New York State Teachers Retirement System Sells 17,279 Shares of American Express Company $AXP

Key Points

• The New York State Teachers Retirement System sold 17,279 shares of American Express, reducing its stake by 3.6%, leaving it with 468,788 shares valued at approximately $149.5 million.
• Recent analyst ratings show positive sentiment, with UBS Group raising their target price for American Express from $330 to $340, while Wells Fargo increased theirs from $350 to $375.
• American Express announced a quarterly dividend of $0.82 per share, scheduled for payment on November 10, indicating an annualized yield of 1.0%.

New York State Teachers Retirement System decreased its position in American Express Company (NYSE:AXP - Free Report) by 3.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 468,788 shares of the payment services company's stock after selling 17,279 shares during the period. New York State Teachers Retirement System owned 0.07% of American Express worth $149,534,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. MorganRosel Wealth Management LLC bought a new position in American Express during the first quarter worth about $29,000. Chung Wu Investment Group LLC bought a new position in American Express during the second quarter worth about $37,000. Hughes Financial Services LLC bought a new position in American Express during the first quarter worth about $35,000. Proffitt & Goodson Inc. bought a new position in American Express during the second quarter worth about $41,000. Finally, 1 North Wealth Services LLC bought a new position in American Express during the first quarter worth about $37,000. Institutional investors own 84.33% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. UBS Group raised their target price on American Express from $330.00 to $340.00 and gave the stock a "neutral" rating in a report on Tuesday, October 7th. Royal Bank Of Canada reiterated an "outperform" rating on shares of American Express in a research report on Monday, July 14th. Truist Financial increased their target price on American Express from $348.00 to $375.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Wells Fargo & Company lifted their price target on shares of American Express from $350.00 to $375.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Finally, Weiss Ratings raised shares of American Express from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, American Express currently has an average rating of "Hold" and an average target price of $323.60.

Insiders Place Their Bets

In related news, insider Laureen Seeger sold 16,998 shares of American Express stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $294.83, for a total value of $5,011,520.34. Following the sale, the insider owned 9,001 shares of the company's stock, valued at approximately $2,653,764.83. This trade represents a 65.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 sale, the insider directly owned 10,957 shares in the company, valued at approximately $3,391,191.50. This represents a 82.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 269,996 shares of company stock worth $85,261,270 in the last 90 days. Company insiders own 0.20% of the company's stock.

American Express Stock Down 0.6%

Shares of American Express stock opened at $330.75 on Thursday. The business's 50 day simple moving average is $324.08 and its 200 day simple moving average is $301.19. American Express Company has a 52-week low of $220.43 and a 52-week high of $349.19. The firm has a market cap of $230.16 billion, a PE ratio of 23.21, a P/E/G ratio of 1.74 and a beta of 1.29. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.61.

American Express (NYSE:AXP - Get Free Report) last announced its earnings results on Friday, July 18th. The payment services company reported $4.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.86 by $0.22. American Express had a return on equity of 32.87% and a net margin of 14.78%.The business had revenue of $17.86 billion for the quarter, compared to analyst estimates of $17.70 billion. During the same quarter last year, the firm earned $3.49 EPS. American Express's revenue for the quarter was up 9.3% compared to the same quarter last year. On average, analysts predict that American Express Company will post 15.33 earnings per share for the current fiscal year.

American Express Announces Dividend

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 $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, October 10th. American Express's dividend payout ratio (DPR) is currently 23.02%.

About American Express

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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