General American Investors Co. Inc. Has $18.11 Million Position in American Express Company (AXP)
General American Investors Co. Inc. lowered its position in shares of American Express Company (NYSE:AXP) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 215,000 shares of the payment services company’s stock after selling 10,000 shares during the quarter. American Express accounts for about 1.8% of General American Investors Co. Inc.’s investment portfolio, making the stock its 25th biggest holding. General American Investors Co. Inc.’s holdings in American Express were worth $18,112,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Matthew Goff Investment Advisor LLC bought a new stake in shares of American Express in the first quarter worth about $2,543,000. Vanguard Group Inc. lifted its holdings in shares of American Express by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after purchasing an additional 722,235 shares in the last quarter. Rothschild Asset Management Inc. lifted its holdings in shares of American Express by 19.5% during the 1st quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock valued at $50,742,000 after purchasing an additional 104,647 shares in the last quarter. First Citizens Bank & Trust Co. bought a new position in shares of American Express during the 2nd quarter valued at about $215,000. Finally, Trust Co. of Vermont lifted its holdings in shares of American Express by 5.0% during the 1st quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock valued at $1,367,000 after purchasing an additional 819 shares in the last quarter. Hedge funds and other institutional investors own 82.78% of the company’s stock.
American Express Company (NYSE:AXP) opened at 91.43 on Wednesday. The company has a market capitalization of $80.82 billion, a PE ratio of 18.75 and a beta of 1.21. American Express Company has a 52-week low of $59.50 and a 52-week high of $91.64. The firm’s 50-day moving average is $86.96 and its 200-day moving average is $82.35.
American Express (NYSE:AXP) last issued its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. American Express’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $2.10 EPS. On average, equities research analysts forecast that American Express Company will post $5.74 EPS for the current year.
American Express announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be paid a $0.35 dividend. This is an increase from American Express’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, October 5th. This represents a $1.40 annualized dividend and a yield of 1.53%. American Express’s dividend payout ratio is presently 26.18%.
AXP has been the subject of several research analyst reports. Buckingham Research initiated coverage on American Express in a research report on Monday. They issued a “neutral” rating and a $92.00 price objective for the company. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. Morgan Stanley dropped their target price on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Friday, September 8th. Keefe, Bruyette & Woods set a $95.00 target price on shares of American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $86.53.
In other American Express news, insider Susan Sobbott sold 6,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the sale, the insider now directly owns 261,665 shares in the company, valued at $22,348,807.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 949,387 shares of company stock worth $80,451,099. 0.67% of the stock is owned by company insiders.
American Express Profile
American Express Company, together with its subsidiaries, is a global services company. The Company’s principal products and services are charge and credit card products, and travel-related services, which are offered to consumers and businesses around the world. Its segments include the U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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