Covenant Asset Management LLC Raises Stock Holdings in American Express Company $AXP

Key Points

• Covenant Asset Management LLC raised its stock holdings in American Express by 475.4% during the second quarter, totaling 14,806 shares valued at around $4.72 million.
• American Express reported a quarterly earnings per share (EPS) of $4.08, exceeding analysts' expectations of $3.86, alongside a revenue of $17.86 billion.
• A quarterly dividend of $0.82 per share was announced, with an expected payout to investors on November 10th, reflecting a 1.0% annual yield.

Covenant Asset Management LLC increased its holdings in shares of American Express Company (NYSE:AXP) by 475.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 14,806 shares of the payment services company's stock after acquiring an additional 12,233 shares during the period. Covenant Asset Management LLC's holdings in American Express were worth $4,723,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AXP. MorganRosel Wealth Management LLC bought a new stake in shares of American Express during the first quarter worth $29,000. Hughes Financial Services LLC bought a new position in shares of American Express in the first quarter worth about $35,000. 1 North Wealth Services LLC purchased a new position in American Express in the 1st quarter worth about $37,000. IAG Wealth Partners LLC purchased a new position in American Express in the 1st quarter worth about $40,000. Finally, PFS Partners LLC lifted its holdings in American Express by 104.0% during the 1st quarter. PFS Partners LLC now owns 153 shares of the payment services company's stock valued at $41,000 after buying an additional 78 shares in the last quarter. Institutional investors own 84.33% of the company's stock.

American Express Trading Up 0.6%

Shares of NYSE AXP opened at $342.07 on Monday. American Express Company has a 1-year low of $220.43 and a 1-year high of $349.19. The business has a fifty day moving average price of $317.46 and a 200 day moving average price of $296.32. The stock has a market capitalization of $238.04 billion, a P/E ratio of 24.00, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. 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 (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, topping analysts' consensus estimates of $3.86 by $0.22. The business had revenue of $17.86 billion during the quarter, compared to the consensus estimate of $17.70 billion. American Express had a net margin of 14.78% and a return on equity of 32.87%. The firm's revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $3.49 earnings per share. Equities research analysts expect that American Express Company will post 15.33 EPS for the current fiscal year.

American Express Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Friday, October 10th will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $3.28 dividend on an annualized basis and a yield of 1.0%. American Express's dividend payout ratio is presently 23.02%.

Analyst Ratings Changes

AXP has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of American Express from $350.00 to $375.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods boosted their price target on American Express from $360.00 to $371.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley increased their price objective on American Express from $250.00 to $311.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Barclays lifted their target price on American Express from $249.00 to $297.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, DZ Bank cut American Express from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Eight equities research 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. Based on data from MarketBeat, the company presently 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 the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $310.77, for a total value of $1,709,235.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Glenda G. Mcneal sold 50,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $309.50, for a total value of $15,475,000.00. Following the transaction, the insider directly owned 10,957 shares in the company, valued at approximately $3,391,191.50. The trade was a 82.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 269,996 shares of company stock valued at $85,261,270 over the last quarter. Insiders own 0.20% of the company's stock.

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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