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Harvest Fund Management Co. Ltd Sells 9,672 Shares of American Express Company (NYSE:AXP)

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Key Points

  • Harvest Fund Management Co. Ltd significantly reduced its holdings in American Express by selling 9,672 shares, resulting in a total ownership of 1,944 shares valued at around $523,000.
  • Insider Howard Grosfield sold 9,450 shares at an average price of $275.50, marking a 50.13% decrease in his ownership.
  • American Express recently reported quarterly earnings of $4.08 per share, surpassing estimates, and announced a quarterly dividend of $0.82 per share, with a yield of 1.08%.
  • Five stocks to consider instead of American Express.

Harvest Fund Management Co. Ltd lessened its position in American Express Company (NYSE:AXP - Free Report) by 83.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,944 shares of the payment services company's stock after selling 9,672 shares during the period. Harvest Fund Management Co. Ltd's holdings in American Express were worth $523,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Investment Management Corp VA ADV bought a new stake in shares of American Express during the fourth quarter worth $29,000. MorganRosel Wealth Management LLC bought a new stake in shares of American Express during the first quarter worth $29,000. Nexus Investment Management ULC bought a new stake in shares of American Express during the first quarter worth $34,000. Hughes Financial Services LLC bought a new stake in shares of American Express during the first quarter worth $35,000. Finally, IAG Wealth Partners LLC bought a new position in American Express in the first quarter valued at $40,000. Institutional investors own 84.33% of the company's stock.

American Express Stock Performance

Shares of NYSE AXP traded down $5.06 during mid-day trading on Friday, reaching $294.25. 3,012,929 shares of the company were exchanged, compared to its average volume of 2,476,523. The company's 50-day simple moving average is $306.17 and its 200-day simple moving average is $291.49. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $204.76 billion, a P/E ratio of 20.65, a P/E/G ratio of 1.56 and a beta of 1.28. American Express Company has a twelve month low of $220.43 and a twelve month high of $329.14.

American Express (NYSE:AXP - Get Free Report) last posted its earnings results on Friday, July 18th. The payment services company reported $4.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.86 by $0.22. The company 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 last year, the company posted $3.49 EPS. As a group, research analysts predict that American Express Company will post 15.33 earnings per share for the current year.

American Express Announces Dividend

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

Insiders Place Their Bets

In other American Express news, insider Anna Marrs sold 5,500 shares of American Express stock in a transaction dated 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 owned 20,311 shares in the company, valued at $6,312,049.47. The trade was a 21.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Glenda G. Mcneal sold 50,000 shares of American Express stock in a transaction dated Tuesday, July 29th. The stock was 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 owned 10,957 shares of the company's stock, valued at $3,391,191.50. This trade represents a 82.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,950 shares of company stock worth $19,787,710 in the last quarter. 0.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on AXP. BTIG Research set a $277.00 target price on shares of American Express and gave the company a "sell" rating in a research report on Monday, July 14th. DZ Bank downgraded shares of American Express from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft raised their target price on shares of American Express from $371.00 to $375.00 and gave the company a "buy" rating in a research report on Monday, July 21st. William Blair reaffirmed an "outperform" rating on shares of American Express in a research report on Wednesday, July 2nd. Finally, Morgan Stanley raised their target price 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. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $311.05.

Read Our Latest Stock Analysis on AXP

About American Express

(Free Report)

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.

Read More

Institutional Ownership by Quarter for American Express (NYSE:AXP)

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