CIBC Private Wealth Group LLC Has $31.56 Million Holdings in American Express (NYSE:AXP)

Posted by on Mar 15th, 2023

CIBC Private Wealth Group LLC trimmed its holdings in shares of American Express (NYSE:AXP – Get Rating) by 12.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 233,938 shares of the payment services company’s stock after selling 33,129 shares during the period. CIBC Private Wealth Group LLC’s holdings in American Express were worth $31,562,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Addison Advisors LLC boosted its stake in shares of American Express by 239.0% during the 3rd quarter. Addison Advisors LLC now owns 200 shares of the payment services company’s stock worth $27,000 after buying an additional 141 shares during the last quarter. Karp Capital Management Corp bought a new stake in shares of American Express in the 3rd quarter valued at about $28,000. Heritage Wealth Management LLC bought a new stake in shares of American Express in the 2nd quarter valued at about $31,000. Mach 1 Financial Group LLC bought a new stake in shares of American Express in the 3rd quarter valued at about $43,000. Finally, Castleview Partners LLC raised its holdings in shares of American Express by 150.5% in the 2nd quarter. Castleview Partners LLC now owns 957 shares of the payment services company’s stock valued at $49,000 after purchasing an additional 575 shares during the period. 83.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AXP has been the topic of a number of research analyst reports. UBS Group initiated coverage on shares of American Express in a report on Monday, November 21st. They issued a “neutral” rating and a $168.00 target price on the stock. Redburn Partners started coverage on shares of American Express in a report on Tuesday, November 29th. They issued a “neutral” rating on the stock. Argus increased their price target on shares of American Express from $180.00 to $210.00 in a report on Tuesday, January 31st. JPMorgan Chase & Co. reduced their price objective on American Express from $170.00 to $166.00 in a report on Tuesday, January 10th. Finally, Credit Suisse Group increased their target price on American Express from $132.00 to $150.00 and gave the stock an “underperform” rating in a research note on Monday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $175.44.

Insider Activity

In other news, insider Monique Herena sold 15,217 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $173.18, for a total value of $2,635,280.06. Following the sale, the insider now directly owns 13,712 shares in the company, valued at approximately $2,374,644.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related 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 value of $5,186,216.64. Following the completion of the transaction, the insider now owns 12,557 shares in the company, valued at approximately $2,270,054.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Monique Herena sold 15,217 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $173.18, for a total transaction of $2,635,280.06. Following the completion of the transaction, the insider now owns 13,712 shares of the company’s stock, valued at approximately $2,374,644.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,361 shares of company stock worth $8,773,678. Corporate insiders own 0.11% of the company’s stock.

American Express Trading Up 4.0 %

Shares of American Express stock opened at $163.91 on Wednesday. The company has a market capitalization of $121.98 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.02 and a beta of 1.20. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.72. American Express has a 12-month low of $130.65 and a 12-month high of $194.35. The firm’s 50-day moving average price is $167.44 and its two-hundred day moving average price is $155.21.

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

American Express Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 10th. Stockholders of record on Friday, April 7th will be paid a $0.60 dividend. This is an increase from American Express’s previous quarterly dividend of $0.52. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Wednesday, April 5th. American Express’s dividend payout ratio (DPR) is presently 24.39%.

American Express declared that its Board of Directors has initiated a share repurchase plan on Wednesday, March 8th that allows the company to repurchase 120,000,000 shares. This repurchase authorization allows the payment services company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

American Express Company 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.

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

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