Convergence Investment Partners LLC Takes $207,000 Position in American Express Company (AXP)
Convergence Investment Partners LLC purchased a new stake in American Express Company (NYSE:AXP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,456 shares of the payment services company’s stock, valued at approximately $207,000.
A number of other institutional investors and hedge funds have also modified their holdings of AXP. MCF Advisors LLC boosted its holdings in American Express by 0.5% in the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after purchasing an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in American Express by 30.4% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock valued at $109,000 after purchasing an additional 300 shares during the last quarter. SpiderRock Advisors LLC purchased a new position in American Express in the first quarter valued at about $112,000. SRS Capital Advisors Inc. boosted its holdings in American Express by 10.3% in the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock valued at $116,000 after purchasing an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its holdings in American Express by 36.7% in the first quarter. Westside Investment Management Inc. now owns 1,528 shares of the payment services company’s stock valued at $119,000 after purchasing an additional 410 shares during the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.
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In related news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total value of $8,096,184.72. Following the completion of the transaction, the insider now directly owns 261,665 shares of the company’s stock, valued at approximately $22,348,807.65. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Susan Sobbott sold 6,000 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 959,617 shares of company stock valued at $81,377,425. Company insiders own 0.67% of the company’s stock.
A number of research analysts recently commented on AXP shares. Morgan Stanley reduced their price target on American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a report on Friday, September 8th. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Credit Suisse Group reissued a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub downgraded American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Guggenheim reissued a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of American Express in a report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $86.48.
Shares of American Express Company (NYSE AXP) opened at 91.55 on Friday. The firm has a market cap of $80.93 billion, a PE ratio of 18.78 and a beta of 1.21. The stock has a 50 day moving average price of $87.34 and a 200 day moving average price of $82.57. American Express Company has a 12 month low of $59.50 and a 12 month high of $91.64.
American Express (NYSE:AXP) last announced its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business earned $2.10 EPS. On average, equities research analysts expect that American Express Company will post $5.74 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This is a positive change from American Express’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 1.53%. American Express’s dividend payout ratio is presently 28.63%.
American Express declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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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