State of Tennessee Treasury Department Has $40.77 Million Position in American Express Company (AXP)
State of Tennessee Treasury Department trimmed its stake in shares of American Express Company (NYSE:AXP) by 20.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 450,737 shares of the payment services company’s stock after selling 116,523 shares during the quarter. State of Tennessee Treasury Department owned 0.05% of American Express worth $40,774,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in American Express by 2,686.0% in the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after acquiring an additional 42,592,136 shares during the last quarter. Wellington Management Group LLP increased its stake in American Express by 21.7% in the 1st quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after acquiring an additional 3,071,573 shares during the last quarter. Veritas Asset Management LLP increased its position in shares of American Express by 15.2% during the 2nd quarter. Veritas Asset Management LLP now owns 10,303,201 shares of the payment services company’s stock valued at $867,942,000 after purchasing an additional 1,358,474 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of American Express during the 2nd quarter valued at about $101,526,000. Finally, Canada Pension Plan Investment Board increased its position in shares of American Express by 944,765.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,077,147 shares of the payment services company’s stock valued at $90,739,000 after purchasing an additional 1,077,033 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.
In other American Express news, EVP Linda Zukauckas sold 3,196 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $95.42, for a total value of $304,962.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Peter Bush sold 10,230 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. Insiders have sold a total of 343,870 shares of company stock valued at $33,094,717 over the last 90 days. 0.67% of the stock is currently owned by company insiders.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.03. The company had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.31 billion. American Express had a return on equity of 22.73% and a net margin of 14.48%. American Express’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.24 EPS. equities analysts predict that American Express Company will post 5.86 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, January 5th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.42%. The ex-dividend date is Thursday, January 4th. American Express’s dividend payout ratio is presently 26.97%.
Several equities analysts have recently commented on the company. ValuEngine lowered American Express from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research upgraded American Express from a “hold” rating to a “buy” rating and set a $107.00 price objective on the stock in a research report on Wednesday, November 1st. Atlantic Securities upgraded American Express from an “underweight” rating to a “neutral” rating and set a $100.00 price objective on the stock in a research report on Tuesday, October 24th. Jefferies Group increased their price objective on American Express from $64.75 to $93.35 and gave the company a “hold” rating in a research report on Friday, October 20th. Finally, Royal Bank of Canada increased their price objective on American Express to $68.00 and gave the company an “underperform” rating in a research report on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. American Express presently has a consensus rating of “Hold” and an average price target of $91.56.
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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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