Patten Group Inc. trimmed its position in shares of American Express (NYSE:AXP) by 93.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 217 shares of the payment services company’s stock after selling 3,088 shares during the quarter. Patten Group Inc.’s holdings in American Express were worth $299,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in AXP. Vanguard Group Inc. raised its holdings in shares of American Express by 1.5% during the second quarter. Vanguard Group Inc. now owns 50,233,957 shares of the payment services company’s stock worth $4,231,710,000 after acquiring an additional 731,428 shares during the period. BlackRock Inc. raised its holdings in shares of American Express by 1.1% during the second quarter. BlackRock Inc. now owns 44,685,897 shares of the payment services company’s stock worth $3,764,339,000 after acquiring an additional 508,030 shares during the period. First Eagle Investment Management LLC raised its holdings in shares of American Express by 0.6% during the second quarter. First Eagle Investment Management LLC now owns 16,342,822 shares of the payment services company’s stock worth $1,376,719,000 after acquiring an additional 103,546 shares during the period. Fisher Asset Management LLC raised its holdings in shares of American Express by 2.7% during the third quarter. Fisher Asset Management LLC now owns 11,547,390 shares of the payment services company’s stock worth $1,044,577,000 after acquiring an additional 300,042 shares during the period. Finally, Veritas Asset Management LLP raised its holdings in shares of American Express by 7.1% during the third quarter. Veritas Asset Management LLP now owns 11,039,153 shares of the payment services company’s stock worth $998,602,000 after acquiring an additional 735,952 shares during the period. 83.57% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on AXP shares. Stephens set a $97.00 price objective on shares of American Express and gave the stock a “hold” rating in a report on Tuesday, January 2nd. JPMorgan Chase & Co. lowered shares of American Express from an “overweight” rating to a “neutral” rating and set a $90.00 price objective on the stock. in a report on Friday, January 12th. Credit Suisse Group restated an “underperform” rating and set a $84.00 price objective (up from $79.00) on shares of American Express in a report on Thursday, October 19th. Zacks Investment Research upgraded shares of American Express from a “hold” rating to a “buy” rating and set a $113.00 price objective on the stock in a report on Thursday, January 11th. Finally, Oppenheimer set a $99.00 price target on shares of American Express and gave the company a “buy” rating in a research note on Thursday, October 19th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company’s stock. American Express has a consensus rating of “Hold” and a consensus target price of $101.08.
American Express (AXP) traded up $0.69 during trading on Wednesday, hitting $99.40. 3,173,591 shares of the stock traded hands, compared to its average volume of 3,630,000. The firm has a market cap of $86,280.00, a price-to-earnings ratio of 33.24, a PEG ratio of 1.35 and a beta of 1.22. The company has a quick ratio of 1.90, a current ratio of 2.37 and a debt-to-equity ratio of 3.11. American Express has a one year low of $75.51 and a one year high of $102.39.
American Express (NYSE:AXP) last announced its earnings results on Thursday, January 18th. The payment services company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.54 by $0.04. The business had revenue of $8.84 billion during the quarter, compared to the consensus estimate of $8.73 billion. American Express had a net margin of 8.08% and a return on equity of 26.07%. American Express’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 EPS. sell-side analysts anticipate that American Express will post 7.16 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, January 5th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Thursday, January 4th. American Express’s payout ratio is 46.82%.
In related news, insider Susan Sobbott sold 5,500 shares of American Express stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $94.34, for a total transaction of $518,870.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ashwini Gupta sold 57,306 shares of American Express stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $95.04, for a total transaction of $5,446,362.24. The disclosure for this sale can be found here. Insiders have sold a total of 318,254 shares of company stock valued at $31,059,302 in the last ninety days. 0.67% of the stock is currently owned by insiders.
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American Express 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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