Meadow Creek Investment Management LLC boosted its stake in American Express (NYSE:AXP) by 16.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,044 shares of the payment services company’s stock after purchasing an additional 10,744 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in American Express were worth $7,550,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of AXP. Destination Wealth Management raised its stake in American Express by 165.4% in the second quarter. Destination Wealth Management now owns 1,059 shares of the payment services company’s stock valued at $104,000 after purchasing an additional 660 shares in the last quarter. Archford Capital Strategies LLC acquired a new position in American Express in the first quarter valued at about $123,000. Private Ocean LLC raised its stake in American Express by 14,070.0% in the first quarter. Private Ocean LLC now owns 1,417 shares of the payment services company’s stock valued at $132,000 after purchasing an additional 1,407 shares in the last quarter. Kiley Juergens Wealth Management LLC acquired a new position in American Express in the second quarter valued at about $148,000. Finally, Guidant Wealth Advisors raised its stake in American Express by 280.7% in the second quarter. Guidant Wealth Advisors now owns 807 shares of the payment services company’s stock valued at $150,000 after purchasing an additional 595 shares in the last quarter. 82.99% of the stock is owned by institutional investors and hedge funds.
In other news, 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 sale, the chief financial officer now directly owns 66,568 shares in the company, valued at $6,638,826.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Stephen J. Squeri sold 12,500 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 value of $1,246,625.00. Following the sale, the chief executive officer now owns 191,971 shares in the company, valued at $19,145,267.83. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,500 shares of company stock worth $3,033,305. Company insiders own 0.20% of the company’s stock.
A number of research analysts recently commented on AXP shares. Oppenheimer set a $113.00 price target on American Express and gave the company a “buy” rating in a research note on Wednesday, July 18th. UBS Group raised American Express from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. DZ Bank raised American Express from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. Royal Bank of Canada reaffirmed a “sell” rating and issued a $87.00 price target on shares of American Express in a research note on Thursday, July 19th. Finally, Buckingham Research raised American Express from a “neutral” rating to a “buy” rating and boosted their price target for the company from $111.00 to $112.00 in a research note on Friday, June 29th. One 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. The company presently has a consensus rating of “Hold” and an average price target of $108.83.
NYSE:AXP opened at $106.71 on Thursday. The stock has a market cap of $92.18 billion, a PE ratio of 18.18, a PEG ratio of 1.44 and a beta of 1.15. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 2.67. American Express has a 1-year low of $84.02 and a 1-year high of $107.43.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, July 18th. The payment services company reported $1.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.01. The company had revenue of $10 billion for the quarter, compared to analysts’ expectations of $10.05 billion. American Express had a return on equity of 30.08% and a net margin of 9.23%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.47 earnings per share. sell-side analysts anticipate that American Express will post 7.23 earnings per share for the current year.
American Express announced that its Board of Directors has approved a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $3.40 billion in outstanding shares. This repurchase authorization authorizes the payment services company to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors 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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