American Express Company $AXP Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC reduced its holdings in American Express Company by 8.0%, now owning 65,999 shares valued at approximately $17.76 million.
• A number of analysts have adjusted their price targets for American Express, with Barclays raising it to $297.00 and Truist Financial setting it at $340.00, while the consensus price target is $313.45.
• American Express recently reported a strong earnings quarter with an EPS of $4.08, surpassing expectations, and announced a quarterly dividend of $0.82.

NewEdge Advisors LLC trimmed its holdings in American Express Company (NYSE:AXP - Free Report) by 8.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,999 shares of the payment services company's stock after selling 5,777 shares during the quarter. NewEdge Advisors LLC's holdings in American Express were worth $17,757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Financial Engines Advisors L.L.C. grew its position in American Express by 4.7% in the 1st quarter. Financial Engines Advisors L.L.C. now owns 772 shares of the payment services company's stock worth $208,000 after purchasing an additional 35 shares during the period. Tyler Stone Wealth Management grew its position in American Express by 4.8% in the 1st quarter. Tyler Stone Wealth Management now owns 792 shares of the payment services company's stock worth $213,000 after purchasing an additional 36 shares during the period. Hemington Wealth Management grew its position in American Express by 2.3% in the 1st quarter. Hemington Wealth Management now owns 1,661 shares of the payment services company's stock worth $446,000 after purchasing an additional 38 shares during the period. Revolve Wealth Partners LLC grew its position in American Express by 2.5% in the 1st quarter. Revolve Wealth Partners LLC now owns 1,620 shares of the payment services company's stock worth $436,000 after purchasing an additional 40 shares during the period. Finally, Cornerstone Planning Group LLC grew its position in American Express by 0.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 5,236 shares of the payment services company's stock worth $1,362,000 after purchasing an additional 40 shares during the period. 84.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Morgan Stanley lifted their target price on shares of American Express from $250.00 to $311.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. William Blair reaffirmed an "outperform" rating on shares of American Express in a report on Wednesday, July 2nd. Wells Fargo & Company boosted their price target on shares of American Express from $350.00 to $375.00 and gave the stock an "overweight" rating in a research note on Friday. Royal Bank Of Canada restated an "outperform" rating on shares of American Express in a research report on Monday, July 14th. Finally, Monness Crespi & Hardt cut shares of American Express from a "buy" rating to a "neutral" rating in a research report on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $313.45.

Insider Activity

In related news, Vice Chairman Douglas E. Buckminster sold 23,505 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $326.37, for a total transaction of $7,671,326.85. Following the transaction, the insider directly owned 123,613 shares in the company, valued at approximately $40,343,574.81. The trade was a 15.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Laureen Seeger sold 61,721 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $297.47, for a total transaction of $18,360,145.87. Following the transaction, the insider owned 9,001 shares in the company, valued at $2,677,527.47. The trade was a 87.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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 Stock Down 0.3%

Shares of NYSE AXP traded down $1.00 during midday trading on Tuesday, reaching $324.41. 2,055,863 shares of the company's stock traded hands, compared to its average volume of 2,301,091. 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's 50 day simple moving average is $313.33 and its 200-day simple moving average is $291.02. American Express Company has a one year low of $220.43 and a one year high of $332.46. The company has a market cap of $225.75 billion, a price-to-earnings ratio of 22.77, a P/E/G ratio of 1.72 and a beta of 1.28.

American Express (NYSE:AXP - Get Free Report) last posted its earnings results on Friday, July 18th. The payment services company reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $3.86 by $0.22. American Express had a net margin of 14.78% and a return on equity of 32.87%. The company had revenue of $17.86 billion during the quarter, compared to analysts' expectations of $17.70 billion. During the same quarter in the prior year, the company posted $3.49 earnings per share. 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 EPS for the current fiscal year.

American Express Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Thursday, July 3rd were issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, July 3rd. 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.