Wealth Enhancement Advisory Services LLC Acquires New Stake in American Express (NYSE:AXP)

Posted by Defense World Staff on Jul 13th, 2023

American Express logo Wealth Enhancement Advisory Services LLC acquired a new stake in American Express (NYSE:AXP – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,238 shares of the payment services company’s stock, valued at approximately $534,000.

Several other institutional investors and hedge funds have also recently modified their holdings of AXP. Macroview Investment Management LLC acquired a new position in American Express during the 4th quarter worth $25,000. Elequin Securities LLC acquired a new position in American Express during the 4th quarter worth $25,000. Chelsea Counsel Co. acquired a new position in American Express during the 4th quarter worth $30,000. My Personal CFO LLC acquired a new position in American Express during the 4th quarter worth $30,000. Finally, PFG Private Wealth Management LLC grew its stake in American Express by 288.9% during the 4th quarter. PFG Private Wealth Management LLC now owns 210 shares of the payment services company’s stock worth $31,000 after purchasing an additional 156 shares in the last quarter. 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. StockNews.com started coverage on American Express in a research note on Thursday, May 18th. They set a “hold” rating for the company. Robert W. Baird cut American Express from an “outperform” rating to a “neutral” rating and set a $185.00 price objective for the company. in a research report on Thursday, July 6th. Royal Bank of Canada lowered their price objective on American Express from $186.00 to $181.00 and set a “sector perform” rating for the company in a research report on Friday, April 21st. Stephens lowered their price objective on American Express from $149.00 to $146.00 and set an “underweight” rating for the company in a research report on Friday, April 21st. Finally, JPMorgan Chase & Co. lowered their price objective on American Express from $179.00 to $167.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $172.65.

American Express Stock Performance

Shares of AXP stock opened at $174.33 on Thursday. The company has a market cap of $129.57 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 1.06 and a beta of 1.19. The stock has a 50 day simple moving average of $163.80 and a 200-day simple moving average of $163.48. American Express has a 12-month low of $130.65 and a 12-month high of $182.15. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 1.58.

American Express (NYSE:AXP – Get Free Report) last released its quarterly earnings data on Thursday, April 20th. The payment services company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $2.66 by ($0.26). American Express had a net margin of 13.00% and a return on equity of 29.44%. The firm had revenue of $14.28 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the previous year, the business earned $2.73 earnings per share. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, equities analysts forecast that American Express will post 11.15 EPS for the current year.

American Express Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Friday, July 7th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Thursday, July 6th. American Express’s payout ratio is currently 25.24%.

About American Express

(Free Report)

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.