Mackenzie Financial Corp Grows Stake in American Express Company (NYSE:AXP)

Key Points

• Mackenzie Financial Corp increased its stake in American Express Company by 6.6%, owning 60,634 shares valued at approximately $16.3 million as of the latest reporting.
• Notable institutional investors, such as DZ BANK AG and GAMMA Investing LLC, significantly expanded their holdings in American Express, with increases of 463.3% and 27,625.2%, respectively.
• American Express announced a quarterly dividend of $0.82 per share and reported a 9.3% year-over-year revenue growth with earnings per share exceeding analysts' expectations.

Mackenzie Financial Corp grew its stake in American Express Company (NYSE:AXP - Free Report) by 6.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,634 shares of the payment services company's stock after purchasing an additional 3,776 shares during the quarter. Mackenzie Financial Corp's holdings in American Express were worth $16,314,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AXP. Brighton Jones LLC increased its stake in shares of American Express by 24.4% during the fourth quarter. Brighton Jones LLC now owns 6,481 shares of the payment services company's stock valued at $1,924,000 after purchasing an additional 1,273 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of American Express by 24.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 2,633 shares of the payment services company's stock valued at $781,000 after purchasing an additional 525 shares in the last quarter. GHE LLC increased its stake in shares of American Express by 2.7% during the fourth quarter. GHE LLC now owns 17,021 shares of the payment services company's stock valued at $5,052,000 after purchasing an additional 447 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its stake in shares of American Express by 4.8% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,892 shares of the payment services company's stock valued at $562,000 after purchasing an additional 86 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of American Express by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 591,437 shares of the payment services company's stock valued at $175,532,000 after purchasing an additional 15,468 shares in the last quarter. 84.33% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Express

In other American Express news, insider Glenda G. Mcneal sold 50,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $309.50, for a total transaction of $15,475,000.00. Following the sale, the insider directly owned 10,957 shares of the company's stock, valued at $3,391,191.50. This trade represents a 82.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Howard Grosfield sold 9,450 shares of American Express stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $275.50, for a total value of $2,603,475.00. Following the completion of the sale, the insider directly owned 9,402 shares in the company, valued at $2,590,251. This trade represents a 50.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 64,950 shares of company stock valued at $19,787,710 over the last ninety days. 0.20% of the stock is currently owned by company insiders.

American Express Price Performance

Shares of AXP traded down $5.06 during mid-day trading on Friday, reaching $294.25. The stock had a trading volume of 3,012,929 shares, compared to its average volume of 2,476,523. The firm has a market cap of $204.76 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 1.59 and a beta of 1.28. American Express Company has a 12 month low of $220.43 and a 12 month high of $329.14. The business has a fifty day moving average of $306.17 and a 200 day moving average of $291.49. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.61.

American Express (NYSE:AXP - Get Free Report) last posted 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 business had revenue of $17.86 billion for the quarter, compared to analysts' expectations of $17.70 billion. American Express had a return on equity of 32.87% and a net margin of 14.78%. The business's quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the firm earned $3.49 earnings per share. Equities analysts predict 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 will be paid on Friday, August 8th. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $3.28 dividend on an annualized basis and a yield of 1.1%. American Express's dividend payout ratio (DPR) is currently 23.02%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AXP shares. Truist Financial raised their price objective 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. Morgan Stanley raised their price objective on shares of American Express from $250.00 to $311.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. raised their price objective on shares of American Express from $260.00 to $342.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Citigroup restated a "neutral" rating and set a $327.00 price objective (up from $300.00) on shares of American Express in a research note on Wednesday, July 2nd. Finally, Bank of America raised shares of American Express from a "neutral" rating to a "buy" rating and dropped their price target for the company from $325.00 to $274.00 in a report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $311.05.

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.