Alerus Financial NA Cuts Stake in American Express (AXP)

Alerus Financial NA cut its position in American Express (NYSE:AXP) by 2.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 54,152 shares of the payment services company’s stock after selling 1,358 shares during the period. Alerus Financial NA’s holdings in American Express were worth $5,766,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AXP. FMR LLC increased its holdings in shares of American Express by 969.9% in the second quarter. FMR LLC now owns 9,585,669 shares of the payment services company’s stock valued at $939,396,000 after purchasing an additional 8,689,714 shares during the period. Third Point LLC acquired a new stake in American Express during the third quarter worth about $532,450,000. Renaissance Technologies LLC acquired a new stake in American Express during the second quarter worth about $127,567,000. Millennium Management LLC grew its holdings in American Express by 84.3% during the second quarter. Millennium Management LLC now owns 2,329,094 shares of the payment services company’s stock worth $228,251,000 after acquiring an additional 1,065,461 shares during the period. Finally, BlackRock Inc. grew its holdings in American Express by 2.4% during the third quarter. BlackRock Inc. now owns 45,176,984 shares of the payment services company’s stock worth $4,810,897,000 after acquiring an additional 1,045,964 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

AXP has been the topic of several analyst reports. Nomura raised their target price on American Express from $128.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, October 19th. BMO Capital Markets raised their target price on American Express from $106.00 to $110.00 and gave the stock a “market perform” rating in a report on Friday, October 19th. Stephens set a $131.00 target price on American Express and gave the stock a “buy” rating in a report on Saturday, October 20th. Morgan Stanley raised their target price on American Express from $109.00 to $115.00 and gave the stock an “equal weight” rating in a report on Friday, October 19th. Finally, Wells Fargo & Co raised their target price on American Express from $115.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, October 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $112.70.

In other American Express news, major shareholder Ventures Fund Vii L.P. Vivo purchased 20,142,123 shares of the stock in a transaction on Thursday, August 30th. The shares were bought at an average price of $0.17 per share, for a total transaction of $3,424,160.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Stephen J. Squeri sold 12,500 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $103.84, for a total value of $1,298,000.00. Following the transaction, the chairman now owns 209,957 shares in the company, valued at approximately $21,801,934.88. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Shares of AXP stock opened at $105.74 on Monday. The company has a market cap of $90.33 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 1.43 and a beta of 1.06. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.58. American Express has a 12-month low of $87.54 and a 12-month high of $111.77.

American Express (NYSE:AXP) last issued its quarterly earnings results on Thursday, October 18th. The payment services company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $10.06 billion. American Express had a return on equity of 31.26% and a net margin of 9.51%. American Express’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.50 earnings per share. On average, research analysts predict that American Express will post 7.38 EPS for the current year.

The firm also recently declared 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 represents a $1.56 dividend on an annualized basis and a yield of 1.48%. This is an increase from American Express’s previous quarterly dividend of $0.35. American Express’s dividend payout ratio is currently 26.58%.

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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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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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