1832 Asset Management L.P. Sells 665,799 Shares of American Express Company $AXP

Key Points

• 1832 Asset Management L.P. significantly reduced its holdings in American Express by selling 665,799 shares, marking a 99.8% reduction during the first quarter.
• Despite the sell-off, American Express reported strong quarterly earnings, with an earnings per share of $4.08 that exceeded analysts' expectations by $0.22, alongside a revenue of $17.86 billion for the quarter.
• American Express also announced a quarterly dividend of $0.82 per share, representing a 1.0% yield, with a dividend payout ratio of 23.02% as of the latest financial filings.

1832 Asset Management L.P. cut its holdings in shares of American Express Company (NYSE:AXP - Free Report) by 99.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,158 shares of the payment services company's stock after selling 665,799 shares during the period. 1832 Asset Management L.P.'s holdings in American Express were worth $312,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AXP. Investment Management Corp VA ADV bought a new stake in American Express in the 4th quarter worth about $29,000. MorganRosel Wealth Management LLC bought a new stake in American Express in the 1st quarter worth about $29,000. Nexus Investment Management ULC bought a new stake in American Express in the 1st quarter worth about $34,000. Hughes Financial Services LLC bought a new stake in American Express in the 1st quarter worth about $35,000. Finally, IAG Wealth Partners LLC bought a new stake in American Express in the 1st quarter worth about $40,000. 84.33% of the stock is owned by institutional investors.

American Express Stock Performance

Shares of AXP stock traded up $4.63 during trading on Monday, reaching $331.62. 2,980,947 shares of the company's stock traded hands, compared to its average volume of 2,303,076. The company has a market capitalization of $230.77 billion, a P/E ratio of 23.27, a PEG ratio of 1.75 and a beta of 1.28. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. The firm's 50-day moving average is $311.28 and its 200 day moving average is $290.15. American Express Company has a 1 year low of $220.43 and a 1 year high of $332.06.

American Express (NYSE:AXP - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The payment services company reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $3.86 by $0.22. The company had revenue of $17.86 billion for the quarter, compared to analysts' expectations of $17.70 billion. American Express had a net margin of 14.78% and a return on equity of 32.87%. American Express's revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.49 EPS. Equities research analysts expect that American Express Company will post 15.33 EPS for the current year.

American Express Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Thursday, July 3rd were paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Thursday, July 3rd. American Express's dividend payout ratio is presently 23.02%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. William Blair reaffirmed an "outperform" rating on shares of American Express in a research report on Wednesday, July 2nd. Barclays boosted their target price on shares of American Express from $249.00 to $297.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods boosted their target price on shares of American Express from $360.00 to $371.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. DZ Bank cut shares of American Express from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Finally, Truist Financial boosted their target price on shares of American Express from $335.00 to $340.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $311.05.

Insider Activity at American Express

In related news, insider Glenda G. Mcneal sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $309.50, for a total transaction of $15,475,000.00. Following the sale, the insider owned 10,957 shares of the company's stock, valued at approximately $3,391,191.50. This represents a 82.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anna Marrs sold 5,500 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $310.77, for a total transaction of $1,709,235.00. Following the sale, the insider directly owned 20,311 shares in the company, valued at $6,312,049.47. This trade represents a 21.31% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,219 shares of company stock worth $40,555,901. 0.20% of the stock is owned by corporate insiders.

About American Express

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.