Retirement Income Solutions Inc Purchases New Stake in American Express Company $AXP

Key Points

• Retirement Income Solutions Inc acquired a new stake in American Express, purchasing 748 shares valued at approximately $239,000 in the second quarter of the year.
• Several institutional investors have also shown interest in American Express, with 84.33% of the company's stock now held by such investors, including significant stakes raised by Covea Finance and Forte Capital LLC ADV.
• American Express reported a strong quarterly performance with earnings per share of $4.08, exceeding estimates, as revenue increased by 9.3% year-over-year to $17.86 billion.

Retirement Income Solutions Inc purchased a new stake in American Express Company (NYSE:AXP - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 748 shares of the payment services company's stock, valued at approximately $239,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hall Laurie J Trustee acquired a new position in American Express in the second quarter valued at about $233,000. Forte Capital LLC ADV raised its stake in American Express by 9.8% in the second quarter. Forte Capital LLC ADV now owns 4,354 shares of the payment services company's stock valued at $1,389,000 after purchasing an additional 388 shares in the last quarter. Covea Finance raised its stake in American Express by 192.6% in the second quarter. Covea Finance now owns 55,600 shares of the payment services company's stock valued at $17,735,000 after purchasing an additional 36,600 shares in the last quarter. Hofer & Associates. Inc acquired a new position in American Express during the second quarter worth about $312,000. Finally, GSB Wealth Management LLC raised its stake in American Express by 9.5% during the second quarter. GSB Wealth Management LLC now owns 903 shares of the payment services company's stock worth $288,000 after acquiring an additional 78 shares in the last quarter. Institutional investors and hedge funds own 84.33% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. BTIG Research set a $277.00 target price on American Express and gave the stock a "sell" rating in a research note on Monday, July 14th. Truist Financial boosted 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. Morgan Stanley boosted their target price on American Express from $250.00 to $311.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada reissued an "outperform" rating on shares of American Express in a research note on Monday, July 14th. Finally, Barclays boosted their target price on American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $315.20.

American Express Stock Performance

American Express stock opened at $341.74 on Wednesday. The business has a 50 day moving average of $315.72 and a 200-day moving average of $294.34. American Express Company has a 1 year low of $220.43 and a 1 year high of $349.19. 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 company has a market capitalization of $237.81 billion, a P/E ratio of 23.98, a P/E/G ratio of 1.81 and a beta of 1.28.

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

Insider Buying and Selling at American Express

In other American Express news, insider Laureen Seeger sold 16,998 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $294.83, for a total transaction of $5,011,520.34. Following the completion of the sale, the insider owned 9,001 shares of the company's stock, valued at approximately $2,653,764.83. This represents a 65.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Anna Marrs sold 5,500 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $310.77, for a total transaction of $1,709,235.00. Following the sale, the insider directly owned 20,311 shares of the company's stock, valued at $6,312,049.47. This represents a 21.31% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 269,996 shares of company stock worth $85,261,270. Company insiders own 0.20% of the company's stock.

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.

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