Canoe Financial LP Has $214.44 Million Stock Position in American Express Company $AXP

Key Points

• Canoe Financial LP increased its stake in American Express by 22.4%, owning 672,281 shares worth approximately $214.4 million, making it the sixth largest position in its investment portfolio.
• American Express reported $4.08 earnings per share for the latest quarter, exceeding analysts' expectations and showing a 9.3% increase in revenue compared to the same period last year.
• Several research firms have recently upgraded their ratings and price targets for American Express, with Wells Fargo raising its target to $375.00, while the consensus rating remains at "Hold" with a target of $315.20.

Canoe Financial LP raised its holdings in American Express Company (NYSE:AXP - Free Report) by 22.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 672,281 shares of the payment services company's stock after buying an additional 122,962 shares during the quarter. American Express accounts for approximately 3.1% of Canoe Financial LP's holdings, making the stock its 6th biggest holding. Canoe Financial LP owned approximately 0.10% of American Express worth $214,444,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Oliver Lagore Vanvalin Investment Group bought a new stake in American Express in the 2nd quarter valued at $2,630,000. Legacy Financial Strategies LLC grew its holdings in shares of American Express by 11.5% in the 2nd quarter. Legacy Financial Strategies LLC now owns 1,758 shares of the payment services company's stock worth $561,000 after purchasing an additional 182 shares during the last quarter. Kozak & Associates Inc. grew its holdings in shares of American Express by 32.9% in the 2nd quarter. Kozak & Associates Inc. now owns 2,438 shares of the payment services company's stock worth $774,000 after purchasing an additional 604 shares during the last quarter. Charter Oak Capital Management LLC bought a new stake in shares of American Express in the 2nd quarter worth about $208,000. Finally, Moody National Bank Trust Division grew its holdings in shares of American Express by 5.6% in the 2nd quarter. Moody National Bank Trust Division now owns 11,382 shares of the payment services company's stock worth $3,631,000 after purchasing an additional 602 shares during the last quarter. Institutional investors own 84.33% of the company's stock.

Insiders Place Their Bets

In related news, insider Laureen Seeger sold 16,998 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $294.83, for a total transaction of $5,011,520.34. Following the completion of the sale, the insider directly owned 9,001 shares of the company's stock, valued at approximately $2,653,764.83. This represents a 65.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anna Marrs sold 5,500 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $310.77, for a total value of $1,709,235.00. Following the sale, the insider directly owned 20,311 shares of the company's stock, valued at approximately $6,312,049.47. The trade was a 21.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 269,996 shares of company stock worth $85,261,270 over the last ninety days. Company insiders own 0.20% of the company's stock.

American Express Trading Down 0.4%

Shares of NYSE:AXP traded down $1.26 during mid-day trading on Friday, reaching $340.41. The stock had a trading volume of 8,629,534 shares, compared to its average volume of 2,346,006. The firm has a market cap of $236.88 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. The firm has a 50 day simple moving average of $314.68 and a two-hundred day simple moving average of $293.40. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. American Express Company has a twelve month low of $220.43 and a twelve month high of $344.36.

American Express (NYSE:AXP - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The payment services company reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.86 by $0.22. The business had revenue of $17.86 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the company posted $3.49 EPS. On average, research analysts predict that American Express Company will post 15.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AXP. BTIG Research set a $277.00 target price on shares of American Express and gave the stock a "sell" rating in a report on Monday, July 14th. Citigroup reaffirmed a "neutral" rating and issued a $327.00 target price (up previously from $300.00) on shares of American Express in a report on Wednesday, July 2nd. DZ Bank lowered shares of American Express from a "hold" rating to a "sell" rating in a report on Monday, July 21st. JPMorgan Chase & Co. upped their price target on shares of American Express from $260.00 to $342.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company upped their price target on shares of American Express from $350.00 to $375.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Eight research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $315.20.

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.