Massmutual Trust Co. FSB ADV Trims Stake in American Express (AXP)
Massmutual Trust Co. FSB ADV decreased its holdings in American Express (NYSE:AXP) by 56.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,593 shares of the payment services company’s stock after selling 17,505 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in American Express were worth $1,332,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AXP. Destination Wealth Management grew its position in shares of 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. Tuttle Tactical Management purchased a new stake in shares of American Express in the second quarter valued at approximately $105,000. Archford Capital Strategies LLC purchased a new stake in shares of American Express in the first quarter valued at approximately $123,000. Private Ocean LLC grew its position in shares of 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. Finally, Kiley Juergens Wealth Management LLC purchased a new position in American Express in the second quarter worth approximately $148,000. 82.85% of the stock is owned by institutional investors.
Shares of NYSE AXP traded up $1.42 during mid-day trading on Friday, hitting $103.00. The company had a trading volume of 4,852,793 shares, compared to its average volume of 3,543,294. American Express has a 1-year low of $87.54 and a 1-year high of $111.77. 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 stock has a market cap of $91.69 billion, a P/E ratio of 17.55, a PEG ratio of 1.47 and a beta of 1.16.
American Express announced that its board has approved a share buyback program on Thursday, June 28th that permits the company to buyback $3.40 billion in outstanding shares. This buyback authorization permits the payment services company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, October 5th will be paid a $0.39 dividend. The ex-dividend date is Thursday, October 4th. This is a boost from American Express’s previous quarterly dividend of $0.35. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. American Express’s dividend payout ratio (DPR) is currently 26.58%.
In other news, insider Marc D. Gordon sold 25,948 shares of American Express stock in a transaction dated 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 sale, the insider now owns 33,111 shares in the company, valued at $3,570,359.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Scott Murcray bought 350,000 shares of the business’s stock in a transaction dated Monday, September 3rd. The shares were purchased at an average price of $0.28 per share, for a total transaction of $98,000.00. The disclosure for this purchase can be found here. Insiders have sold 47,448 shares of company stock worth $4,942,168 in the last quarter. Insiders own 0.20% of the company’s stock.
Several research analysts recently weighed in on the company. DZ Bank upgraded American Express from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. UBS Group upgraded American Express from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Royal Bank of Canada reiterated a “sell” rating and issued a $87.00 price objective on shares of American Express in a research report on Thursday, July 19th. BMO Capital Markets increased their price objective on American Express from $103.00 to $106.00 and gave the stock a “market perform” rating in a research report on Thursday, July 19th. Finally, Stephens set a $97.00 price objective on American Express and gave the stock a “hold” rating in a research report on Friday, June 29th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the company. American Express currently has a consensus rating of “Buy” and a consensus target price of $109.98.
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.
Featured Article: Discount Rate
Receive News & Ratings for American Express Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Express and related companies with MarketBeat.com's FREE daily email newsletter.