Pinnacle Wealth Management Advisory Group LLC Has $6.56 Million Stock Holdings in American Express Company (NYSE:AXP)

Key Points

• Pinnacle Wealth Management Advisory Group LLC increased its holdings in American Express by 3.7% during the first quarter, now owning 24,391 shares valued at approximately $6.56 million.
• A significant majority, 84.33%, of American Express's stock is owned by institutional investors and hedge funds, indicating strong institutional confidence in the company.
• American Express plans to pay a quarterly dividend of $0.82 per share on August 8th, representing an annualized yield of 1.05%.

Pinnacle Wealth Management Advisory Group LLC grew its position in shares of American Express Company (NYSE:AXP) by 3.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,391 shares of the payment services company's stock after purchasing an additional 867 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC's holdings in American Express were worth $6,562,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AXP. Arista Wealth Management LLC increased its holdings in American Express by 1.7% in the fourth quarter. Arista Wealth Management LLC now owns 2,275 shares of the payment services company's stock worth $675,000 after purchasing an additional 37 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in shares of 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 valued at $436,000 after acquiring an additional 40 shares in the last quarter. Cornerstone Planning Group LLC increased its stake in shares of 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 valued at $1,362,000 after acquiring an additional 40 shares in the last quarter. Arcus Capital Partners LLC increased its stake in shares of American Express by 0.3% in the 1st quarter. Arcus Capital Partners LLC now owns 11,623 shares of the payment services company's stock valued at $3,127,000 after acquiring an additional 40 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. raised its holdings in shares of American Express by 0.4% during the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 9,692 shares of the payment services company's stock valued at $2,608,000 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

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of American Express from $360.00 to $371.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Bank of America upgraded shares of American Express from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $325.00 to $274.00 in a report on Friday, April 11th. Monness Crespi & Hardt downgraded American Express from a "buy" rating to a "neutral" rating in a report on Tuesday, July 15th. Truist Financial boosted their price objective on American Express from $335.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of American Express in a report on Monday, July 14th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $311.05.

Insider Buying and Selling at American Express

In other news, insider Howard Grosfield sold 9,450 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $275.50, for a total transaction of $2,603,475.00. Following the completion of the transaction, the insider owned 9,402 shares in the company, valued at approximately $2,590,251. This represents a 50.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Glenda G. Mcneal sold 3,019 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $264.66, for a total value of $799,008.54. Following the transaction, the insider owned 10,919 shares of the company's stock, valued at $2,889,822.54. The trade was a 21.66% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

American Express Stock Up 1.1%

Shares of NYSE:AXP opened at $311.60 on Monday. The company has a market capitalization of $216.84 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 1.65 and a beta of 1.25. 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 business has a fifty day moving average price of $304.91 and a two-hundred day moving average price of $291.20. American Express Company has a 1 year low of $220.43 and a 1 year high of $329.14.

American Express (NYSE:AXP - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $17.86 billion during the quarter, compared to the consensus estimate of $17.70 billion. American Express had a return on equity of 32.87% and a net margin of 14.78%. The business's revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.49 EPS. Analysts forecast 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 of this dividend is Thursday, July 3rd. This represents a $3.28 dividend on an annualized basis and a yield of 1.05%. American Express's dividend payout ratio (DPR) is presently 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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