American Express (AXP) Stake Lessened by Pictet & Cie Europe SA

Pictet & Cie Europe SA lessened its stake in shares of American Express (NYSE:AXP) by 32.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,219 shares of the payment services company’s stock after selling 2,522 shares during the quarter. Pictet & Cie Europe SA’s holdings in American Express were worth $511,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AXP. Sumitomo Life Insurance Co. boosted its holdings in shares of American Express by 9.2% in the second quarter. Sumitomo Life Insurance Co. now owns 39,136 shares of the payment services company’s stock worth $3,835,000 after buying an additional 3,313 shares during the last quarter. BlackRock Inc. raised 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 worth $4,324,840,000 after acquiring an additional 626,323 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised 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 worth $39,440,000 after acquiring an additional 35,275 shares during the period. First Allied Advisory Services Inc. raised its stake in American Express by 6.5% during the 1st quarter. First Allied Advisory Services Inc. now owns 16,772 shares of the payment services company’s stock worth $1,565,000 after acquiring an additional 1,022 shares during the period. Finally, Eqis Capital Management Inc. raised its stake in American Express by 112.6% during the 2nd quarter. Eqis Capital Management Inc. now owns 31,660 shares of the payment services company’s stock worth $3,103,000 after acquiring an additional 16,767 shares during the period. 82.99% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Stephen J. Squeri sold 12,500 shares of the firm’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $99.73, for a total value of $1,246,625.00. Following the completion of the transaction, the chief executive officer now directly owns 191,971 shares of the company’s stock, valued at $19,145,267.83. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Douglas E. Buckminster sold 3,804 shares of the firm’s stock in a transaction on Wednesday, May 30th. The shares were sold at an average price of $99.03, for a total transaction of $376,710.12. Following the completion of the transaction, the insider now directly owns 19,514 shares of the company’s stock, valued at $1,932,471.42. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,304 shares of company stock worth $3,410,015. Company insiders own 0.20% of the company’s stock.

American Express stock opened at $106.41 on Monday. The company has a market cap of $91.07 billion, a PE ratio of 18.13, a P/E/G ratio of 1.43 and a beta of 1.15. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 2.67. American Express has a 1 year low of $84.02 and a 1 year high of $106.34.

American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 18th. The payment services company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.01. The firm had revenue of $10 billion for the quarter, compared to analysts’ expectations of $10.05 billion. American Express had a net margin of 9.23% and a return on equity of 30.08%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.47 earnings per share. analysts anticipate that American Express will post 7.23 earnings per share for the current fiscal year.

American Express declared that its board has authorized a share repurchase plan on Thursday, June 28th that allows the company to repurchase $3.40 billion in shares. This repurchase authorization allows the payment services company to purchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

A number of equities research analysts have commented on AXP shares. DZ Bank upgraded shares of American Express from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. UBS Group upgraded shares of American Express from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. Buckingham Research upgraded shares of American Express from a “neutral” rating to a “buy” rating and raised their target price for the stock from $111.00 to $112.00 in a research note on Friday, June 29th. Oppenheimer set a $113.00 target price on shares of American Express and gave the stock a “buy” rating in a research note on Wednesday, July 18th. Finally, Jefferies Financial Group restated a “hold” rating and set a $105.00 target price on shares of American Express in a research note on Monday, July 16th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and fourteen have given a buy rating to the company’s stock. American Express has an average rating of “Hold” and an average target price of $108.83.

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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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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