Raymond James & Associates lifted its position in shares of American Express (NYSE:AXP) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 718,012 shares of the payment services company’s stock after acquiring an additional 6,750 shares during the quarter. Raymond James & Associates owned approximately 0.08% of American Express worth $70,366,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in American Express by 969.9% in the second quarter. FMR LLC now owns 9,585,669 shares of the payment services company’s stock valued at $939,396,000 after purchasing an additional 8,689,714 shares during the last quarter. Renaissance Technologies LLC bought a new stake in American Express in the second quarter valued at about $127,567,000. BlackRock Inc. increased its holdings in American Express by 1.4% in the second quarter. BlackRock Inc. now owns 44,131,020 shares of the payment services company’s stock valued at $4,324,840,000 after purchasing an additional 626,323 shares during the last quarter. Cornerstone Wealth Management LLC increased its holdings in American Express by 11,361.3% in the second quarter. Cornerstone Wealth Management LLC now owns 545,560 shares of the payment services company’s stock valued at $5,511,000 after purchasing an additional 540,800 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in American Express by 3.7% in 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. Institutional investors own 82.99% of the company’s stock.
AXP stock opened at $106.08 on Friday. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 2.67. The stock has a market cap of $90.76 billion, a PE ratio of 18.07, a PEG ratio of 1.42 and a beta of 1.17. American Express has a fifty-two week low of $84.02 and a fifty-two week high of $107.43.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, July 18th. The payment services company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.01. The company had revenue of $10 billion during 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%. American Express’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.47 earnings per share. equities research analysts anticipate that American Express will post 7.23 EPS for the current fiscal year.
American Express declared that its board has authorized a stock repurchase program on Thursday, June 28th that permits the company to buyback $3.40 billion in shares. This buyback authorization permits the payment services company to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts recently commented on AXP shares. Buckingham Research upgraded American Express from a “neutral” rating to a “buy” rating and upped their price objective for the company from $111.00 to $112.00 in a report on Friday, June 29th. Stephens set a $97.00 price objective on American Express and gave the company a “hold” rating in a report on Friday, June 29th. Jefferies Financial Group reissued a “hold” rating and issued 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 American Express from $103.00 to $106.00 and gave the company a “market perform” rating in a research note on Thursday, July 19th. Finally, Oppenheimer set a $113.00 target price on American Express and gave the company a “buy” rating in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $108.83.
In other news, major shareholder Ventures Fund Vii L.P. Vivo acquired 20,142,123 shares of American Express stock in a transaction dated Thursday, August 30th. The stock was bought at an average cost of $0.17 per share, with a total value of $3,424,160.91. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey C. Campbell sold 9,000 shares of the company’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 $897,570.00. Following the transaction, the chief financial officer now directly owns 66,568 shares of the company’s stock, valued at $6,638,826.64. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.
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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