American Express (NYSE:AXP) Holdings Cut by Parsec Financial Management Inc.

Parsec Financial Management Inc. lowered its holdings in shares of American Express (NYSE:AXP) by 10.3% during the second quarter, Holdings Channel reports. The firm owned 2,907 shares of the payment services company’s stock after selling 334 shares during the period. Parsec Financial Management Inc.’s holdings in American Express were worth $359,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Camarda Financial Advisors LLC bought a new position in shares of American Express during the 1st quarter valued at $26,000. Creative Financial Designs Inc. ADV bought a new position in shares of American Express during the 1st quarter valued at $28,000. HMS Capital Management LLC bought a new position in shares of American Express during the 2nd quarter valued at $37,000. Edge Wealth Management LLC raised its holdings in shares of American Express by 140.3% during the 2nd quarter. Edge Wealth Management LLC now owns 370 shares of the payment services company’s stock valued at $46,000 after purchasing an additional 216 shares in the last quarter. Finally, Enterprise Financial Services Corp raised its holdings in shares of American Express by 24.8% during the 1st quarter. Enterprise Financial Services Corp now owns 473 shares of the payment services company’s stock valued at $51,000 after purchasing an additional 94 shares in the last quarter. Institutional investors and hedge funds own 84.17% of the company’s stock.

NYSE:AXP traded down $0.66 during midday trading on Wednesday, reaching $125.81. The stock had a trading volume of 946,095 shares, compared to its average volume of 3,326,201. American Express has a 1-year low of $89.05 and a 1-year high of $129.34. The business has a fifty day moving average price of $125.28. The company has a debt-to-equity ratio of 2.50, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market capitalization of $104.86 billion, a PE ratio of 17.16, a P/E/G ratio of 1.42 and a beta of 1.07.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, July 19th. The payment services company reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.02. The company had revenue of $10.84 billion for the quarter, compared to analyst estimates of $10.82 billion. American Express had a net margin of 16.60% and a return on equity of 29.75%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business posted $1.84 EPS. As a group, equities research analysts expect that American Express will post 8.14 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be given a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.56 annualized dividend and a yield of 1.24%. American Express’s dividend payout ratio is 21.28%.

AXP has been the topic of a number of recent research reports. Bank of America cut their price target on shares of Canopy Growth from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, June 19th. Jefferies Financial Group set a $130.00 price target on shares of American Express and gave the company a “hold” rating in a report on Friday, July 19th. JPMorgan Chase & Co. cut their price target on shares of Schlumberger from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. ValuEngine downgraded shares of Wolverine World Wide from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, Morgan Stanley set a $226.00 target price on shares of S&P Global and gave the company a “hold” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $124.38.

In other American Express news, insider Laureen Seeger sold 44,584 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $119.25, for a total value of $5,316,642.00. Following the sale, the insider now directly owns 80,375 shares in the company, valued at approximately $9,584,718.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Stephen J. Squeri sold 101,964 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $119.95, for a total transaction of $12,230,581.80. Following the completion of the sale, the chairman now owns 258,948 shares in the company, valued at $31,060,812.60. The disclosure for this sale can be found here. Insiders sold a total of 183,503 shares of company stock worth $22,030,331 over the last 90 days. Company insiders own 0.21% of the company’s stock.

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 three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.

Read More: P/E Growth (PEG)

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

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