American Express (NYSE:AXP) Shares Sold by Sprucegrove Investment Management Ltd.

Sprucegrove Investment Management Ltd. cut its position in American Express (NYSE:AXP) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 338,600 shares of the payment services company’s stock after selling 12,400 shares during the quarter. American Express accounts for 1.2% of Sprucegrove Investment Management Ltd.’s holdings, making the stock its 27th largest holding. Sprucegrove Investment Management Ltd.’s holdings in American Express were worth $47,892,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Strategic Advisors LLC grew its stake in shares of American Express by 1.4% in the first quarter. Strategic Advisors LLC now owns 5,151 shares of the payment services company’s stock valued at $728,000 after buying an additional 69 shares in the last quarter. Sage Rhino Capital LLC grew its stake in shares of American Express by 1.1% in the first quarter. Sage Rhino Capital LLC now owns 6,866 shares of the payment services company’s stock valued at $971,000 after buying an additional 72 shares in the last quarter. Palisade Asset Management LLC grew its stake in shares of American Express by 0.8% in the first quarter. Palisade Asset Management LLC now owns 8,832 shares of the payment services company’s stock valued at $1,249,000 after buying an additional 73 shares in the last quarter. Aries Wealth Management grew its stake in shares of American Express by 2.2% in the first quarter. Aries Wealth Management now owns 3,511 shares of the payment services company’s stock valued at $518,000 after buying an additional 74 shares in the last quarter. Finally, Quest Capital Management Inc. ADV grew its stake in American Express by 2.9% during the 1st quarter. Quest Capital Management Inc. ADV now owns 2,686 shares of the payment services company’s stock worth $380,000 after purchasing an additional 75 shares in the last quarter. 84.18% of the stock is owned by institutional investors and hedge funds.

AXP traded up $0.72 on Friday, hitting $162.95. 27,622 shares of the company traded hands, compared to its average volume of 3,370,931. The stock’s 50 day moving average is $154.41. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market cap of $130.90 billion, a PE ratio of 26.64, a PEG ratio of 1.65 and a beta of 1.30. American Express has a 12-month low of $89.11 and a 12-month high of $167.14.

American Express (NYSE:AXP) last posted its quarterly earnings data on Thursday, April 22nd. The payment services company reported $2.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $1.13. The firm had revenue of $9.06 billion during the quarter, compared to the consensus estimate of $9.19 billion. American Express had a return on equity of 18.49% and a net margin of 14.29%. The firm’s revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. Equities analysts expect that American Express will post 7.43 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 10th. Shareholders of record on Friday, July 2nd will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, July 1st. American Express’s dividend payout ratio is presently 32.21%.

AXP has been the subject of several analyst reports. Oppenheimer boosted their target price on American Express from $128.00 to $165.00 and gave the stock an “outperform” rating in a research note on Monday, April 26th. Morgan Stanley lifted their price target on American Express from $166.00 to $171.00 and gave the stock an “overweight” rating in a report on Monday, April 26th. Zacks Investment Research downgraded American Express from a “hold” rating to a “sell” rating and set a $138.00 price target for the company. in a report on Monday, February 22nd. Robert W. Baird downgraded American Express from an “outperform” rating to a “neutral” rating and set a $126.00 price target for the company. in a report on Tuesday, February 16th. Finally, Barclays lifted their price target on American Express from $139.00 to $146.00 and gave the stock an “equal weight” rating in a report on Monday, April 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $131.11.

About American Express

American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services.

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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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