Summa Corp. Acquires Shares of 810 American Express Company $AXP

Key Points

• Summa Corp. acquired 810 shares of American Express Company valued at approximately $258,000, as disclosed in a recent 13F filing with the SEC.
• Insiders at American Express have sold a total of 269,996 shares amounting to about $85.26 million over the last 90 days, resulting in a significant decrease in their ownership stakes.
• American Express reported $4.08 earnings per share for the last quarter, exceeding analyst estimates, with a revenue increase of 9.3% year-over-year.

Summa Corp. acquired a new stake in shares of American Express Company (NYSE:AXP - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 810 shares of the payment services company's stock, valued at approximately $258,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MorganRosel Wealth Management LLC purchased a new stake in American Express during the first quarter valued at approximately $29,000. Chung Wu Investment Group LLC bought a new position in shares of American Express during the second quarter valued at approximately $37,000. Hughes Financial Services LLC bought a new position in shares of American Express during the first quarter valued at approximately $35,000. Proffitt & Goodson Inc. bought a new position in shares of American Express during the second quarter valued at approximately $41,000. Finally, 1 North Wealth Services LLC bought a new position in shares of American Express during the first quarter valued at approximately $37,000. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at American Express

In other American Express news, insider Laureen Seeger sold 16,998 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was 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 in the company, valued at $2,653,764.83. This represents a 65.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anna Marrs sold 5,500 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $310.77, for a total value of $1,709,235.00. Following the sale, the insider owned 20,311 shares of the company's stock, valued at approximately $6,312,049.47. This represents a 21.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 269,996 shares of company stock valued at $85,261,270 over the last 90 days. Insiders own 0.20% of the company's stock.

American Express Stock Down 2.5%

Shares of NYSE:AXP opened at $316.27 on Friday. American Express Company has a 52-week low of $220.43 and a 52-week high of $349.19. The stock has a market cap of $220.09 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 1.68 and a beta of 1.29. The business's 50 day moving average is $322.16 and its 200 day moving average is $300.17. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 1.80.

American Express (NYSE:AXP - Get Free Report) last posted its earnings results on Friday, July 18th. The payment services company reported $4.08 earnings per share for the quarter, topping analysts' consensus estimates of $3.86 by $0.22. The company had revenue of $17.86 billion during 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%.American Express's revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.49 earnings per share. Sell-side analysts predict that American Express Company will post 15.33 EPS for the current year.

American Express Dividend Announcement

The business also recently announced 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. The ex-dividend date is Friday, October 10th. This represents a $3.28 dividend on an annualized basis and a yield of 1.0%. American Express's dividend payout ratio is currently 23.02%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AXP shares. UBS Group upped their target price on American Express from $330.00 to $340.00 and gave the company a "neutral" rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods upped their target price on American Express from $371.00 to $394.00 and gave the company an "outperform" rating in a research note on Wednesday, October 1st. William Blair reaffirmed an "outperform" rating on shares of American Express in a research note on Wednesday, July 2nd. Barclays upped their target price on American Express from $297.00 to $336.00 and gave the company a "cautious" rating in a research note on Monday, October 6th. Finally, Truist Financial upped their target price on American Express from $348.00 to $375.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $323.60.

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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