RK Asset Management LLC lowered its stake in shares of American Express (NYSE:AXP) by 13.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,160 shares of the payment services company’s stock after selling 8,908 shares during the quarter. American Express accounts for 6.1% of RK Asset Management LLC’s investment portfolio, making the stock its 6th largest holding. RK Asset Management LLC’s holdings in American Express were worth $6,357,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Wesbanco Bank Inc. grew its stake in American Express by 2.3% in the 4th quarter. Wesbanco Bank Inc. now owns 4,458 shares of the payment services company’s stock valued at $425,000 after purchasing an additional 100 shares during the period. Bremer Trust National Association grew its stake in American Express by 2.6% in the 4th quarter. Bremer Trust National Association now owns 3,991 shares of the payment services company’s stock valued at $380,000 after purchasing an additional 100 shares during the period. Private Ocean LLC grew its stake in American Express by 7.3% in the 4th quarter. Private Ocean LLC now owns 1,521 shares of the payment services company’s stock valued at $145,000 after purchasing an additional 104 shares during the period. Cornell Pochily Investment Advisors Inc. grew its stake in American Express by 4.5% in the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 2,434 shares of the payment services company’s stock valued at $232,000 after purchasing an additional 105 shares during the period. Finally, IFG Advisory LLC grew its stake in American Express by 0.8% in the 4th quarter. IFG Advisory LLC now owns 14,199 shares of the payment services company’s stock valued at $1,353,000 after purchasing an additional 108 shares during the period. Institutional investors and hedge funds own 84.86% of the company’s stock.
A number of brokerages have issued reports on AXP. Wells Fargo & Co reduced their price objective on American Express from $122.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, January 3rd. Bank of America reiterated a “neutral” rating and set a $108.00 price target on shares of American Express in a research note on Thursday, March 14th. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a research note on Thursday, January 3rd. Atlantic Securities upgraded American Express from a “neutral” rating to an “overweight” rating and set a $100.80 price target for the company in a research note on Tuesday, January 29th. Finally, DZ Bank downgraded American Express from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $112.99.
American Express (NYSE:AXP) last issued its quarterly earnings data on Thursday, April 18th. The payment services company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.01. The business had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.46 billion. American Express had a return on equity of 29.94% and a net margin of 16.60%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.86 EPS. On average, equities analysts forecast that American Express will post 8.16 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 5th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, April 4th. This represents a $1.56 dividend on an annualized basis and a yield of 1.37%. American Express’s dividend payout ratio (DPR) is 21.28%.
In related news, EVP Richard Petrino sold 2,444 shares of the stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $107.11, for a total transaction of $261,776.84. Following the sale, the executive vice president now owns 7,591 shares of the company’s stock, valued at approximately $813,072.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Stephen J. Squeri sold 12,500 shares of the stock in a transaction dated Friday, February 1st. The stock was 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. Corporate insiders own 0.21% of the company’s stock.
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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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