on shares of American Express in a research note on Saturday, July 22nd. Sanford C. Bernstein reiterated an “outperform” rating and issued a $100.00 target price (up previously from $99.00) on shares of American Express in a research note on Saturday, July 22nd. Finally, Guggenheim reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $86.53.
American Express Company (NYSE:AXP) opened at 91.43 on Wednesday. The company’s 50-day moving average price is $86.96 and its 200 day moving average price is $82.35. American Express Company has a 12 month low of $59.50 and a 12 month high of $91.64. The stock has a market capitalization of $80.82 billion, a PE ratio of 18.75 and a beta of 1.21.
American Express (NYSE:AXP) last issued its quarterly earnings data 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. The company had revenue of $8.31 billion for 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%. American Express’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm posted $2.10 EPS. On average, analysts forecast that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express announced that its board has authorized a share repurchase 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 purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The firm 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 dividend on an annualized basis and a dividend yield of 1.53%. 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 dividend payout ratio is presently 26.18%.
In related news, insider Susan Sobbott sold 6,000 shares of the business’s stock in a transaction dated 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 legal filing with the SEC, which is available at the SEC website. Also, insider Paul D. Fabara sold 5,981 shares of the business’s stock in a transaction dated 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 over the last ninety days. Corporate insiders own 0.67% 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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