RNC Capital Management LLC Cuts Holdings in American Express (AXP)

RNC Capital Management LLC lowered its position in shares of American Express (NYSE:AXP) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,644 shares of the payment services company’s stock after selling 1,020 shares during the quarter. RNC Capital Management LLC’s holdings in American Express were worth $6,956,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AXP. Pearl River Capital LLC acquired a new stake in shares of American Express during the 4th quarter worth approximately $25,000. JNBA Financial Advisors acquired a new stake in shares of American Express during the 4th quarter worth approximately $26,000. Clarfeld Financial Advisors LLC acquired a new stake in shares of American Express during the 4th quarter worth approximately $31,000. Capital Investment Advisory Services LLC acquired a new stake in shares of American Express during the 4th quarter worth approximately $37,000. Finally, Vigilant Capital Management LLC acquired a new stake in shares of American Express during the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 84.86% of the company’s stock.

In related news, EVP Richard Petrino sold 2,444 shares of the firm’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $107.11, for a total value of $261,776.84. Following the sale, the executive vice president now directly owns 7,591 shares in the company, valued at approximately $813,072.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Stephen J. Squeri sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $103.02, for a total value of $1,287,750.00. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

AXP opened at $113.67 on Friday. American Express has a 12 month low of $89.05 and a 12 month high of $114.55. The company has a debt-to-equity ratio of 2.64, a quick ratio of 1.93 and a current ratio of 2.24. The company has a market capitalization of $95.87 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 1.31 and a beta of 1.11.

American Express (NYSE:AXP) last posted its earnings results on Thursday, April 18th. The payment services company reported $2.01 EPS for the quarter, beating the consensus estimate of $2.00 by $0.01. American Express had a return on equity of 29.94% and a net margin of 16.60%. The firm had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.46 billion. During the same period last year, the firm earned $1.86 EPS. The firm’s revenue was up 6.6% compared to the same quarter last year. As a group, research analysts expect that American Express will post 8.16 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 5th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.37%. The ex-dividend date is Thursday, April 4th. American Express’s dividend payout ratio is currently 21.28%.

A number of brokerages have recently weighed in on AXP. Bank of America reiterated a “neutral” rating and set a $108.00 price target on shares of American Express in a research report on Thursday, March 14th. Oppenheimer set a $119.00 price target on American Express and gave the stock a “buy” rating in a research report on Wednesday. DZ Bank cut American Express from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Wells Fargo & Co reiterated a “buy” rating and set a $125.00 price target (up from $115.00) on shares of American Express in a research report on Tuesday, March 12th. Finally, Credit Suisse Group reiterated a “hold” rating and set a $93.00 price target on shares of American Express in a research report on Friday, January 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. American Express currently has an average rating of “Hold” and a consensus target price of $112.13.

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

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