Comerica Bank reduced its position in American Express (NYSE:AXP) by 20.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,360 shares of the payment services company’s stock after selling 37,853 shares during the period. Comerica Bank’s holdings in American Express were worth $15,068,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Guidant Wealth Advisors raised its position in American Express by 280.7% during the second quarter. Guidant Wealth Advisors now owns 807 shares of the payment services company’s stock valued at $150,000 after purchasing an additional 595 shares during the period. Destination Wealth Management raised its position in American Express by 165.4% during the second quarter. Destination Wealth Management now owns 1,059 shares of the payment services company’s stock valued at $104,000 after purchasing an additional 660 shares during the period. Lenox Wealth Advisors LLC raised its position in American Express by 1,173.8% during the third quarter. Lenox Wealth Advisors LLC now owns 1,070 shares of the payment services company’s stock valued at $114,000 after purchasing an additional 986 shares during the period. Tuttle Tactical Management purchased a new stake in American Express during the second quarter valued at approximately $105,000. Finally, Sageworth Trust Co raised its position in American Express by 455.6% during the third quarter. Sageworth Trust Co now owns 1,250 shares of the payment services company’s stock valued at $133,000 after purchasing an additional 1,025 shares during the period. Institutional investors own 82.98% of the company’s stock.
In other news, insider Marc D. Gordon sold 25,948 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $107.83, for a total value of $2,797,972.84. Following the sale, the insider now directly owns 33,111 shares in the company, valued at $3,570,359.13. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Stephen J. Squeri sold 12,500 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $103.84, for a total value of $1,298,000.00. Following the completion of the sale, the chairman now owns 209,957 shares in the company, valued at $21,801,934.88. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.
A number of brokerages have issued reports on AXP. Zacks Investment Research downgraded American Express from a “hold” rating to a “sell” rating in a research report on Thursday, September 20th. Stephens upgraded American Express from an “equal weight” rating to an “overweight” rating and set a $110.50 price objective on the stock in a research report on Monday, September 17th. Bank of America set a $125.00 price objective on American Express and gave the company a “buy” rating in a research report on Friday, October 19th. Wells Fargo & Co upped their price objective on American Express from $115.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, October 1st. Finally, Morgan Stanley upped their price objective on American Express from $109.00 to $115.00 and gave the company an “equal weight” rating in a research report on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $112.70.
Shares of NYSE AXP opened at $105.21 on Tuesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.58. American Express has a fifty-two week low of $87.54 and a fifty-two week high of $111.77. The company has a market capitalization of $88.60 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.40 and a beta of 1.06.
American Express (NYSE:AXP) last issued its quarterly earnings results on Thursday, October 18th. The payment services company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. American Express had a return on equity of 31.26% and a net margin of 9.51%. The firm had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $10.06 billion. During the same period in the prior year, the business posted $1.50 earnings per share. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that American Express will post 7.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, October 5th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.48%. This is an increase from American Express’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, October 4th. American Express’s dividend payout ratio is presently 26.58%.
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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 four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.
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