Covea Finance Raises Holdings in American Express Company $AXP

Key Points

• Covea Finance increased its holdings in American Express by 192.6% during the 2nd quarter, acquiring an additional 36,600 shares for a total of 55,600 shares now valued at approximately $17.7 million.
• American Express reported a strong quarterly earnings result, with $4.08 EPS exceeding analysts' expectations of $3.86, and a year-over-year revenue increase of 9.3%.
• Several analysts have revised their price targets for American Express, with JPMorgan raising its target to $342.00 and Wells Fargo increasing it to $375.00, while maintaining a consensus rating of "Hold."

Covea Finance increased its position in shares of American Express Company (NYSE:AXP) by 192.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,600 shares of the payment services company's stock after purchasing an additional 36,600 shares during the quarter. Covea Finance's holdings in American Express were worth $17,735,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Hofer & Associates. Inc purchased a new stake in shares of American Express during the second quarter worth approximately $312,000. GSB Wealth Management LLC increased its position in shares of American Express by 9.5% during the second quarter. GSB Wealth Management LLC now owns 903 shares of the payment services company's stock worth $288,000 after purchasing an additional 78 shares in the last quarter. West Oak Capital LLC increased its position in shares of American Express by 1.6% during the second quarter. West Oak Capital LLC now owns 13,062 shares of the payment services company's stock worth $4,167,000 after purchasing an additional 200 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in shares of American Express during the second quarter worth approximately $355,000. Finally, CHICAGO TRUST Co NA increased its position in shares of American Express by 2.0% during the second quarter. CHICAGO TRUST Co NA now owns 22,030 shares of the payment services company's stock worth $7,027,000 after purchasing an additional 435 shares in the last quarter. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

American Express Stock Up 0.2%

Shares of NYSE:AXP opened at $341.73 on Tuesday. The stock has a market cap of $237.80 billion, a P/E ratio of 23.98, a P/E/G ratio of 1.81 and a beta of 1.28. The firm has a fifty day moving average price of $315.10 and a 200 day moving average price of $294.01. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.61 and a quick ratio of 1.60. American Express Company has a 1-year low of $220.43 and a 1-year high of $345.51.

American Express (NYSE:AXP - Get Free Report) last issued 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. The firm had revenue of $17.86 billion during the quarter, compared to analysts' expectations of $17.70 billion. American Express had a net margin of 14.78% and a return on equity of 32.87%. American Express's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.49 EPS. Sell-side analysts predict that American Express Company will post 15.33 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Monness Crespi & Hardt cut American Express from a "buy" rating to a "neutral" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. upped 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. Keefe, Bruyette & Woods upped their price target on American Express from $360.00 to $371.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. William Blair reaffirmed an "outperform" rating on shares of American Express in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company upped their price target on American Express from $350.00 to $375.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Eight investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $315.20.

Insider Buying and Selling

In other American Express news, insider Anna Marrs sold 5,500 shares of American Express 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 transaction, the insider directly owned 20,311 shares in the company, valued at approximately $6,312,049.47. This trade represents a 21.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Glenda G. Mcneal sold 50,000 shares of American Express stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $309.50, for a total value of $15,475,000.00. Following the completion of the transaction, the insider owned 10,957 shares in the company, valued at $3,391,191.50. This trade represents a 82.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 269,996 shares of company stock worth $85,261,270. 0.20% of the stock is currently owned by insiders.

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.

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