State Board of Administration of Florida Retirement System lessened its position in American Express (NYSE:AXP) by 2.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,012,817 shares of the payment services company’s stock after selling 29,295 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in American Express were worth $99,256,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. FDx Advisors Inc. increased its holdings in American Express by 6.8% in the first quarter. FDx Advisors Inc. now owns 20,851 shares of the payment services company’s stock valued at $1,945,000 after buying an additional 1,330 shares in the last quarter. Hennessy Advisors Inc. increased its holdings in American Express by 17.6% in the first quarter. Hennessy Advisors Inc. now owns 20,000 shares of the payment services company’s stock valued at $1,866,000 after buying an additional 3,000 shares in the last quarter. Veritas Asset Management LLP increased its holdings in American Express by 9.0% in the first quarter. Veritas Asset Management LLP now owns 11,996,953 shares of the payment services company’s stock valued at $1,119,076,000 after buying an additional 992,800 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in American Express by 37.1% in the first quarter. Daiwa Securities Group Inc. now owns 96,009 shares of the payment services company’s stock valued at $8,955,000 after buying an additional 26,003 shares in the last quarter. Finally, Miracle Mile Advisors LLC purchased a new position in American Express in the first quarter valued at $3,545,000. 82.66% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on AXP shares. UBS Group raised shares of American Express from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Guggenheim reaffirmed a “hold” rating and issued a $104.00 price objective on shares of American Express in a report on Thursday, April 19th. Barclays lifted their price objective on shares of American Express from $112.00 to $113.00 and gave the company an “equal weight” rating in a report on Thursday, April 19th. DZ Bank raised shares of American Express from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Finally, Buckingham Research lifted their price objective on shares of American Express from $110.00 to $111.00 and gave the company a “neutral” rating in a report on Thursday, April 19th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and fourteen have issued a buy rating to the company. American Express has a consensus rating of “Hold” and an average price target of $108.83.
In related news, insider Douglas E. Buckminster sold 3,804 shares of the business’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $99.03, for a total transaction of $376,710.12. Following the transaction, the insider now directly owns 19,514 shares in the company, valued at $1,932,471.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey C. Campbell sold 9,000 shares of the business’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $99.73, for a total transaction of $897,570.00. Following the transaction, the chief financial officer now owns 66,568 shares in the company, valued at $6,638,826.64. The disclosure for this sale can be found here. Insiders have sold 44,184 shares of company stock worth $4,426,568 over the last 90 days. 0.20% of the stock is currently owned by company insiders.
AXP stock opened at $101.58 on Friday. The stock has a market cap of $88.68 billion, a PE ratio of 15.19, a P/E/G ratio of 1.38 and a beta of 1.15. The company has a debt-to-equity ratio of 2.67, a current ratio of 1.92 and a quick ratio of 1.92. American Express has a 52 week low of $83.97 and a 52 week high of $104.24.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 18th. The payment services company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.01. The business had revenue of $10 billion during the quarter, compared to analysts’ expectations of $10.05 billion. American Express had a net margin of 9.23% and a return on equity of 30.08%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.47 earnings per share. equities analysts anticipate that American Express will post 7.27 EPS for the current fiscal year.
American Express declared that its board has authorized a share repurchase program on Thursday, June 28th that allows the company to buyback $3.40 billion in outstanding shares. This buyback authorization allows the payment services company to repurchase up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
American Express Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It operates through four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.
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