Essex Investment Management Co. LLC cut its stake in shares of American Express Co. (NYSE:AXP) by 37.4% during the second quarter, Holdings Channel reports. The fund owned 5,333 shares of the payment services company’s stock after selling 3,185 shares during the period. Essex Investment Management Co. LLC’s holdings in American Express were worth $324,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the stock. Calamos Advisors LLC increased its stake in American Express by 0.7% in the second quarter. Calamos Advisors LLC now owns 401,926 shares of the payment services company’s stock valued at $24,421,000 after buying an additional 2,883 shares during the last quarter. Mraz Amerine & Associates Inc. increased its stake in American Express by 47.5% in the second quarter. Mraz Amerine & Associates Inc. now owns 9,314 shares of the payment services company’s stock valued at $566,000 after buying an additional 3,000 shares during the last quarter. American Century Companies Inc. increased its stake in American Express by 18.7% in the second quarter. American Century Companies Inc. now owns 2,405,001 shares of the payment services company’s stock valued at $146,128,000 after buying an additional 379,657 shares during the last quarter. Seminole Management Co. Inc. increased its stake in American Express by 35.6% in the second quarter. Seminole Management Co. Inc. now owns 979,995 shares of the payment services company’s stock valued at $59,544,000 after buying an additional 257,024 shares during the last quarter. Finally, Confluence Investment Management LLC increased its stake in American Express by 11.7% in the second quarter. Confluence Investment Management LLC now owns 486,075 shares of the payment services company’s stock valued at $29,534,000 after buying an additional 50,965 shares during the last quarter. 82.18% of the stock is owned by institutional investors.
Shares of American Express Co. (NYSE:AXP) traded down 0.29% during trading on Friday, reaching $61.76. The company’s stock had a trading volume of 4,217,375 shares. American Express Co. has a 52-week low of $50.27 and a 52-week high of $77.61. The stock’s 50 day moving average price is $64.52 and its 200-day moving average price is $63.61. The stock has a market cap of $57.05 billion, a price-to-earnings ratio of 10.93 and a beta of 1.24.
American Express (NYSE:AXP) last announced its quarterly earnings data on Wednesday, July 20th. The payment services company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.95 by $0.15. The firm had revenue of $8.20 billion for the quarter, compared to analyst estimates of $8.33 billion. American Express had a return on equity of 28.00% and a net margin of 16.73%. The company’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.42 EPS. Equities analysts anticipate that American Express Co. will post $5.51 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, October 7th will be given a dividend of $0.32 per share. The ex-dividend date is Wednesday, October 5th. This is a positive change from American Express’s previous quarterly dividend of $0.29. This represents a $1.28 annualized dividend and a dividend yield of 2.07%. American Express’s dividend payout ratio is 22.54%.
Several research firms have recently commented on AXP. Nomura downgraded American Express from a “neutral” rating to a “reduce” rating and cut their price objective for the company from $62.00 to $56.00 in a report on Thursday. Credit Suisse Group AG reissued a “sell” rating and issued a $62.00 price objective on shares of American Express in a report on Friday, September 16th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $74.00 price target on shares of American Express in a report on Monday, September 12th. Atlantic Securities began coverage on American Express in a report on Friday, September 9th. They set an “underweight” rating and a $62.00 price target for the company. Finally, Piper Jaffray Cos. reaffirmed a “hold” rating and set a $71.00 price target on shares of American Express in a report on Wednesday, September 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $68.46.
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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