Cresset Asset Management LLC Cuts Stake in American Express (NYSE:AXP)

Cresset Asset Management LLC lowered its stake in shares of American Express (NYSE:AXP - Free Report) by 45.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,061 shares of the payment services company's stock after selling 45,806 shares during the period. Cresset Asset Management LLC's holdings in American Express were worth $16,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Opal Wealth Advisors LLC boosted its position in American Express by 1.6% during the 4th quarter. Opal Wealth Advisors LLC now owns 2,142 shares of the payment services company's stock valued at $636,000 after purchasing an additional 33 shares during the period. Catalina Capital Group LLC boosted its holdings in shares of American Express by 1.0% during the fourth quarter. Catalina Capital Group LLC now owns 3,356 shares of the payment services company's stock valued at $996,000 after acquiring an additional 34 shares during the period. Boston Financial Mangement LLC grew its position in shares of American Express by 0.9% during the fourth quarter. Boston Financial Mangement LLC now owns 4,007 shares of the payment services company's stock worth $1,189,000 after acquiring an additional 34 shares during the last quarter. Sunflower Bank N.A. increased its holdings in shares of American Express by 0.9% in the 4th quarter. Sunflower Bank N.A. now owns 4,054 shares of the payment services company's stock worth $1,203,000 after acquiring an additional 35 shares during the period. Finally, Foster & Motley Inc. lifted its position in American Express by 2.1% in the 4th quarter. Foster & Motley Inc. now owns 1,716 shares of the payment services company's stock valued at $509,000 after purchasing an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 84.33% of the company's stock.

Insider Buying and Selling

In related news, Director Michael J. Angelakis purchased 3,700 shares of the stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $269.89 per share, for a total transaction of $998,593.00. Following the acquisition, the director now directly owns 3,700 shares in the company, valued at approximately $998,593. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Glenda G. Mcneal sold 3,019 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $264.66, for a total value of $799,008.54. Following the sale, the insider now owns 10,919 shares of the company's stock, valued at approximately $2,889,822.54. This represents a 21.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

American Express Price Performance

AXP stock opened at $275.68 on Wednesday. American Express has a one year low of $220.43 and a one year high of $326.28. The firm has a 50-day moving average of $263.87 and a two-hundred day moving average of $286.89. The firm has a market capitalization of $193.14 billion, a PE ratio of 19.68, a P/E/G ratio of 1.41 and a beta of 1.23. The company has a current ratio of 1.58, a quick ratio of 1.57 and a debt-to-equity ratio of 1.64.

American Express (NYSE:AXP - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The payment services company reported $3.64 EPS for the quarter, beating the consensus estimate of $3.47 by $0.17. American Express had a net margin of 15.36% and a return on equity of 32.65%. The business had revenue of $16.97 billion during the quarter, compared to the consensus estimate of $17.04 billion. During the same quarter in the prior year, the firm earned $3.33 EPS. On average, analysts forecast that American Express will post 15.33 earnings per share for the current year.

American Express Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 4th will be given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 1.19%. This is a positive change from American Express's previous quarterly dividend of $0.70. The ex-dividend date is Friday, April 4th. American Express's payout ratio is presently 22.91%.

Analyst Upgrades and Downgrades

AXP has been the subject of several recent analyst reports. Redburn Atlantic upgraded shares of American Express from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $270.00 to $255.00 in a research report on Wednesday, April 23rd. William Blair restated an "outperform" rating on shares of American Express in a research report on Monday, April 21st. Citigroup reduced their price target on American Express from $320.00 to $300.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. HSBC lifted their price objective on shares of American Express from $270.00 to $294.00 and gave the company a "hold" rating in a research note on Friday, January 24th. Finally, BTIG Research decreased their target price on shares of American Express from $272.00 to $240.00 and set a "sell" rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $295.05.

American Express Profile

American Express Company, together with its subsidiaries, operates as integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and Internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.

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