Allstate Corp Has $6.96 Million Stock Holdings in American Express Company $AXP

Key Points

• Allstate Corp increased its stake in American Express by 52.8%, holding 25,861 shares valued at approximately $6.96 million after acquiring 8,936 additional shares in the first quarter.
• American Express reported earnings per share of $4.08 for the last quarter, exceeding analysts' expectations of $3.86, and had a year-over-year revenue growth of 9.3%.
• The company recently declared a quarterly dividend of $0.82 per share, which represents a 1.1% dividend yield and a payout ratio of 23.02%.

Allstate Corp lifted its stake in American Express Company (NYSE:AXP - Free Report) by 52.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,861 shares of the payment services company's stock after buying an additional 8,936 shares during the period. Allstate Corp's holdings in American Express were worth $6,958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of AXP. Investment Management Corp VA ADV purchased a new position in American Express in the fourth quarter valued at about $29,000. MorganRosel Wealth Management LLC purchased a new position in American Express in the first quarter valued at about $29,000. Nexus Investment Management ULC purchased a new position in American Express in the first quarter valued at about $34,000. Hughes Financial Services LLC purchased a new position in American Express in the first quarter valued at about $35,000. Finally, IAG Wealth Partners LLC purchased a new position in American Express in the first quarter valued at about $40,000. Hedge funds and other institutional investors own 84.33% of the company's stock.

American Express Stock Performance

Shares of American Express stock traded up $1.66 on Wednesday, reaching $322.26. 1,035,702 shares of the company were exchanged, compared to its average volume of 2,898,202. American Express Company has a 1-year low of $220.43 and a 1-year high of $329.14. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.61. The firm has a market cap of $224.25 billion, a price-to-earnings ratio of 22.61, a P/E/G ratio of 1.67 and a beta of 1.28. The company's 50-day moving average is $309.48 and its two-hundred day moving average is $289.89.

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

American Express Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on AXP shares. Royal Bank Of Canada reissued an "outperform" rating on shares of American Express in a report on Monday, July 14th. JPMorgan Chase & Co. increased their target price on American Express from $260.00 to $342.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Barclays increased their target price on American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their target price on American Express from $360.00 to $371.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Finally, BTIG Research set a $277.00 target price on American Express and gave the stock a "sell" rating in a report on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $311.05.

Insider Activity

In other news, insider Anna Marrs sold 5,500 shares of American Express stock in a transaction 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 transaction, the insider directly owned 20,311 shares in the company, valued at approximately $6,312,049.47. This trade represents a 21.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laureen Seeger sold 61,721 shares of American Express stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $297.47, for a total value of $18,360,145.87. Following the completion of the transaction, the insider owned 9,001 shares in the company, valued at $2,677,527.47. The trade was a 87.27% decrease in their ownership of the stock. 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 company insiders.

American Express Company 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.