Palisades Hudson Asset Management L.P. continued to hold its position in American Express Company (NYSE:AXP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,855 shares of the payment services company’s stock at the close of the 2nd quarter. Palisades Hudson Asset Management L.P.’s holdings in American Express were worth $325,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Matthew Goff Investment Advisor LLC purchased a new stake in shares of American Express in the first quarter worth about $2,543,000. Vanguard Group Inc. lifted its position in shares of American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after buying an additional 722,235 shares in the last quarter. Rothschild Asset Management Inc. lifted its position in shares of American Express by 19.5% in the first quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock worth $50,742,000 after buying an additional 104,647 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new stake in shares of American Express in the second quarter worth about $215,000. Finally, Trust Co. of Vermont lifted its position in shares of American Express by 5.0% in the first quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after buying an additional 819 shares in the last quarter. Institutional investors own 82.78% of the company’s stock.
A number of equities research analysts recently commented on AXP shares. BidaskClub upgraded American Express from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. Barclays PLC reissued a “buy” rating and set a $83.00 price objective on shares of American Express in a research note on Thursday, July 20th. Guggenheim reissued a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Keefe, Bruyette & Woods set a $95.00 price objective on American Express and gave the stock a “buy” rating in a research note on Saturday, August 19th. Finally, Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a research note on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. American Express has a consensus rating of “Hold” and a consensus price target of $87.69.
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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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kenneth I. Chenault sold 789,503 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the transaction, the chief executive officer now owns 889,836 shares in the company, valued at $75,297,922.32. The disclosure for this sale can be found here. Insiders have sold 959,617 shares of company stock worth $81,377,425 over the last 90 days. 0.67% of the stock is currently owned by company insiders.
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 analysts’ consensus estimates of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same period in the previous year, the business posted $2.10 earnings per share. The business’s revenue was up .9% compared to the same quarter last year.
American Express announced that its Board of Directors 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 a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.53%. This is a positive change from American Express’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, October 5th. American Express’s payout ratio is 28.63%.
About American Express
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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