Wright Investors Service Inc. lifted its stake in American Express (NYSE:AXP) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,355 shares of the payment services company’s stock after acquiring an additional 334 shares during the period. American Express accounts for 2.6% of Wright Investors Service Inc.’s portfolio, making the stock its 5th largest position. Wright Investors Service Inc.’s holdings in American Express were worth $6,709,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Camarda Financial Advisors LLC acquired a new position in American Express during the 1st quarter valued at about $26,000. Creative Financial Designs Inc. ADV acquired a new position in American Express during the 1st quarter valued at about $28,000. HMS Capital Management LLC acquired a new position in American Express during the 2nd quarter valued at about $37,000. Edge Wealth Management LLC increased its position in American Express by 140.3% during the 2nd quarter. Edge Wealth Management LLC now owns 370 shares of the payment services company’s stock valued at $46,000 after buying an additional 216 shares in the last quarter. Finally, Enterprise Financial Services Corp increased its position in American Express by 24.8% during the 1st quarter. Enterprise Financial Services Corp now owns 473 shares of the payment services company’s stock valued at $51,000 after buying an additional 94 shares in the last quarter. 84.26% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Stephen J. Squeri sold 101,964 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $119.95, for a total value of $12,230,581.80. Following the sale, the chairman now owns 258,948 shares in the company, valued at $31,060,812.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey C. Campbell sold 7,045 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $124.91, for a total value of $879,990.95. Following the completion of the sale, the chief financial officer now owns 59,620 shares in the company, valued at approximately $7,447,134.20. The disclosure for this sale can be found here. Insiders sold 190,548 shares of company stock worth $22,910,322 in the last 90 days. Company insiders own 0.21% of the company’s stock.
American Express (NYSE:AXP) last issued its earnings results on Friday, July 19th. The payment services company reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.02. American Express had a return on equity of 29.75% and a net margin of 16.60%. The firm had revenue of $10.84 billion for the quarter, compared to the consensus estimate of $10.82 billion. During the same quarter in the prior year, the business earned $1.84 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. Analysts forecast that American Express will post 8.14 earnings per share for the current year.
Several brokerages recently issued reports on AXP. Royal Bank of Canada upped their target price on American Express from $120.00 to $125.00 and gave the company a “sector perform” rating in a research report on Monday, July 22nd. They noted that the move was a valuation call. Bank of America began coverage on American Express in a research report on Wednesday, June 19th. They set a “buy” rating and a $145.00 target price on the stock. UBS Group lowered American Express from a “buy” rating to a “neutral” rating and set a $117.60 price objective on the stock. in a report on Monday, April 29th. Wells Fargo & Co increased their price objective on American Express from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, July 10th. Finally, ValuEngine lowered American Express from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $124.49.
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 three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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