Cornerstone Investment Partners LLC decreased its position in shares of American Express (NYSE:AXP) by 1.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 782,924 shares of the payment services company’s stock after selling 10,781 shares during the period. American Express comprises about 3.8% of Cornerstone Investment Partners LLC’s holdings, making the stock its 6th largest holding. Cornerstone Investment Partners LLC owned about 0.09% of American Express worth $85,574,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the business. Martingale Asset Management L P raised its holdings in American Express by 1.7% in the 3rd quarter. Martingale Asset Management L P now owns 528,894 shares of the payment services company’s stock worth $56,323,000 after purchasing an additional 8,588 shares during the period. Kentucky Retirement Systems bought a new position in American Express in the 3rd quarter worth $6,901,000. TIAA CREF Investment Management LLC raised its holdings in American Express by 20.2% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 4,588,130 shares of the payment services company’s stock worth $488,590,000 after purchasing an additional 770,558 shares during the period. Nordea Investment Management AB raised its holdings in American Express by 1.2% in the 3rd quarter. Nordea Investment Management AB now owns 2,456,144 shares of the payment services company’s stock worth $261,555,000 after purchasing an additional 29,238 shares during the period. Finally, B. Riley Wealth Management Inc. bought a new position in American Express in the 3rd quarter worth $376,000. Hedge funds and other institutional investors own 84.25% of the company’s stock.
Shares of American Express stock traded up $1.08 during trading on Friday, reaching $119.51. 2,011,236 shares of the stock traded hands, compared to its average volume of 3,511,031. The firm has a market cap of $99.35 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.39 and a beta of 1.13. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 2.63. American Express has a 52-week low of $89.05 and a 52-week high of $120.88.
American Express (NYSE:AXP) last issued its quarterly earnings data on Thursday, April 18th. The payment services company reported $2.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.00 by $0.01. The firm had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.46 billion. American Express had a return on equity of 29.86% and a net margin of 16.60%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.86 earnings per share. On average, equities analysts expect that American Express will post 8.12 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Wednesday, July 3rd. American Express’s payout ratio is 21.28%.
In related news, Chairman Stephen J. Squeri sold 101,964 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $119.95, for a total value of $12,230,581.80. Following the completion of the transaction, the chairman now owns 258,948 shares of the company’s stock, valued at approximately $31,060,812.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael John O’neill sold 15,749 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $113.94, for a total transaction of $1,794,441.06. Following the completion of the transaction, the insider now directly owns 69,941 shares of the company’s stock, valued at approximately $7,969,077.54. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.
A number of equities analysts recently commented on AXP shares. ValuEngine raised American Express from a “hold” rating to a “buy” rating in a report on Monday. Stephens set a $131.00 target price on American Express and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Co reiterated a “buy” rating and issued a $125.00 price target (up previously from $115.00) on shares of American Express in a research note on Tuesday, March 12th. Oppenheimer set a $119.00 price target on American Express and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Morgan Stanley increased their price target on American Express from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $116.63.
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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 three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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