Perigon Wealth Management LLC Raises Stock Holdings in American Express Company $AXP

Key Points

• Perigon Wealth Management LLC increased its stake in American Express by 1.7%, holding 58,599 shares valued at $18.69 million as of the last reporting period.
• American Express reported a strong quarterly performance, with $4.08 EPS and revenue growth of 9.3% year-over-year, surpassing analyst expectations.
• The company announced a quarterly dividend of $0.82 per share, representing an annualized yield of 1.0%, payable on November 10th.

Perigon Wealth Management LLC boosted its holdings in American Express Company (NYSE:AXP) by 1.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,599 shares of the payment services company's stock after purchasing an additional 1,005 shares during the period. Perigon Wealth Management LLC's holdings in American Express were worth $18,692,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MorganRosel Wealth Management LLC bought a new position in American Express during the 1st quarter worth approximately $29,000. Nexus Investment Management ULC bought a new position in American Express during the 1st quarter worth approximately $34,000. Hughes Financial Services LLC bought a new position in American Express during the 1st quarter worth approximately $35,000. 1 North Wealth Services LLC bought a new position in American Express during the 1st quarter worth approximately $37,000. Finally, IAG Wealth Partners LLC bought a new position in American Express during the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors own 84.33% of the company's stock.

American Express Price Performance

NYSE AXP opened at $340.86 on Thursday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.61 and a quick ratio of 1.60. The stock's 50-day moving average is $316.30 and its two-hundred day moving average is $294.66. The firm has a market cap of $237.20 billion, a P/E ratio of 23.92, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. American Express Company has a fifty-two week low of $220.43 and a fifty-two week high of $349.19.

American Express (NYSE:AXP - Get Free Report) last posted its quarterly earnings data 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 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 firm's revenue for the quarter 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. On average, analysts anticipate that American Express Company will post 15.33 earnings per share for the current fiscal year.

American Express Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Friday, October 10th will be issued a dividend of $0.82 per share. 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 payout ratio is presently 23.02%.

Insider Activity at American Express

In other American Express news, Vice Chairman Douglas E. Buckminster sold 23,505 shares of American Express stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $326.37, for a total transaction of $7,671,326.85. Following the sale, the insider directly owned 123,613 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laureen Seeger sold 16,998 shares of American Express stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $294.83, for a total value of $5,011,520.34. Following the sale, the insider directly owned 9,001 shares in the company, valued at $2,653,764.83. The trade was a 65.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders 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

A number of research analysts have commented on the company. DZ Bank downgraded American Express from a "hold" rating to a "sell" rating in a report on Monday, July 21st. Barclays raised their price target on American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Truist Financial raised their price target on American Express from $348.00 to $375.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Monness Crespi & Hardt downgraded American Express from a "buy" rating to a "neutral" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley raised their price target on American Express from $250.00 to $311.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $315.20.

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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