Torray LLC Raises Stake in American Express Company (AXP)
Torray LLC grew its position in American Express Company (NYSE:AXP) by 0.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 208,443 shares of the payment services company’s stock after buying an additional 1 shares during the quarter. American Express accounts for 1.8% of Torray LLC’s holdings, making the stock its 19th largest holding. Torray LLC’s holdings in American Express were worth $17,559,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Tocqueville Asset Management L.P. grew its stake in shares of American Express by 5.3% in the second quarter. Tocqueville Asset Management L.P. now owns 52,479 shares of the payment services company’s stock valued at $4,421,000 after buying an additional 2,644 shares in the last quarter. Cadence Capital Management LLC grew its stake in shares of American Express by 0.3% in the second quarter. Cadence Capital Management LLC now owns 49,084 shares of the payment services company’s stock valued at $4,135,000 after buying an additional 137 shares in the last quarter. Pax World Management LLC acquired a new stake in shares of American Express in the second quarter valued at $1,685,000. Redwood Investments LLC grew its stake in shares of American Express by 1,102.0% in the second quarter. Redwood Investments LLC now owns 17,128 shares of the payment services company’s stock valued at $1,443,000 after buying an additional 15,703 shares in the last quarter. Finally, Comprehensive Portfolio Management LLC acquired a new stake in shares of American Express in the second quarter valued at $202,000. 82.77% of the stock is owned by institutional investors and hedge funds.
In related news, insider James Peter Bush sold 10,230 shares of American Express stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $85.88, for a total value of $513,648.28. The disclosure for this sale can be found here. Insiders sold 959,617 shares of company stock valued at $81,377,425 over the last quarter. Insiders own 0.67% of the company’s stock.
Shares of American Express Company (NYSE AXP) opened at 92.86 on Monday. The stock has a 50 day moving average price of $88.38 and a 200 day moving average price of $83.14. American Express Company has a 12-month low of $59.78 and a 12-month high of $92.92. The stock has a market capitalization of $82.09 billion, a P/E ratio of 19.04 and a beta of 1.21.
American Express (NYSE:AXP) last posted its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion during 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 company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm earned $2.10 earnings per share. On average, equities analysts anticipate that American Express Company will post $5.74 earnings per share for the current fiscal year.
American Express declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared 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. This represents a $1.40 dividend on an annualized basis and a yield of 1.51%. This is an increase from American Express’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, October 5th. American Express’s dividend payout ratio (DPR) is 28.63%.
A number of equities research analysts have recently weighed in on AXP shares. Morgan Stanley dropped their price objective on American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a research note on Friday, September 8th. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub cut American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $87.69.
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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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