Zurich Insurance Group Ltd FI boosted its position in shares of American Express (NYSE:AXP) by 61.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 199,046 shares of the payment services company’s stock after buying an additional 75,591 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in American Express were worth $24,570,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. HMS Capital Management LLC acquired a new stake in American Express during the second quarter valued at $37,000. Edge Wealth Management LLC lifted its holdings in American Express by 140.3% during the second quarter. Edge Wealth Management LLC now owns 370 shares of the payment services company’s stock valued at $46,000 after purchasing an additional 216 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in American Express during the second quarter valued at $48,000. Manchester Financial Inc. purchased a new position in American Express during the second quarter valued at $59,000. Finally, Westside Investment Management Inc. purchased a new position in American Express during the second quarter valued at $60,000. Institutional investors own 83.85% of the company’s stock.
In related news, CFO Jeffrey C. Campbell sold 7,045 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $124.91, for a total transaction of $879,990.95. Following the completion of the sale, the chief financial officer now directly owns 59,620 shares in the company, valued at $7,447,134.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Stephen J. Squeri sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $118.33, for a total transaction of $1,774,950.00. Following the sale, the chief executive officer now owns 199,609 shares of the company’s stock, valued at $23,619,732.97. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,500 shares of company stock worth $4,618,653. Insiders own 0.21% of the company’s stock.
Several research firms have issued reports on AXP. Deutsche Bank began coverage on shares of American Express in a report on Monday, July 8th. They set a “buy” rating and a $142.00 price objective on the stock. Morgan Stanley set a $142.00 price objective on shares of American Express and gave the company a “buy” rating in a report on Friday, August 9th. William Blair reaffirmed an “outperform” rating on shares of American Express in a report on Tuesday, June 18th. JPMorgan Chase & Co. decreased their price objective on shares of American Express from $135.00 to $132.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, Bank of America began coverage on shares of American Express in a report on Wednesday, June 19th. They set a “buy” rating and a $145.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $124.49.
Shares of NYSE:AXP traded down $0.78 during midday trading on Friday, hitting $117.01. The company’s stock had a trading volume of 161,050 shares, compared to its average volume of 3,499,963. The business’s 50 day simple moving average is $121.32 and its 200 day simple moving average is $118.75. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market cap of $97.90 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.44 and a beta of 1.06. American Express has a 12-month low of $89.05 and a 12-month high of $129.34.
American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, July 19th. The payment services company reported $2.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.02. The firm had revenue of $10.84 billion for the quarter, compared to the consensus estimate of $10.82 billion. American Express had a net margin of 16.60% and a return on equity of 29.75%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $1.84 earnings per share. On average, sell-side analysts predict that American Express will post 8.14 earnings per share for the current fiscal year.
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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