Systematic Financial Management LP cut its stake in American Express Company (NYSE:AXP) by 5.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,330 shares of the payment services company’s stock after selling 2,330 shares during the period. Systematic Financial Management LP’s holdings in American Express were worth $3,229,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Matthew Goff Investment Advisor LLC purchased a new stake in American Express in the first quarter worth about $2,543,000. Bronfman E.L. Rothschild L.P. lifted its holdings in American Express by 10.8% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,669 shares of the payment services company’s stock worth $478,000 after buying an additional 554 shares during the period. Vanguard Group Inc. lifted its holdings in American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock worth $3,916,145,000 after buying an additional 722,235 shares during the period. Rothschild Asset Management Inc. lifted its holdings in American Express by 19.5% in the first quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock worth $50,742,000 after buying an additional 104,647 shares during the period. Finally, First Citizens Bank & Trust Co. purchased a new stake in American Express in the second quarter worth about $215,000. Institutional investors and hedge funds own 83.06% of the company’s stock.
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A number of equities analysts have weighed in on AXP shares. Morgan Stanley decreased their target price on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating for the company in a research note on Friday, September 8th. Credit Suisse Group reaffirmed an “underperform” rating and set a $84.00 target price (up previously from $79.00) on shares of American Express in a research note on Thursday, October 19th. Bank of America Corporation reaffirmed a “buy” rating and set a $102.00 target price on shares of American Express in a research note on Monday, October 9th. BidaskClub downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $91.56.
American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.03. The firm had revenue of $8.44 billion for the quarter, compared to analyst estimates of $8.31 billion. American Express had a net margin of 14.48% and a return on equity of 22.73%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.24 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, October 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from American Express’s previous quarterly dividend of $0.32. American Express’s dividend payout ratio is presently 26.97%.
In other news, insider Ashwini Gupta sold 90,658 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $94.71, for a total value of $8,586,219.18. Following the sale, the insider now owns 289,996 shares in the company, valued at $27,465,521.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anre D. Williams sold 30,761 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $93.41, for a total transaction of $2,873,385.01. Following the completion of the sale, the insider now owns 28,720 shares in the company, valued at approximately $2,682,735.20. The disclosure for this sale can be found here. Insiders sold 140,845 shares of company stock worth $13,197,233 in the last quarter. Company insiders own 0.67% of the company’s stock.
American Express 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).
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