Nelson Van Denburg & Campbell Wealth Management Group LLC cut its position in American Express (NYSE:AXP) by 3.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,197 shares of the payment services company’s stock after selling 778 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC’s holdings in American Express were worth $2,064,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of AXP. Motley Fool Asset Management LLC boosted its stake in American Express by 16.3% during the 2nd quarter. Motley Fool Asset Management LLC now owns 9,314 shares of the payment services company’s stock valued at $913,000 after purchasing an additional 1,307 shares during the last quarter. BlackRock Inc. boosted its stake in American Express by 1.4% during the 2nd 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. Sumitomo Life Insurance Co. boosted its stake in American Express by 9.2% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 39,136 shares of the payment services company’s stock valued at $3,835,000 after purchasing an additional 3,313 shares during the last quarter. NumerixS Investment Technologies Inc acquired a new position in American Express during the 2nd quarter valued at about $680,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in American Express by 9.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,446 shares of the payment services company’s stock valued at $39,440,000 after purchasing an additional 35,275 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.
American Express stock opened at $109.56 on Monday. American Express has a 52 week low of $86.07 and a 52 week high of $110.01. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 2.67. The company has a market cap of $92.89 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.49 and a beta of 1.17.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 18th. The payment services company reported $1.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.01. American Express had a net margin of 9.23% and a return on equity of 30.08%. The firm had revenue of $10 billion for the quarter, compared to analysts’ expectations of $10.05 billion. During the same quarter last year, the firm earned $1.47 EPS. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. sell-side analysts expect that American Express will post 7.23 earnings per share for the current fiscal year.
American Express announced that its board has approved a share repurchase program 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 buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
A number of equities analysts have issued reports on the company. UBS Group upgraded American Express from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. 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. DZ Bank upgraded American Express from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. Stephens upgraded American Express from an “equal weight” rating to an “overweight” rating and set a $110.50 price target for the company in a research note on Monday. Finally, BMO Capital Markets lifted their price target 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. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $109.40.
In related news, CFO Jeffrey C. Campbell sold 9,000 shares of American Express stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $99.73, for a total value of $897,570.00. Following the sale, the chief financial officer now owns 66,568 shares of the company’s stock, valued at approximately $6,638,826.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marc D. Gordon sold 25,948 shares of American Express stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $107.83, for a total transaction of $2,797,972.84. Following the completion of the sale, the insider now directly owns 33,111 shares in the company, valued at approximately $3,570,359.13. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,448 shares of company stock worth $4,942,168. Insiders own 0.20% of the company’s stock.
About American Express
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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