ACG Wealth grew its position in shares of American Express (NYSE:AXP) by 11.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,097 shares of the payment services company’s stock after purchasing an additional 1,612 shares during the quarter. ACG Wealth’s holdings in American Express were worth $1,759,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in AXP. Pearl River Capital LLC bought a new position in shares of American Express during the fourth quarter worth about $25,000. JNBA Financial Advisors bought a new position in shares of American Express during the fourth quarter worth about $26,000. Camarda Financial Advisors LLC bought a new position in shares of American Express during the first quarter worth about $26,000. Creative Financial Designs Inc. ADV bought a new position in shares of American Express during the first quarter worth about $28,000. Finally, Clarfeld Financial Advisors LLC bought a new position in shares of American Express during the fourth quarter worth about $31,000. 84.90% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AXP stock opened at $117.60 on Monday. The company has a market capitalization of $98.21 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. The company has a quick ratio of 1.93, a current ratio of 1.88 and a debt-to-equity ratio of 2.63. American Express has a fifty-two week low of $89.05 and a fifty-two week high of $117.73.
American Express (NYSE:AXP) last issued its earnings results on Thursday, April 18th. The payment services company reported $2.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.00 by $0.01. The business had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.46 billion. American Express had a return on equity of 29.86% and a net margin of 16.60%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.86 earnings per share. On average, research analysts anticipate that American Express will post 8.15 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 5th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $1.56 dividend on an annualized basis and a yield of 1.33%. American Express’s payout ratio is currently 21.28%.
In other American Express news, Chairman Stephen J. Squeri sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $103.02, for a total value of $1,287,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael John O’neill sold 15,749 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $113.94, for a total value of $1,794,441.06. Following the completion of the sale, 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. Over the last quarter, insiders sold 30,693 shares of company stock valued at $3,343,968. 0.21% of the stock is currently owned by corporate insiders.
A number of brokerages have recently issued reports on AXP. Wells Fargo & Co lowered their price objective on American Express from $122.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, January 3rd. Bank of America restated a “neutral” rating and set a $108.00 price objective on shares of American Express in a research report on Thursday, March 14th. Morgan Stanley upgraded American Express from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $123.00 to $140.00 in a research report on Thursday. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a research report on Thursday, January 3rd. Finally, Atlantic Securities upgraded American Express from a “neutral” rating to an “overweight” rating and set a $100.80 target price for the company in a report on Tuesday, January 29th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $114.20.
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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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