Atalanta Sosnoff Capital LLC Reduces Stock Holdings in American Express Company $AXP

Key Points

• Atalanta Sosnoff Capital LLC has reduced its stake in American Express by 33.5%, owning 231,973 shares after selling 116,656 shares in the first quarter.
• Insider Laureen Seeger sold 61,721 shares of American Express, significantly decreasing her ownership by 87.27%, and insiders have collectively sold 134,219 shares in the last ninety days.
• American Express recently reported an earnings per share (EPS) of $4.08, beating analyst expectations, with revenue of $17.86 billion for the quarter, a 9.3% increase year-over-year.

Atalanta Sosnoff Capital LLC lessened its position in shares of American Express Company (NYSE:AXP - Free Report) by 33.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,973 shares of the payment services company's stock after selling 116,656 shares during the quarter. American Express comprises 1.5% of Atalanta Sosnoff Capital LLC's portfolio, making the stock its 23rd biggest holding. Atalanta Sosnoff Capital LLC's holdings in American Express were worth $62,412,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AXP. Investment Management Corp VA ADV bought a new stake in shares of American Express in the 4th quarter valued at approximately $29,000. MorganRosel Wealth Management LLC bought a new stake in shares of American Express in the 1st quarter valued at approximately $29,000. Nexus Investment Management ULC bought a new stake in shares of American Express in the 1st quarter valued at approximately $34,000. Hughes Financial Services LLC bought a new stake in shares of American Express in the 1st quarter valued at approximately $35,000. Finally, 1 North Wealth Services LLC bought a new stake in shares of American Express in the 1st quarter valued at approximately $37,000. Hedge funds and other institutional investors own 84.33% of the company's stock.

Insider Transactions at American Express

In other American Express news, insider Anna Marrs sold 5,500 shares of the firm'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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Douglas E. Buckminster sold 23,505 shares of American Express stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $326.37, for a total value of $7,671,326.85. Following the completion of the transaction, the insider owned 123,613 shares in the company, valued at $40,343,574.81. This represents a 15.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 157,724 shares of company stock valued at $48,227,228. Company insiders own 0.20% of the company's stock.

American Express Trading Down 1.3%

AXP traded down $4.28 during trading on Friday, hitting $326.37. 2,971,185 shares of the stock were exchanged, compared to its average volume of 2,244,027. The firm has a 50 day simple moving average of $313.21 and a 200 day simple moving average of $290.90. The firm has a market cap of $227.11 billion, a price-to-earnings ratio of 22.90, a P/E/G ratio of 1.73 and a beta of 1.28. American Express Company has a 1 year low of $220.43 and a 1 year high of $332.46. 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 released its quarterly earnings data on Friday, July 18th. The payment services company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.86 by $0.22. The company had revenue of $17.86 billion for the quarter, compared to the consensus estimate of $17.70 billion. American Express had a return on equity of 32.87% and a net margin of 14.78%.American Express's quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the business posted $3.49 EPS. As a group, equities analysts expect that American Express Company will post 15.33 EPS for the current year.

American Express Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AXP shares. DZ Bank lowered American Express from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Monness Crespi & Hardt lowered American Express from a "buy" rating to a "neutral" rating in a research note on Tuesday, July 15th. Morgan Stanley raised their price objective on American Express from $250.00 to $311.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. BTIG Research set a $277.00 price target on American Express and gave the stock a "sell" rating in a research note on Monday, July 14th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of American Express in a research note on Monday, July 14th. Eight analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, American Express presently has an average rating of "Hold" and a consensus price target of $313.45.

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.