Pinnacle Associates Ltd. trimmed its holdings in American Express (NYSE:AXP) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,107 shares of the payment services company’s stock after selling 5,330 shares during the period. Pinnacle Associates Ltd.’s holdings in American Express were worth $10,980,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in AXP. Destination Wealth Management lifted its position in shares of American Express by 165.4% during the second quarter. Destination Wealth Management now owns 1,059 shares of the payment services company’s stock valued at $104,000 after purchasing an additional 660 shares in the last quarter. Tuttle Tactical Management bought a new position in shares of American Express during the second quarter valued at about $105,000. Lenox Wealth Advisors LLC lifted its position in shares of American Express by 1,173.8% during the third quarter. Lenox Wealth Advisors LLC now owns 1,070 shares of the payment services company’s stock valued at $114,000 after purchasing an additional 986 shares in the last quarter. Sageworth Trust Co lifted its position in shares of American Express by 455.6% during the third quarter. Sageworth Trust Co now owns 1,250 shares of the payment services company’s stock valued at $133,000 after purchasing an additional 1,025 shares in the last quarter. Finally, Kaizen Advisory LLC lifted its position in shares of American Express by 147.4% during the second quarter. Kaizen Advisory LLC now owns 1,717 shares of the payment services company’s stock valued at $168,000 after purchasing an additional 1,023 shares in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.
AXP has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of American Express from $109.00 to $115.00 and gave the company an “equal weight” rating in a research report on Friday, October 19th. Stephens set a $131.00 price target on shares of American Express and gave the company a “buy” rating in a research report on Saturday, October 20th. Barclays raised their price target on shares of American Express from $113.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, October 19th. Oppenheimer restated a “buy” rating and set a $114.00 price objective on shares of American Express in a report on Thursday, October 18th. Finally, Bank of America set a $125.00 target price on shares of American Express and gave the stock a “buy” rating in a research note on Friday, October 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $112.70.
American Express (NYSE:AXP) last announced its earnings results on Thursday, October 18th. The payment services company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. American Express had a net margin of 9.51% and a return on equity of 31.26%. The business had revenue of $10.14 billion during the quarter, compared to analyst estimates of $10.06 billion. During the same period in the previous year, the business posted $1.50 earnings per share. American Express’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, equities research analysts anticipate that American Express will post 7.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 9th. Shareholders of record on Friday, October 5th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, October 4th. This is a positive change from American Express’s previous quarterly dividend of $0.35. This represents a $1.56 annualized dividend and a yield of 1.48%. American Express’s payout ratio is presently 26.58%.
In other American Express news, major shareholder Ventures Fund Vii L.P. Vivo acquired 20,142,123 shares of the stock in a transaction dated Thursday, August 30th. The stock was purchased at an average cost of $0.17 per share, for a total transaction of $3,424,160.91. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Scott Murcray acquired 350,000 shares of the stock in a transaction dated Monday, September 3rd. The stock was acquired at an average price of $0.28 per share, with a total value of $98,000.00. The disclosure for this purchase can be found here. Insiders own 0.20% of the company’s stock.
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About American Express
American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It operates through four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.
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