The Manufacturers Life Insurance Company Sells 40,270 Shares of American Express Company $AXP

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in American Express by 9.4%, selling 40,270 shares and now owns approximately 0.06% of the company valued at $104.8 million.
• American Express reported quarterly earnings of $4.08 EPS, exceeding estimates and reflecting a 9.3% revenue growth over the past year.
• The company recently announced a quarterly dividend of $0.82 per share, resulting in an annualized yield of 1.0% and a dividend payout ratio of 23.02%.

The Manufacturers Life Insurance Company cut its holdings in shares of American Express Company (NYSE:AXP - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 389,543 shares of the payment services company's stock after selling 40,270 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of American Express worth $104,807,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of AXP. Vanguard Group Inc. grew its position in shares of American Express by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 45,843,893 shares of the payment services company's stock valued at $12,334,299,000 after purchasing an additional 605,900 shares during the period. Wellington Management Group LLP lifted its stake in American Express by 13.7% in the first quarter. Wellington Management Group LLP now owns 18,025,562 shares of the payment services company's stock valued at $4,849,777,000 after buying an additional 2,168,445 shares in the last quarter. Nuveen LLC bought a new position in American Express in the first quarter valued at approximately $1,454,667,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of American Express by 8.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,015,269 shares of the payment services company's stock valued at $1,488,482,000 after buying an additional 408,283 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of American Express by 25.5% during the first quarter. Goldman Sachs Group Inc. now owns 4,752,690 shares of the payment services company's stock worth $1,278,711,000 after acquiring an additional 965,221 shares in the last quarter. 84.33% of the stock is currently owned by institutional investors.

American Express Trading Up 1.4%

NYSE AXP opened at $331.62 on Friday. American Express Company has a 12 month low of $220.43 and a 12 month high of $332.06. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80. The stock has a 50 day moving average of $311.28 and a 200-day moving average of $290.39. The company has a market cap of $230.77 billion, a PE ratio of 23.27, a PEG ratio of 1.73 and a beta of 1.28.

American Express (NYSE:AXP - Get Free Report) last posted its quarterly earnings results 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. American Express had a return on equity of 32.87% and a net margin of 14.78%.The business had revenue of $17.86 billion during the quarter, compared to analysts' expectations of $17.70 billion. During the same quarter last year, the company posted $3.49 earnings per share. American Express's quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research analysts anticipate that American Express Company will post 15.33 EPS for the current fiscal year.

American Express Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.82 per share. The ex-dividend date was Thursday, July 3rd. This represents a $3.28 annualized dividend and a yield of 1.0%. American Express's dividend payout ratio (DPR) is presently 23.02%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AXP. JPMorgan Chase & Co. upped their target price on shares of American Express from $260.00 to $342.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Deutsche Bank Aktiengesellschaft upped their price objective on American Express from $371.00 to $375.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods lifted their target price on American Express from $360.00 to $371.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Citigroup restated a "neutral" rating and issued a $327.00 target price (up previously from $300.00) on shares of American Express in a research note on Wednesday, July 2nd. Finally, William Blair reaffirmed an "outperform" rating on shares of American Express in a research note on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $311.05.

Insiders Place Their Bets

In related news, insider Glenda G. Mcneal sold 50,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $309.50, for a total value of $15,475,000.00. Following the transaction, the insider directly owned 10,957 shares in the company, valued at approximately $3,391,191.50. This represents a 82.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anna Marrs sold 5,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $310.77, for a total transaction of $1,709,235.00. Following the transaction, the insider directly owned 20,311 shares in the company, valued at $6,312,049.47. This represents a 21.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,219 shares of company stock worth $40,555,901 in the last 90 days. 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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