DNB Asset Management AS Trims Stake in American Express (AXP)

DNB Asset Management AS lessened its holdings in American Express (NYSE:AXP) by 7.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 78,716 shares of the payment services company’s stock after selling 6,201 shares during the period. DNB Asset Management AS’s holdings in American Express were worth $8,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Pacer Advisors Inc. purchased a new stake in American Express in the first quarter worth about $6,373,000. Canton Hathaway LLC raised its holdings in American Express by 45.5% in the first quarter. Canton Hathaway LLC now owns 3,200 shares of the payment services company’s stock worth $349,000 after purchasing an additional 1,000 shares in the last quarter. Chemung Canal Trust Co. raised its holdings in American Express by 19.7% in the first quarter. Chemung Canal Trust Co. now owns 48,283 shares of the payment services company’s stock worth $5,278,000 after purchasing an additional 7,960 shares in the last quarter. Atalanta Sosnoff Capital LLC raised its holdings in American Express by 29.2% in the first quarter. Atalanta Sosnoff Capital LLC now owns 629,209 shares of the payment services company’s stock worth $68,773,000 after purchasing an additional 142,350 shares in the last quarter. Finally, Acropolis Investment Management LLC raised its holdings in American Express by 1.0% in the first quarter. Acropolis Investment Management LLC now owns 10,601 shares of the payment services company’s stock worth $1,159,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 84.95% of the company’s stock.

Shares of NYSE:AXP traded up $2.10 during midday trading on Friday, reaching $119.35. 2,856,165 shares of the company’s stock were exchanged, compared to its average volume of 3,507,654. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.63. The company has a market capitalization of $99.67 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.35 and a beta of 1.13. American Express has a fifty-two week low of $89.05 and a fifty-two week high of $119.65.

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. American Express had a return on equity of 29.86% and a net margin of 16.60%. The firm had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.46 billion. During the same period last year, the company earned $1.86 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that American Express will post 8.15 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 5th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend is Thursday, April 4th. American Express’s payout ratio is presently 21.28%.

In other news, EVP Richard Petrino sold 2,444 shares of the firm’s 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael John O’neill sold 15,749 shares of American Express stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $113.94, for a total value of $1,794,441.06. Following the transaction, the insider now directly owns 69,941 shares in the company, valued at approximately $7,969,077.54. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Several equities analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of American Express from a “hold” rating to a “sell” rating in a report on Wednesday, January 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $120.00 target price on shares of American Express in a research report on Friday. Oppenheimer set a $119.00 target price on American Express and gave the company a “buy” rating in a research report on Wednesday, April 17th. Morgan Stanley upped their price objective on American Express from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Monday, April 22nd. Finally, UBS Group lowered American Express from a “buy” rating to a “neutral” rating and set a $117.60 price objective on the stock. in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $116.63.

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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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