KBC Group NV Sells 38,200 Shares of American Express Company (AXP)
KBC Group NV cut its position in shares of American Express Company (NYSE:AXP) by 11.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 296,063 shares of the payment services company’s stock after selling 38,200 shares during the quarter. KBC Group NV’s holdings in American Express were worth $24,940,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Matthew Goff Investment Advisor LLC bought a new position in shares of American Express during the 1st quarter valued at about $2,543,000. Vanguard Group Inc. increased its position in shares of American Express by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after purchasing an additional 722,235 shares during the last quarter. Rothschild Asset Management Inc. increased its position in shares of American Express by 19.5% during the 1st quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock valued at $50,742,000 after purchasing an additional 104,647 shares during the last quarter. First Citizens Bank & Trust Co. bought a new position in shares of American Express during the 2nd quarter valued at about $215,000. Finally, Trust Co. of Vermont increased its position in shares of American Express by 5.0% during the 1st quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock valued at $1,367,000 after purchasing an additional 819 shares during the last quarter. Hedge funds and other institutional investors own 82.78% of the company’s stock.
In other news, insider Paul D. Fabara sold 5,981 shares of the company’s 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 through this hyperlink. 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 value of $506,340.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 959,617 shares of company stock worth $81,377,425. Insiders own 0.67% of the company’s stock.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. American Express’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.10 earnings per share.
American Express declared that its board has initiated a stock 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 purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are 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 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 dividend on an annualized basis and a dividend yield of 1.53%. American Express’s dividend payout ratio is presently 28.63%.
Several brokerages recently weighed in on AXP. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Morgan Stanley dropped their target price 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. Jefferies Group LLC restated a “hold” rating and set a $85.00 target price on shares of American Express in a report on Saturday, July 22nd. Sanford C. Bernstein restated an “outperform” rating and set a $100.00 target price (up from $99.00) on shares of American Express in a report on Saturday, July 22nd. Finally, Guggenheim restated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of American Express in a report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $87.69.
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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