Beck Mack & Oliver LLC trimmed its position in American Express (NYSE:AXP) by 1.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 340,681 shares of the payment services company’s stock after selling 5,305 shares during the period. American Express comprises 1.4% of Beck Mack & Oliver LLC’s investment portfolio, making the stock its 26th biggest position. Beck Mack & Oliver LLC’s holdings in American Express were worth $40,296,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of AXP. Fisher Asset Management LLC raised its position in shares of American Express by 19.8% during the 3rd quarter. Fisher Asset Management LLC now owns 13,605,412 shares of the payment services company’s stock valued at $1,609,248,000 after buying an additional 2,252,720 shares in the last quarter. Magellan Asset Management Ltd raised its position in shares of American Express by 212,845.6% during the 2nd quarter. Magellan Asset Management Ltd now owns 9,580,424 shares of the payment services company’s stock valued at $1,182,608,000 after buying an additional 9,575,925 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of American Express by 1,759.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 6,961,641 shares of the payment services company’s stock valued at $859,345,000 after buying an additional 6,587,148 shares in the last quarter. Parnassus Investments CA raised its position in shares of American Express by 1.4% during the 3rd quarter. Parnassus Investments CA now owns 6,193,957 shares of the payment services company’s stock valued at $732,621,000 after buying an additional 85,419 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of American Express by 5.9% during the 2nd quarter. Invesco Ltd. now owns 5,706,357 shares of the payment services company’s stock valued at $704,392,000 after buying an additional 319,389 shares in the last quarter. 83.91% of the stock is owned by institutional investors and hedge funds.
Shares of AXP traded up $1.37 during trading hours on Wednesday, reaching $117.94. 2,444,140 shares of the company traded hands, compared to its average volume of 3,297,281. American Express has a 12 month low of $89.05 and a 12 month high of $129.34. The company has a market capitalization of $98.29 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 1.40 and a beta of 1.05. The company’s fifty day moving average price is $119.07 and its two-hundred day moving average price is $120.78. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 2.54.
American Express (NYSE:AXP) last issued its quarterly earnings results on Friday, October 18th. The payment services company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. American Express had a net margin of 16.51% and a return on equity of 29.68%. The company had revenue of $10.99 billion during the quarter, compared to analysts’ expectations of $10.94 billion. During the same period last year, the company posted $1.88 EPS. American Express’s revenue was up 8.3% on a year-over-year basis. On average, analysts expect that American Express will post 8.15 EPS for the current year.
The company also recently announced a 0.39000 dividend, which was paid on Friday, November 8th. Shareholders of record on Friday, October 4th were issued a $0.43 dividend. The ex-dividend date was Thursday, October 3rd. This represents a yield of 1.3%. American Express’s dividend payout ratio (DPR) is presently 23.47%.
Several analysts have recently weighed in on the stock. ValuEngine upgraded shares of American Express from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. William Blair reaffirmed a “buy” rating on shares of American Express in a report on Friday, October 18th. Wells Fargo & Co set a $140.00 target price on shares of American Express and gave the company a “buy” rating in a report on Monday, October 21st. Morgan Stanley raised their price target on shares of American Express from $142.00 to $149.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. set a $122.00 price target on shares of American Express and gave the stock a “hold” rating in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $125.89.
In other news, insider Denise Pickett sold 2,400 shares of American Express stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $118.39, for a total value of $284,136.00. Following the completion of the sale, the insider now directly owns 9,788 shares in the company, valued at $1,158,801.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Theodore Leonsis sold 8,420 shares of American Express stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $116.44, for a total transaction of $980,424.80. Following the completion of the sale, the director now owns 11,580 shares of the company’s stock, valued at $1,348,375.20. The disclosure for this sale can be found here. Insiders sold 25,820 shares of company stock valued at $3,033,961 over the last ninety days. Corporate insiders own 0.21% of the company’s stock.
About American Express
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services to consumers and businesses worldwide. It operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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