Alerus Financial NA cut its stake in American Express (NYSE:AXP) by 2.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 55,510 shares of the payment services company’s stock after selling 1,107 shares during the period. Alerus Financial NA’s holdings in American Express were worth $5,440,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in American Express by 1.0% in the first quarter. BlackRock Inc. now owns 43,504,697 shares of the payment services company’s stock valued at $4,058,115,000 after acquiring an additional 414,196 shares in the last quarter. Veritas Asset Management LLP increased its stake in American Express by 9.0% during 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 purchasing an additional 992,800 shares during the last quarter. Fisher Asset Management LLC increased its stake in American Express by 3.7% during the second quarter. Fisher Asset Management LLC now owns 10,110,872 shares of the payment services company’s stock valued at $990,866,000 after purchasing an additional 360,596 shares during the last quarter. American Century Companies Inc. increased its stake in American Express by 5.4% during the second quarter. American Century Companies Inc. now owns 5,522,458 shares of the payment services company’s stock valued at $541,201,000 after purchasing an additional 282,496 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in American Express by 3.7% during the first quarter. Artisan Partners Limited Partnership now owns 4,964,107 shares of the payment services company’s stock valued at $463,052,000 after purchasing an additional 177,519 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on the stock. Stephens set a $97.00 target price on shares of American Express and gave the company a “hold” rating in a research note on Friday, June 29th. Jefferies Financial Group reiterated a “hold” rating and set a $105.00 target price on shares of American Express in a research note on Monday, July 16th. BMO Capital Markets boosted their target price on shares of American Express from $103.00 to $106.00 and gave the company a “market perform” rating in a research note on Thursday, July 19th. Buckingham Research upgraded shares of American Express from a “neutral” rating to a “buy” rating and boosted their target price for the company from $111.00 to $112.00 in a research note on Friday, June 29th. Finally, Oppenheimer set a $113.00 target price on shares of American Express and gave the company a “buy” rating in a research note on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have issued a buy rating to the company. American Express currently has an average rating of “Hold” and an average price target of $108.83.
American Express stock opened at $103.03 on Monday. The stock has a market cap of $87.47 billion, a PE ratio of 17.55, a PEG ratio of 1.36 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 one year low of $84.02 and a one year high of $104.24.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, July 18th. The payment services company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.83 by $0.01. The business had revenue of $10 billion during the quarter, compared to analyst estimates 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 prior year, the firm earned $1.47 earnings per share. equities research analysts predict that American Express will post 7.27 EPS for the current year.
American Express declared that its Board of Directors has initiated a share buyback plan on Thursday, June 28th that authorizes the company to repurchase $3.40 billion in shares. This repurchase authorization authorizes the payment services company to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, CFO Jeffrey C. Campbell sold 9,000 shares of the stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $99.73, for a total value of $897,570.00. Following the completion of the transaction, the chief financial officer now owns 66,568 shares in the company, valued at approximately $6,638,826.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Richard Petrino sold 9,880 shares of the stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $102.89, for a total transaction of $1,016,553.20. Following the completion of the transaction, the executive vice president now owns 16,198 shares of the company’s stock, valued at approximately $1,666,612.22. The disclosure for this sale can be found here. Insiders have sold 44,184 shares of company stock valued at $4,426,568 in the last 90 days. Insiders own 0.20% of the company’s stock.
American Express Company 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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