Allworth Financial LP lifted its position in shares of American Express (NYSE:AXP) by 5.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,073 shares of the payment services company’s stock after purchasing an additional 253 shares during the period. Allworth Financial LP’s holdings in American Express were worth $837,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Walkner Condon Financial Advisors LLC acquired a new position in shares of American Express during the fourth quarter worth $227,000. Raymond James Trust N.A. lifted its position in shares of American Express by 2.4% during the fourth quarter. Raymond James Trust N.A. now owns 19,360 shares of the payment services company’s stock worth $2,861,000 after purchasing an additional 446 shares in the last quarter. Hanson & Doremus Investment Management raised its holdings in American Express by 38.6% in the fourth quarter. Hanson & Doremus Investment Management now owns 3,480 shares of the payment services company’s stock valued at $514,000 after acquiring an additional 970 shares in the last quarter. Merit Financial Group LLC raised its holdings in American Express by 6.8% in the fourth quarter. Merit Financial Group LLC now owns 7,732 shares of the payment services company’s stock valued at $1,142,000 after acquiring an additional 491 shares in the last quarter. Finally, My Personal CFO LLC acquired a new stake in American Express in the fourth quarter valued at $30,000. 82.84% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts recently issued reports on AXP shares. BMO Capital Markets cut their price target on shares of American Express from $194.00 to $185.00 and set a “market perform” rating on the stock in a report on Friday, April 21st. Citigroup cut their price target on shares of American Express from $152.00 to $150.00 and set a “sell” rating on the stock in a report on Friday, April 21st. StockNews.com started coverage on shares of American Express in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Oppenheimer cut their price target on shares of American Express from $182.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, April 4th. Finally, Stephens lowered their target price on shares of American Express from $149.00 to $146.00 and set an “underweight” rating for the company in a research note on Friday, April 21st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $174.50.
American Express Stock Up 1.2 %
American Express (NYSE:AXP – Free Report) last released its quarterly earnings results on Thursday, April 20th. The payment services company reported $2.40 EPS for the quarter, missing the consensus estimate of $2.66 by ($0.26). The firm had revenue of $14.28 billion for the quarter, compared to the consensus estimate of $14.02 billion. American Express had a return on equity of 29.44% and a net margin of 13.00%. The firm’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.73 EPS. As a group, equities analysts expect that American Express will post 11.15 earnings per share for the current year.
American Express Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Friday, July 7th will be given a $0.60 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.40 dividend on an annualized basis and a yield of 1.38%. American Express’s dividend payout ratio is presently 25.24%.
American Express declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 8th that authorizes the company to repurchase 120,000,000 shares. This repurchase authorization authorizes the payment services company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
American Express Company Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services.
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