Bowen Hanes & Co. Inc. Cuts Holdings in American Express Company $AXP

Key Points

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Bowen Hanes & Co. Inc. lessened its stake in shares of American Express Company (NYSE:AXP - Free Report) by 1.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 332,134 shares of the payment services company's stock after selling 4,250 shares during the quarter. American Express makes up 2.5% of Bowen Hanes & Co. Inc.'s holdings, making the stock its 9th biggest holding. Bowen Hanes & Co. Inc.'s holdings in American Express were worth $89,361,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in American Express by 5.5% in 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 in the last quarter. Pinnacle Financial Partners Inc grew its holdings in shares of American Express by 1.4% during the first 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. increased its stake in shares of American Express by 6.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,458 shares of the payment services company's stock valued at $25,088,000 after buying an additional 5,693 shares during the period. R Squared Ltd bought a new position in American Express in the 1st quarter valued at approximately $509,000. Finally, Navis Wealth Advisors LLC boosted its position in 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 buying an additional 2,791 shares during the period. 84.33% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Glenda G. Mcneal sold 50,000 shares of the business'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 transaction, the insider owned 10,957 shares in the company, valued at $3,391,191.50. The trade was a 82.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anna Marrs sold 5,500 shares of the 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 approximately $6,312,049.47. This represents a 21.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,219 shares of company stock worth $40,555,901 in the last quarter. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of American Express from $250.00 to $311.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. BTIG Research set a $277.00 price objective on American Express and gave the company a "sell" rating in a report on Monday, July 14th. Keefe, Bruyette & Woods lifted their target price on American Express from $360.00 to $371.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on American Express from $260.00 to $342.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on American Express from $371.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Eight analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $311.05.

American Express Trading Up 0.0%

Shares of AXP stock traded up $0.02 during mid-day trading on Thursday, hitting $308.42. The company's stock had a trading volume of 1,848,473 shares, compared to its average volume of 2,379,231. The company has a market cap of $214.62 billion, a PE ratio of 21.64, a P/E/G ratio of 1.63 and a beta of 1.28. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.61. The company's fifty day simple moving average is $307.86 and its 200-day simple moving average is $290.08. American Express Company has a 52 week low of $220.43 and a 52 week high of $329.14.

American Express (NYSE:AXP - Get Free Report) last announced its earnings results 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 return on equity of 32.87% and a net margin of 14.78%.The company had revenue of $17.86 billion for the quarter, compared to analyst estimates of $17.70 billion. During the same quarter in the prior year, the company earned $3.49 EPS. The firm's revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities research analysts expect that American Express Company will post 15.33 earnings per share for the current fiscal year.

American Express Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $3.28 annualized dividend and a dividend yield of 1.1%. American Express's dividend payout ratio (DPR) is 23.02%.

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.