American Express Company (NYSE:AXP) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has reduced its holdings in American Express by 52.6%, selling 141,648 shares and bringing its total ownership down to 127,772 shares valued at approximately $34 million.
• Insider Anna Marrs sold 5,500 shares valued at over $1.7 million, while Glenda G. Mcneal sold 50,000 shares for approximately $15.5 million, indicating significant insider trading activity.
• American Express reported earnings per share of $4.08 for the last quarter, exceeding the consensus estimate, and also announced a quarterly dividend of $0.82 to be paid in August.

Bank of Nova Scotia reduced its stake in shares of American Express Company (NYSE:AXP - Free Report) by 52.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,772 shares of the payment services company's stock after selling 141,648 shares during the period. Bank of Nova Scotia's holdings in American Express were worth $34,372,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of American Express by 5.5% during the 1st quarter. Principal Financial Group Inc. now owns 680,308 shares of the payment services company's stock worth $183,037,000 after purchasing an additional 35,295 shares during the last quarter. Pinnacle Financial Partners Inc raised its position in shares of American Express by 1.4% during the 1st quarter. Pinnacle Financial Partners Inc now owns 167,534 shares of the payment services company's stock worth $45,243,000 after purchasing an additional 2,259 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of American Express by 6.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,458 shares of the payment services company's stock worth $25,088,000 after purchasing an additional 5,693 shares during the last quarter. Navis Wealth Advisors LLC raised its position in shares of American Express by 368.7% during the 1st quarter. Navis Wealth Advisors LLC now owns 3,548 shares of the payment services company's stock worth $955,000 after purchasing an additional 2,791 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of American Express by 8.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 95,443 shares of the payment services company's stock worth $25,679,000 after purchasing an additional 7,822 shares during the last quarter. 84.33% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Glenda G. Mcneal sold 50,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $309.50, for a total transaction of $15,475,000.00. Following the completion of the sale, the insider directly owned 10,957 shares of the company's stock, valued at approximately $3,391,191.50. This represents a 82.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anna Marrs sold 5,500 shares of the company'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 of the company's stock, valued at approximately $6,312,049.47. This trade represents a 21.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

American Express Trading Down 0.8%

Shares of NYSE AXP traded down $2.47 during trading on Tuesday, hitting $296.12. 267,912 shares of the company traded hands, compared to its average volume of 2,956,183. The company has a 50-day moving average price of $306.43 and a 200-day moving average price of $291.10. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 1.80. American Express Company has a 1 year low of $220.43 and a 1 year high of $329.14. The firm has a market capitalization of $206.06 billion, a P/E ratio of 20.74, a P/E/G ratio of 1.56 and a beta of 1.28.

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, topping analysts' consensus estimates of $3.86 by $0.22. American Express had a net margin of 14.78% and a return on equity of 32.87%. The firm had revenue of $17.86 billion during the quarter, compared to analysts' expectations of $17.70 billion. During the same period in the prior year, the company earned $3.49 EPS. The firm's revenue was up 9.3% on a year-over-year basis. On average, equities analysts predict that American Express Company will post 15.33 EPS for the current year.

American Express Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, July 3rd. American Express's dividend payout ratio is 23.02%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. DZ Bank downgraded American Express from a "hold" rating to a "sell" rating in a report on Monday, July 21st. JPMorgan Chase & Co. boosted their price target on American Express from $260.00 to $342.00 and gave the company a "neutral" rating in a report on Friday, July 11th. BTIG Research set a $277.00 price target on American Express and gave the company a "sell" rating in a report on Monday, July 14th. Monness Crespi & Hardt downgraded American Express from a "buy" rating to a "neutral" rating in a report on Tuesday, July 15th. Finally, Truist Financial boosted their price target on American Express from $335.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $311.05.

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.