Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Has $1.16 Million Stake in American Express (AXP)
Loring Wolcott & Coolidge Fiduciary Advisors LLP MA trimmed its stake in American Express (NYSE:AXP) by 13.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,843 shares of the payment services company’s stock after selling 1,800 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in American Express were worth $1,161,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AXP. Guidant Wealth Advisors increased its stake in American Express by 280.7% in the second quarter. Guidant Wealth Advisors now owns 807 shares of the payment services company’s stock valued at $150,000 after purchasing an additional 595 shares during the last quarter. Destination Wealth Management increased its stake in American Express by 165.4% in the second quarter. Destination Wealth Management now owns 1,059 shares of the payment services company’s stock valued at $104,000 after purchasing an additional 660 shares during the last quarter. Archford Capital Strategies LLC acquired a new position in American Express in the first quarter valued at $123,000. Private Ocean LLC increased its stake in American Express by 14,070.0% in the first quarter. Private Ocean LLC now owns 1,417 shares of the payment services company’s stock valued at $132,000 after purchasing an additional 1,407 shares during the last quarter. Finally, Kiley Juergens Wealth Management LLC acquired a new position in American Express in the second quarter valued at $148,000. 82.41% of the stock is owned by institutional investors.
In other news, EVP Richard Petrino sold 9,880 shares of the company’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $102.89, for a total value of $1,016,553.20. Following the completion of the sale, the executive vice president now owns 16,198 shares of the company’s stock, valued at $1,666,612.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas E. Buckminster sold 3,804 shares of the company’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $99.03, for a total value of $376,710.12. Following the completion of the sale, the insider now directly owns 19,514 shares of the company’s stock, valued at approximately $1,932,471.42. The disclosure for this sale can be found here. Insiders sold 44,184 shares of company stock valued at $4,426,568 in the last ninety days. Company insiders own 0.20% of the company’s stock.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 18th. The payment services company reported $1.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.01. American Express had a return on equity of 30.08% and a net margin of 9.23%. The company had revenue of $10 billion during the quarter, compared to the consensus estimate of $10.05 billion. During the same quarter in the prior year, the business earned $1.47 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. research analysts anticipate that American Express will post 7.27 earnings per share for the current year.
American Express announced that its Board of Directors has authorized a stock buyback program on Thursday, June 28th that authorizes the company to repurchase $3.40 billion in shares. This repurchase authorization authorizes the payment services company to buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Several equities analysts recently commented on the company. Stephens set a $97.00 target price on American Express and gave the company a “hold” rating in a research note on Friday, June 29th. Jefferies Financial Group reiterated a “hold” rating and issued a $105.00 target price on shares of American Express in a research note on Monday, July 16th. BMO Capital Markets upped their target price on American Express from $103.00 to $106.00 and gave the company a “market perform” rating in a research note on Thursday, July 19th. Buckingham Research upgraded American Express from a “neutral” rating to a “buy” rating and upped their target price for the company from $111.00 to $112.00 in a research note on Friday, June 29th. Finally, Oppenheimer set a $113.00 price target on American Express and gave the company a “buy” rating in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $108.83.
American Express Company 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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