CX Institutional Sells 22,907 Shares of American Express Company $AXP

Key Points

• CX Institutional sold 22,907 shares of American Express, reducing its holdings by 58.2%, leaving it with 16,472 shares valued at approximately $5.25 million.
• American Express reported earnings of $4.08 per share, exceeding estimates, with revenue of $17.86 billion, an increase of 9.3% year-over-year.
• Several large investors, including MorganRosel Wealth Management and Nexus Investment Management, have recently acquired new stakes in American Express, highlighting ongoing interest in the company.

CX Institutional lowered its holdings in shares of American Express Company (NYSE:AXP - Free Report) by 58.2% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 16,472 shares of the payment services company's stock after selling 22,907 shares during the period. CX Institutional's holdings in American Express were worth $5,254,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of AXP. Nuveen LLC bought a new position in American Express during the first quarter worth about $1,454,667,000. Wellington Management Group LLP lifted its position in American Express by 13.7% during the first quarter. Wellington Management Group LLP now owns 18,025,562 shares of the payment services company's stock worth $4,849,777,000 after acquiring an additional 2,168,445 shares during the last quarter. GAMMA Investing LLC lifted its position in American Express by 27,625.2% during the first quarter. GAMMA Investing LLC now owns 2,162,846 shares of the payment services company's stock worth $581,914,000 after acquiring an additional 2,155,045 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in American Express by 25.5% during the first quarter. Goldman Sachs Group Inc. now owns 4,752,690 shares of the payment services company's stock worth $1,278,711,000 after acquiring an additional 965,221 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in American Express during the fourth quarter worth approximately $187,337,000. Institutional investors own 84.33% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AXP. DZ Bank downgraded shares of American Express from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Barclays raised their price objective on shares of American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. BTIG Research set a $277.00 price objective on shares of American Express and gave the stock a "sell" rating in a research report on Monday, July 14th. Monness Crespi & Hardt downgraded shares of American Express from a "buy" rating to a "neutral" rating in a research report on Tuesday, July 15th. Finally, Truist Financial raised their price objective on shares of American Express from $348.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Eight research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $315.20.

Insider Buying and Selling at American Express

In other American Express news, Vice Chairman Douglas E. Buckminster sold 23,505 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $326.37, for a total transaction of $7,671,326.85. Following the completion of the transaction, the insider directly owned 123,613 shares in the company, valued at $40,343,574.81. The trade was a 15.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anna Marrs sold 5,500 shares of the business's 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 sale, the insider directly owned 20,311 shares in the company, valued at approximately $6,312,049.47. The trade was a 21.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 269,996 shares of company stock valued at $85,261,270. 0.20% of the stock is currently owned by insiders.

American Express Price Performance

AXP traded up $0.61 during trading on Monday, hitting $341.73. 3,327,074 shares of the stock traded hands, compared to its average volume of 2,911,200. American Express Company has a twelve month low of $220.43 and a twelve month high of $345.51. The company has a market cap of $237.80 billion, a price-to-earnings ratio of 23.98, a PEG ratio of 1.81 and a beta of 1.28. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.61 and a quick ratio of 1.60. The business has a 50 day moving average price of $314.68 and a 200 day moving average price of $293.53.

American Express (NYSE:AXP - Get Free Report) last announced its quarterly earnings data 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 net margin of 14.78% and a return on equity of 32.87%. The business had revenue of $17.86 billion during the quarter, compared to the consensus estimate of $17.70 billion. During the same period in the previous year, the business earned $3.49 earnings per share. The company's revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that American Express Company will post 15.33 earnings per share for the current fiscal year.

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.