Federated Hermes Inc. Has $2.59 Million Position in American Express (NYSE:AXP)

Posted by Defense World Staff on Mar 11th, 2023

American Express logo Federated Hermes Inc. reduced its holdings in American Express (NYSE:AXP) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,160 shares of the payment services company’s stock after selling 121 shares during the quarter. Federated Hermes Inc.’s holdings in American Express were worth $2,585,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in AXP. Renaissance Technologies LLC grew its position in shares of American Express by 5,063.5% in the second quarter. Renaissance Technologies LLC now owns 2,690,194 shares of the payment services company’s stock valued at $372,915,000 after purchasing an additional 2,638,094 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of American Express by 16.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,807,168 shares of the payment services company’s stock valued at $666,377,000 after purchasing an additional 675,971 shares during the last quarter. BlackRock Inc. grew its position in American Express by 1.5% during the third quarter. BlackRock Inc. now owns 44,553,661 shares of the payment services company’s stock worth $6,010,732,000 after buying an additional 665,857 shares in the last quarter. Barclays PLC grew its position in American Express by 42.5% during the third quarter. Barclays PLC now owns 2,110,826 shares of the payment services company’s stock worth $284,769,000 after buying an additional 629,960 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in American Express by 10.2% during the third quarter. Nuveen Asset Management LLC now owns 6,525,852 shares of the payment services company’s stock worth $880,402,000 after buying an additional 602,762 shares in the last quarter. 83.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AXP shares. Wells Fargo & Company lifted their target price on American Express from $170.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, December 15th. Bank of America lifted their target price on American Express from $172.00 to $205.00 in a research report on Sunday, January 29th. Piper Sandler lifted their target price on American Express from $159.00 to $179.00 and gave the stock a “neutral” rating in a research report on Monday, January 30th. Argus lifted their target price on American Express from $180.00 to $210.00 in a research report on Tuesday, January 31st. Finally, UBS Group assumed coverage on American Express in a research report on Monday, November 21st. They set a “neutral” rating and a $168.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $175.44.

American Express Price Performance

AXP opened at $165.70 on Friday. The company has a fifty day moving average price of $166.91 and a two-hundred day moving average price of $155.24. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.62 and a current ratio of 1.62. American Express has a 52 week low of $130.65 and a 52 week high of $194.35. The firm has a market capitalization of $123.31 billion, a PE ratio of 16.84, a P/E/G ratio of 1.07 and a beta of 1.20.

American Express (NYSE:AXP – Get Rating) last released its earnings results on Friday, January 27th. The payment services company reported $2.07 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.11). American Express had a return on equity of 31.76% and a net margin of 14.16%. The business had revenue of $14.18 billion for the quarter, compared to analyst estimates of $14.25 billion. During the same period in the prior year, the firm posted $2.18 EPS. American Express’s revenue was up 16.7% on a year-over-year basis. As a group, analysts anticipate that American Express will post 11.24 earnings per share for the current year.

American Express Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 10th. Shareholders of record on Friday, April 7th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend is Wednesday, April 5th. This is a positive change from American Express’s previous quarterly dividend of $0.52. American Express’s payout ratio is currently 21.14%.

Insider Activity

In other American Express news, insider Denise Pickett sold 28,688 shares of American Express stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $180.78, for a total transaction of $5,186,216.64. Following the transaction, the insider now directly owns 12,557 shares in the company, valued at $2,270,054.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other American Express news, insider Denise Pickett sold 28,688 shares of the firm’s stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $180.78, for a total transaction of $5,186,216.64. Following the sale, the insider now directly owns 12,557 shares in the company, valued at approximately $2,270,054.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Howard Grosfield sold 5,456 shares of the company’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $174.52, for a total transaction of $952,181.12. Following the completion of the transaction, the insider now owns 7,045 shares of the company’s stock, valued at approximately $1,229,493.40. The disclosure for this sale can be found here. Insiders sold 49,361 shares of company stock valued at $8,773,678 in the last quarter. Company insiders own 0.11% of the company’s stock.

American Express Profile

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American Express Co engages in the provision of charge and credit card products and travel-related services. It operates through the following segments: U.S Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS), Global Merchant and Network Services (GMNS), and Corporate and Other.