Procyon Advisors LLC Increases Position in American Express (NYSE:AXP)

Posted by Defense World Staff on Jun 21st, 2023

American Express logo Procyon Advisors LLC boosted its position in American Express (NYSE:AXP – Get Rating) by 42.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,127 shares of the payment services company’s stock after purchasing an additional 938 shares during the period. Procyon Advisors LLC’s holdings in American Express were worth $516,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. BlackRock Inc. lifted its stake in American Express by 1.5% in the third quarter. BlackRock Inc. now owns 44,553,661 shares of the payment services company’s stock valued at $6,010,732,000 after purchasing an additional 665,857 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in American Express by 118,198.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 13,732,068 shares of the payment services company’s stock valued at $2,028,913,000 after purchasing an additional 13,720,460 shares during the last quarter. Morgan Stanley lifted its stake in American Express by 0.3% in the fourth quarter. Morgan Stanley now owns 12,503,902 shares of the payment services company’s stock valued at $1,847,452,000 after purchasing an additional 35,760 shares during the last quarter. Geode Capital Management LLC lifted its stake in American Express by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 10,458,404 shares of the payment services company’s stock valued at $1,541,863,000 after purchasing an additional 177,635 shares during the last quarter. Finally, Norges Bank purchased a new position in American Express in the fourth quarter valued at approximately $911,554,000. Hedge funds and other institutional investors own 82.84% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on AXP. Piper Sandler dropped their price objective on American Express from $179.00 to $172.00 and set a “neutral” rating on the stock in a research note on Friday, April 21st. Redburn Partners downgraded American Express from a “neutral” rating to a “sell” rating and set a $125.00 target price on the stock. in a research report on Thursday, May 25th. JPMorgan Chase & Co. dropped their target price on American Express from $179.00 to $167.00 and set a “neutral” rating on the stock in a research report on Monday, April 17th. Citigroup dropped their target price on American Express from $152.00 to $150.00 and set a “sell” rating on the stock in a research report on Friday, April 21st. Finally, Stephens dropped their target price on American Express from $149.00 to $146.00 and set an “underweight” rating on the stock in a research report on Friday, April 21st. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $174.50.

American Express Stock Down 1.6 %

AXP opened at $169.41 on Wednesday. The business’s fifty day simple moving average is $160.16 and its 200 day simple moving average is $161.29. American Express has a 52 week low of $130.65 and a 52 week high of $182.15. The stock has a market cap of $125.92 billion, a PE ratio of 17.81, a P/E/G ratio of 1.08 and a beta of 1.18. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.58.

American Express (NYSE:AXP – Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The payment services company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.66 by ($0.26). American Express had a net margin of 13.00% and a return on equity of 29.44%. The company had revenue of $14.28 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the business posted $2.73 earnings per share. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, research analysts expect that American Express will post 11.15 earnings per share for the current fiscal year.

American Express declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 8th that authorizes the company to buyback 120,000,000 outstanding shares. This buyback authorization authorizes the payment services company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

American Express Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Friday, July 7th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.42%. American Express’s dividend payout ratio (DPR) is currently 25.24%.

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.