Solidarity Wealth LLC Makes New Investment in American Express Company (NYSE:AXP)

Key Points

• Solidarity Wealth LLC has made a new investment of approximately $2.85 million in American Express, acquiring 10,575 shares during the first quarter.
• American Express’s quarterly earnings exceeded analyst expectations, reporting $4.08 EPS and revenue of $17.86 billion, up 9.3% year-over-year.
• The company announced a quarterly dividend of $0.82 per share, with an annualized yield of 1.05%, set for payment on August 8th.

Solidarity Wealth LLC purchased a new position in shares of American Express Company (NYSE:AXP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 10,575 shares of the payment services company's stock, valued at approximately $2,845,000.

A number of other large investors also recently modified their holdings of the business. Investment Management Corp VA ADV bought a new stake in American Express during the fourth quarter worth about $29,000. MorganRosel Wealth Management LLC acquired a new position in American Express during the first quarter worth approximately $29,000. Nexus Investment Management ULC bought a new position in shares of American Express during the 1st quarter worth approximately $34,000. Hughes Financial Services LLC bought a new position in shares of American Express during the 1st quarter worth approximately $35,000. Finally, IAG Wealth Partners LLC acquired a new position in shares of American Express during the 1st quarter worth approximately $40,000. 84.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other American Express news, insider Howard Grosfield sold 9,450 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $275.50, for a total value of $2,603,475.00. Following the transaction, the insider directly owned 9,402 shares of the company's stock, valued at approximately $2,590,251. The trade was a 50.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is owned by corporate insiders.

American Express Trading Down 1.1%

Shares of AXP stock traded down $3.22 during mid-day trading on Thursday, reaching $300.19. 1,423,288 shares of the stock traded hands, compared to its average volume of 2,973,142. The company has a market cap of $208.90 billion, a price-to-earnings ratio of 21.07, a price-to-earnings-growth ratio of 1.64 and a beta of 1.25. 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 fifty day simple moving average is $305.75 and its two-hundred day simple moving average is $291.52. 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 issued 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 business had revenue of $17.86 billion during the quarter, compared to analyst estimates of $17.70 billion. American Express had a net margin of 14.78% and a return on equity of 32.87%. The firm's quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business earned $3.49 EPS. On average, research analysts anticipate that American Express Company will post 15.33 EPS for the current fiscal year.

American Express Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Thursday, July 3rd. American Express's dividend payout ratio is presently 23.02%.

Analyst Ratings Changes

Several brokerages have issued reports on AXP. Citigroup reaffirmed a "neutral" rating and set a $327.00 price target (up previously from $300.00) on shares of American Express in a report on Wednesday, July 2nd. Barclays raised their target price on shares of American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Morgan Stanley upped their price target on shares of American Express from $250.00 to $311.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Express from $371.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Finally, DZ Bank downgraded American Express from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $311.05.

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.