Concannon Wealth Management Exits Position in American Express Company (AXP)

American Express Company (AXP) : Concannon Wealth Management has sold out all of its stake in American Express Company during the most recent quarter, according to the disclosure filed by the company on Apr 21, 2016 with the SEC. The investment management company has sold out 263 shares of American Express Company which is valued at $17,340.

American Express Company opened for trading at $66.39 and hit $66.67 on the upside on Wednesday, eventually ending the session at $66.23, with a gain of 0.05% or 0.03 points. The heightened volatility saw the trading volume jump to 45,39,710 shares. Company has a market cap of $63,849 M.

Other Hedge Funds, Including , Mercer Capital Advisers boosted its stake in AXP in the latest quarter, The investment management firm added 136 additional shares and now holds a total of 34,635 shares of American Express Company which is valued at $2,283,486. American Express Company makes up approx 1.92% of Mercer Capital Advisers’s portfolio.Gofen Glossberg Il boosted its stake in AXP in the latest quarter, The investment management firm added 1,104 additional shares and now holds a total of 480,939 shares of American Express Company which is valued at $29,885,549. American Express Company makes up approx 1.26% of Gofen Glossberg Il’s portfolio.Endurance Wealth Management reduced its stake in AXP by selling 200 shares or 9.2% in the most recent quarter. The Hedge Fund company now holds 1,975 shares of AXP which is valued at $122,727. American Express Company makes up approx 0.02% of Endurance Wealth Management’s portfolio.Eqis Capital Management reduced its stake in AXP by selling 245 shares or 2.62% in the most recent quarter. The Hedge Fund company now holds 9,119 shares of AXP which is valued at $545,316. American Express Company makes up approx 0.04% of Eqis Capital Management’s portfolio.

On the company’s financial health, American Express Company reported $1.45 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $1.34. The company had revenue of $8088.00 million for the quarter, compared to analysts expectations of $8085.90 million. The company’s revenue was down -2.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.48 EPS.

Many Wall Street Analysts have commented on American Express Company. Company shares were Reiterated by DA Davidson on Apr 21, 2016 to “Neutral”, Firm has raised the Price Target to $ 67 from a previous price target of $66 .Compass Point Initiated American Express Company on Apr 15, 2016 to “Buy”, Price Target of the shares are set at $69.Shares were Reiterated by Barclays on Mar 11, 2016 to “Equal Weight” and Lowered the Price Target to $ 63 from a previous price target of $77 .

American Express Company is a global 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. Card Services International Card Services Global Commercial Services and Global Network & Merchant Services. The Company’s United States banking subsidiaries Centurion Bank and AEBFSB issue a range of Card products and services. It also issues its charge and credit Cards around the world either on its own or as cobrands with partnering institutions. The Company provides expense management and travel services to companies and organizations through its Global Corporate Payments and Global Business Travel businesses. The Global Network & Merchant Services (GNMS) segment operates a global payments network that processes and settles card transactions.

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