American Express Company (AXP) Position Lifted by Garrison Financial Corp
Garrison Financial Corp increased its holdings in shares of American Express Company (NYSE:AXP) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,929 shares of the payment services company’s stock after acquiring an additional 55 shares during the period. Garrison Financial Corp’s holdings in American Express were worth $499,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in AXP. MCF Advisors LLC grew its holdings in American Express by 0.5% during the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock worth $101,000 after acquiring an additional 6 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA grew its holdings in American Express by 30.4% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock worth $109,000 after acquiring an additional 300 shares during the period. SpiderRock Advisors LLC acquired a new position in American Express during the first quarter worth $112,000. SRS Capital Advisors Inc. grew its holdings in American Express by 10.3% during the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock worth $116,000 after acquiring an additional 138 shares during the period. Finally, Westside Investment Management Inc. grew its holdings in American Express by 36.7% during the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock worth $119,000 after acquiring an additional 410 shares during the period. 82.78% of the stock is currently owned by hedge funds and other institutional investors.
American Express Company (NYSE:AXP) opened at 91.55 on Friday. American Express Company has a 52-week low of $59.50 and a 52-week high of $91.64. The company’s 50-day moving average price is $87.34 and its 200 day moving average price is $82.57. The stock has a market capitalization of $80.93 billion, a P/E ratio of 18.78 and a beta of 1.21.
American Express (NYSE:AXP) last issued its quarterly earnings results 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. American Express had a return on equity of 21.90% and a net margin of 14.11%. The business had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.20 billion. During the same quarter in the previous year, the company posted $2.10 earnings per share. American Express’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts anticipate that American Express Company will post $5.74 earnings per share for the current year.
American Express declared that its Board of Directors has approved a share repurchase plan 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 reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be issued a dividend of $0.35 per share. This is an increase from American Express’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, October 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.53%. American Express’s payout ratio is currently 28.63%.
In other news, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kenneth I. Chenault sold 789,503 shares of American Express stock in a transaction on Monday, July 24th. The shares were sold at an average price of $84.62, for a total value of $66,807,743.86. Following the transaction, the chief executive officer now owns 889,836 shares in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. Insiders have sold 959,617 shares of company stock worth $81,377,425 in the last quarter. 0.67% of the stock is currently owned by corporate insiders.
AXP has been the topic of several research reports. Morgan Stanley lowered their target price on American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Friday, September 8th. BidaskClub lowered American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered American Express from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Sanford C. Bernstein reissued an “outperform” rating and issued a $100.00 target price (up previously from $99.00) on shares of American Express in a report on Saturday, July 22nd. Finally, Guggenheim reissued a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of American Express in a report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the stock. American Express has an average rating of “Hold” and an average target price of $86.48.
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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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