Sigma Planning Corp Sells 5,091 Shares of American Express Company (AXP)
Sigma Planning Corp decreased its holdings in shares of American Express Company (NYSE:AXP) by 26.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 14,136 shares of the payment services company’s stock after selling 5,091 shares during the period. Sigma Planning Corp’s holdings in American Express were worth $1,191,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of AXP. Waldron LP bought a new stake in shares of American Express during the 1st quarter valued at $246,000. Hussman Strategic Advisors Inc. raised its position in shares of American Express by 3,846.2% during the 1st quarter. Hussman Strategic Advisors Inc. now owns 51,300 shares of the payment services company’s stock valued at $4,058,000 after acquiring an additional 50,000 shares during the last quarter. Parnassus Investments CA raised its position in shares of American Express by 20.0% during the 1st quarter. Parnassus Investments CA now owns 2,100,000 shares of the payment services company’s stock valued at $166,131,000 after acquiring an additional 350,000 shares during the last quarter. Grimes & Company Inc. raised its position in shares of American Express by 3.7% during the 1st quarter. Grimes & Company Inc. now owns 9,642 shares of the payment services company’s stock valued at $763,000 after acquiring an additional 343 shares during the last quarter. Finally, Eqis Capital Management Inc. raised its position in shares of American Express by 4.5% during the 1st quarter. Eqis Capital Management Inc. now owns 12,761 shares of the payment services company’s stock valued at $1,010,000 after acquiring an additional 553 shares during the last quarter. Institutional investors own 82.78% of the company’s stock.
In other news, insider James Peter Bush sold 10,230 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $90.55, for a total transaction of $926,326.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul D. Fabara sold 5,981 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 959,617 shares of company stock valued at $81,377,425. 0.67% of the stock is currently owned by insiders.
American Express Company (NYSE:AXP) opened at 91.55 on Friday. The firm has a market capitalization of $80.93 billion, a P/E ratio of 18.78 and a beta of 1.21. American Express Company has a 1-year low of $59.50 and a 1-year high of $91.64. The stock’s 50 day moving average is $87.34 and its 200-day moving average is $82.57.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.44 by $0.03. The company 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 firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.10 earnings per share. Analysts forecast that American Express Company will post $5.74 EPS for the current year.
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 given a dividend of $0.35 per share. The ex-dividend date is Thursday, October 5th. This is an increase from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a dividend yield of 1.53%. American Express’s payout ratio is presently 28.63%.
American Express announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several brokerages have commented on AXP. Credit Suisse Group reiterated a “sell” rating and set a $79.00 target price on shares of American Express in a research report on Wednesday. Buckingham Research began coverage on shares of American Express in a research report on Monday, October 2nd. They set a “neutral” rating and a $92.00 target price for the company. Zacks Investment Research cut shares of American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Morgan Stanley dropped their target price on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a research report on Friday, September 8th. Finally, Keefe, Bruyette & Woods set a $95.00 target price on shares of American Express and gave the company a “buy” rating in a research report on Saturday, August 19th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company. American Express presently has an average rating of “Hold” and an average target price of $86.48.
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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