Meyer Handelman Co. cut its stake in shares of American Express (NYSE:AXP) by 6.9% in the 3rd quarter, Holdings Channel reports. The firm owned 34,560 shares of the payment services company’s stock after selling 2,550 shares during the quarter. Meyer Handelman Co.’s holdings in American Express were worth $3,680,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. IFG Advisory LLC boosted its position in shares of American Express by 4.6% during the third quarter. IFG Advisory LLC now owns 14,091 shares of the payment services company’s stock worth $1,500,000 after buying an additional 620 shares during the period. Janney Montgomery Scott LLC lifted its position in American Express by 16.9% in the third quarter. Janney Montgomery Scott LLC now owns 137,688 shares of the payment services company’s stock worth $14,662,000 after purchasing an additional 19,881 shares during the period. Gulf International Bank UK Ltd lifted its position in American Express by 6.3% in the third quarter. Gulf International Bank UK Ltd now owns 250,046 shares of the payment services company’s stock worth $26,627,000 after purchasing an additional 14,850 shares during the period. Mn Services Vermogensbeheer B.V. lifted its position in American Express by 1.6% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 117,789 shares of the payment services company’s stock worth $12,543,000 after purchasing an additional 1,800 shares during the period. Finally, BP PLC lifted its position in American Express by 36.6% in the third quarter. BP PLC now owns 112,000 shares of the payment services company’s stock worth $11,928,000 after purchasing an additional 30,000 shares during the period. 82.98% of the stock is owned by institutional investors.
In related news, CFO Scott Murcray purchased 350,000 shares of the company’s stock in a transaction dated Monday, September 3rd. The shares were acquired at an average cost of $0.28 per share, with a total value of $98,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ventures Fund Vii L.P. Vivo purchased 20,142,123 shares of the company’s stock in a transaction dated Thursday, August 30th. The stock was bought at an average cost of $0.17 per share, for a total transaction of $3,424,160.91. The disclosure for this purchase can be found here. 0.20% of the stock is owned by insiders.
American Express (NYSE:AXP) last announced its earnings results on Thursday, October 18th. The payment services company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. American Express had a net margin of 9.51% and a return on equity of 31.26%. The company had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $10.06 billion. During the same period in the previous year, the business earned $1.50 EPS. The company’s revenue was up 9.2% on a year-over-year basis. On average, sell-side analysts forecast that American Express will post 7.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, October 5th will be paid a dividend of $0.39 per share. This is an increase from American Express’s previous quarterly dividend of $0.35. This represents a $1.56 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Thursday, October 4th. American Express’s payout ratio is 26.58%.
A number of research firms have weighed in on AXP. DZ Bank upgraded American Express from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. UBS Group upgraded American Express from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Royal Bank of Canada restated a “sell” rating and issued a $87.00 target price on shares of American Express in a research report on Thursday, July 19th. BMO Capital Markets increased their price objective on American Express from $103.00 to $106.00 and gave the company a “market perform” rating in a research report on Thursday, July 19th. Finally, Wells Fargo & Co increased their price objective on American Express from $115.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, October 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $112.70.
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American Express Profile
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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