Penobscot Investment Management Company Inc. cut its holdings in American Express Company (NYSE:AXP) by 21.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,068 shares of the payment services company's stock after selling 2,176 shares during the period. Penobscot Investment Management Company Inc.'s holdings in American Express were worth $2,574,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Asset Advisory Services LLC lifted its stake in American Express by 2.8% during the second quarter. Capital Asset Advisory Services LLC now owns 1,191 shares of the payment services company's stock worth $384,000 after purchasing an additional 32 shares during the last quarter. DLK Investment Management LLC increased its position in American Express by 3.8% in the second quarter. DLK Investment Management LLC now owns 869 shares of the payment services company's stock worth $277,000 after buying an additional 32 shares during the period. Financial Engines Advisors L.L.C. increased its position in American Express by 4.7% in the first quarter. Financial Engines Advisors L.L.C. now owns 772 shares of the payment services company's stock worth $208,000 after buying an additional 35 shares during the period. Modern Wealth Management LLC increased its position in American Express by 0.7% in the first quarter. Modern Wealth Management LLC now owns 4,921 shares of the payment services company's stock worth $1,324,000 after buying an additional 35 shares during the period. Finally, Greenfield Savings Bank increased its position in American Express by 0.3% in the second quarter. Greenfield Savings Bank now owns 13,116 shares of the payment services company's stock worth $4,184,000 after buying an additional 35 shares during the period. 84.33% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at American Express
In related news, CEO Stephen J. Squeri sold 112,272 shares of the firm's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $329.86, for a total transaction of $37,034,041.92. Following the completion of the transaction, the chief executive officer owned 92,810 shares of the company's stock, valued at $30,614,306.60. This trade represents a 54.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Glenda G. Mcneal sold 50,000 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 10,957 shares of the company's stock, valued at $3,391,191.50. This represents a 82.03% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 269,996 shares of company stock valued at $85,261,270. Corporate insiders own 0.20% of the company's stock.
Analyst Ratings Changes
AXP has been the topic of several analyst reports. Barclays increased their target price on American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their target price on American Express from $371.00 to $394.00 and gave the stock an "outperform" rating in a research report on Wednesday. Evercore ISI increased their target price on American Express from $330.00 to $365.00 and gave the stock an "in-line" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on American Express from $260.00 to $342.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, Morgan Stanley increased their target price on American Express from $311.00 to $362.00 and gave the stock an "equal weight" rating in a research report on Monday. Eight analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $319.95.
Get Our Latest Analysis on AXP
American Express Price Performance
Shares of AXP opened at $330.10 on Friday. The firm has a market capitalization of $229.71 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 1.75 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 Company has a one year low of $220.43 and a one year high of $349.19. The stock's fifty day moving average is $320.01 and its 200-day moving average is $298.24.
American Express (NYSE:AXP - Get Free Report) last issued its quarterly 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. The company had revenue of $17.86 billion for the quarter, compared to analyst estimates of $17.70 billion. American Express had a return on equity of 32.87% and a net margin of 14.78%.The company's quarterly revenue was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $3.49 earnings per share. Equities analysts anticipate that American Express Company will post 15.33 EPS for the current 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 paid a dividend of $0.82 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $3.28 annualized dividend and a yield of 1.0%. American Express's dividend payout ratio (DPR) is currently 23.02%.
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.
See Also
Want to see what other hedge funds are holding AXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Express Company (NYSE:AXP - Free Report).
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