American Express Company (AXP) Position Lowered by Partnervest Advisory Services LLC
Partnervest Advisory Services LLC cut its holdings in shares of American Express Company (NYSE:AXP) by 5.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,597 shares of the payment services company’s stock after selling 144 shares during the period. Partnervest Advisory Services LLC’s holdings in American Express were worth $219,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in 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 purchasing an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 purchasing an additional 3,071,573 shares during the last quarter. Tesco Pension Investment Ltd purchased a new position in American Express in the first quarter worth about $137,325,000. Canada Pension Plan Investment Board boosted its position in American Express by 944,765.8% in the second quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock worth $90,739,000 after purchasing an additional 1,077,033 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its position in 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 purchasing an additional 1,038,328 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on the company. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Buckingham Research assumed coverage on American Express in a research report on Monday. They issued a “neutral” rating and a $92.00 target price on the stock. Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a research report on Tuesday, August 29th. Instinet reissued an “underperform” rating and issued a $80.00 target price on shares of American Express in a research report on Thursday, June 29th. Finally, Barclays PLC reissued a “buy” rating and issued a $83.00 target price on shares of American Express in a research report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the company’s stock. American Express currently has a consensus rating of “Hold” and a consensus target price of $86.48.
In other news, 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 value of $513,648.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Peter Bush sold 10,230 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 959,617 shares of company stock worth $81,377,425. Company insiders own 0.67% of the company’s stock.
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Shares of American Express Company (NYSE:AXP) opened at 91.01 on Thursday. The company has a market cap of $80.45 billion, a P/E ratio of 18.66 and a beta of 1.21. The firm has a 50-day moving average price of $87.08 and a 200-day moving average price of $82.41. American Express Company has a 1-year low of $59.50 and a 1-year high of $91.64.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $2.10 earnings per share. On average, equities analysts expect that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has approved a stock repurchase 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are 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 given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Thursday, October 5th. This is an increase from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio (DPR) is 26.18%.
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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