Cornerstone Investment Partners LLC reduced its stake in shares of American Express (NYSE:AXP) by 2.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 274,337 shares of the payment services company’s stock after selling 7,128 shares during the period. American Express makes up 2.7% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 22nd biggest position. Cornerstone Investment Partners LLC’s holdings in American Express were worth $37,011,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Addison Advisors LLC lifted its holdings in shares of American Express by 239.0% in the 3rd quarter. Addison Advisors LLC now owns 200 shares of the payment services company’s stock worth $27,000 after acquiring an additional 141 shares during the last quarter. Karp Capital Management Corp purchased a new stake in American Express during the third quarter valued at about $28,000. Heritage Wealth Management LLC bought a new position in shares of American Express during the second quarter valued at about $31,000. WFA of San Diego LLC bought a new stake in shares of American Express in the 2nd quarter valued at about $41,000. Finally, Castleview Partners LLC boosted its holdings in American Express by 150.5% during the 2nd quarter. Castleview Partners LLC now owns 957 shares of the payment services company’s stock valued at $49,000 after acquiring an additional 575 shares during the period. 83.30% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
AXP has been the topic of a number of analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $159.00 price target on shares of American Express in a research note on Tuesday, December 13th. BMO Capital Markets upped their price objective on shares of American Express from $163.00 to $166.00 and gave the company a “market perform” rating in a research note on Monday, October 24th. Citigroup cut their target price on American Express from $130.00 to $128.00 and set a “sell” rating on the stock in a research note on Monday, October 24th. Stephens lowered American Express from an “equal weight” rating to an “underweight” rating and set a $134.00 price target for the company. in a research report on Thursday, January 5th. Finally, UBS Group initiated coverage on American Express in a research report on Monday, November 21st. They issued a “neutral” rating and a $168.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $170.74.
American Express Trading Down 0.6 %
American Express Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Investors of record on Friday, January 6th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, January 5th. This represents a $2.08 annualized dividend and a dividend yield of 1.35%. American Express’s payout ratio is currently 20.90%.
Insider Buying and Selling
In related news, Director Walter Joseph Clayton III bought 1,000 shares of the company’s stock in a transaction on Tuesday, November 8th. The shares were acquired at an average cost of $149.27 per share, with a total value of $149,270.00. Following the completion of the acquisition, the director now owns 1,000 shares of the company’s stock, valued at approximately $149,270. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Vice Chairman Douglas E. Buckminster sold 16,354 shares of the firm’s stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $154.23, for a total transaction of $2,522,277.42. Following the completion of the sale, the insider now owns 99,024 shares of the company’s stock, valued at $15,272,471.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Walter Joseph Clayton III acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, November 8th. The stock was acquired at an average cost of $149.27 per share, for a total transaction of $149,270.00. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at approximately $149,270. The disclosure for this purchase can be found here. 0.11% of the stock is currently owned by company insiders.
American Express Company Profile
American Express Co engages in the provision of charge and credit card products and travel-related services. It operates through the following segments: U.S Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS), Global Merchant and Network Services (GMNS), and Corporate and Other.
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