Morse Asset Management Inc Takes Position in American Express Company (AXP)

Morse Asset Management Inc acquired a new stake in American Express Company (NYSE:AXP) during the first quarter, Holdings Channel reports. The fund acquired 30,350 shares of the payment services company’s stock, valued at approximately $2,401,000.

Several other hedge funds have also modified their holdings of AXP. World Asset Management Inc boosted its stake in shares of American Express Company by 7.8% in the first quarter. World Asset Management Inc now owns 81,089 shares of the payment services company’s stock valued at $6,415,000 after buying an additional 5,854 shares in the last quarter. Tesco Pension Investment Ltd acquired a new stake in shares of American Express Company during the first quarter valued at $137,325,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of American Express Company by 0.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 19,397 shares of the payment services company’s stock valued at $1,534,000 after buying an additional 75 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of American Express Company by 47.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 254,932 shares of the payment services company’s stock valued at $20,168,000 after buying an additional 81,459 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in shares of American Express Company by 0.8% in the first quarter. LS Investment Advisors LLC now owns 25,569 shares of the payment services company’s stock valued at $2,023,000 after buying an additional 206 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Shares of American Express Company (NYSE AXP) opened at 82.96 on Tuesday. The company has a 50 day moving average of $78.71 and a 200-day moving average of $77.79. American Express Company has a 12-month low of $57.15 and a 12-month high of $83.29. The firm has a market cap of $74.15 billion, a price-to-earnings ratio of 14.97 and a beta of 1.19.

American Express Company (NYSE:AXP) last issued its earnings results on Wednesday, April 19th. The payment services company reported $1.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.06. American Express Company had a net margin of 16.24% and a return on equity of 25.24%. The company had revenue of $7.89 billion for the quarter, compared to analysts’ expectations of $7.76 billion. During the same period in the prior year, the business earned $1.45 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. Analysts predict that American Express Company will post $5.69 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Friday, July 7th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Wednesday, July 5th. American Express Company’s dividend payout ratio is currently 23.19%.

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Several brokerages recently weighed in on AXP. Stephens raised shares of American Express Company from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $70.00 to $82.00 in a research note on Tuesday, June 20th. BidaskClub raised shares of American Express Company from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. BMO Capital Markets reissued a “hold” rating and issued a $84.00 price objective on shares of American Express Company in a research note on Thursday, June 1st. Wells Fargo & Company reissued a “market perform” rating and issued a $80.00 price objective on shares of American Express Company in a research note on Sunday, May 21st. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $85.00 price objective on shares of American Express Company in a research note on Friday, April 28th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have given a buy rating to the stock. American Express Company presently has an average rating of “Hold” and an average price target of $83.25.

In other news, insider Douglas E. Buckminster sold 46,950 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $80.78, for a total value of $3,792,621.00. Following the sale, the insider now directly owns 103,676 shares in the company, valued at approximately $8,374,947.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Marc D. Gordon sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $76.98, for a total transaction of $377,202.00. The disclosure for this sale can be found here. Insiders sold a total of 54,850 shares of company stock worth $4,407,543 over the last 90 days. Company insiders own 0.67% of the company’s stock.

American Express Company Company Profile

American Express Company, together with its subsidiaries, is a global services company. The Company’s principal products and services are charge and credit card products, and travel-related services, which are offered to consumers and businesses around the world. Its segments include the U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).

Want to see what other hedge funds are holding AXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Express Company (NYSE:AXP).

Institutional Ownership by Quarter for American Express Company (NYSE:AXP)

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