CG Asset Management LLC increased its stake in American Express Co. (NYSE:AXP) by 54.8% during the second quarter, Holdings Channel reports. The firm owned 21,750 shares of the payment services company’s stock after buying an additional 7,700 shares during the period. CG Asset Management LLC’s holdings in American Express were worth $1,322,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in AXP. Meeder Asset Management Inc. bought a new position in American Express during the first quarter valued at approximately $133,000. Kistler Tiffany Companies LLC raised its position in shares of American Express by 13.6% in the second quarter. Kistler Tiffany Companies LLC now owns 2,625 shares of the payment services company’s stock worth $159,000 after buying an additional 315 shares during the last quarter. Capital Analysts LLC raised its position in shares of American Express by 84.0% in the second quarter. Capital Analysts LLC now owns 2,631 shares of the payment services company’s stock worth $107,000 after buying an additional 1,201 shares during the last quarter. Balentine LLC raised its position in shares of American Express by 20.2% in the first quarter. Balentine LLC now owns 3,270 shares of the payment services company’s stock worth $201,000 after buying an additional 550 shares during the last quarter. Finally, Marquette Asset Management Inc. acquired a new position in shares of American Express during the second quarter worth about $209,000. 82.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of American Express Co. (NYSE:AXP) traded up 1.21% during midday trading on Wednesday, reaching $64.36. The company had a trading volume of 3,345,014 shares. The firm has a market cap of $59.45 billion, a P/E ratio of 11.39 and a beta of 1.24. American Express Co. has a 52-week low of $50.27 and a 52-week high of $77.82. The company’s 50-day moving average is $64.74 and its 200-day moving average is $63.62.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 20th. The payment services company reported $2.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.95 by $0.15. The company earned $8.20 billion during the quarter, compared to analysts’ expectations of $8.33 billion. American Express had a return on equity of 28.00% and a net margin of 16.73%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.42 EPS. Equities research analysts expect that American Express Co. will post $5.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, October 7th will be paid a $0.32 dividend. This is a boost from American Express’s previous quarterly dividend of $0.29. This represents a $1.28 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Wednesday, October 5th. American Express’s dividend payout ratio (DPR) is 20.42%.
A number of brokerages have issued reports on AXP. Nomura reaffirmed a “hold” rating on shares of American Express in a research report on Saturday, July 9th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of American Express in a research report on Thursday, July 21st. DA Davidson reaffirmed a “neutral” rating and issued a $66.00 target price on shares of American Express in a research report on Friday, July 8th. Jefferies Group reaffirmed a “hold” rating and issued a $60.00 target price on shares of American Express in a research report on Thursday, July 21st. Finally, William Blair reaffirmed an “outperform” rating on shares of American Express in a research report on Thursday, July 21st. Seven equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eight have given a buy rating to the company. American Express has a consensus rating of “Hold” and a consensus target price of $68.70.
About American Express
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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