Insight Wealth Strategies LLC boosted its position in shares of American Express (NYSE:AXP) by 107.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 6,651 shares of the payment services company’s stock after purchasing an additional 3,439 shares during the period. Insight Wealth Strategies LLC’s holdings in American Express were worth $941,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. First Trust Advisors LP boosted its stake in shares of American Express by 11.6% in the 4th quarter. First Trust Advisors LP now owns 48,353 shares of the payment services company’s stock valued at $5,846,000 after purchasing an additional 5,029 shares in the last quarter. Dynamic Advisor Solutions LLC raised its holdings in American Express by 12.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 2,310 shares of the payment services company’s stock valued at $279,000 after buying an additional 252 shares during the last quarter. Parsec Financial Management Inc. bought a new position in American Express in the 4th quarter valued at approximately $225,000. CIBC Asset Management Inc raised its holdings in American Express by 8.6% in the 4th quarter. CIBC Asset Management Inc now owns 99,648 shares of the payment services company’s stock valued at $12,048,000 after buying an additional 7,921 shares during the last quarter. Finally, Reilly Financial Advisors LLC raised its holdings in American Express by 36.9% in the 4th quarter. Reilly Financial Advisors LLC now owns 1,006 shares of the payment services company’s stock valued at $122,000 after buying an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 84.18% of the company’s stock.
Several research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of American Express from $165.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday. JPMorgan Chase & Co. restated a “buy” rating and set a $160.00 price target on shares of American Express in a report on Monday. Oppenheimer lifted their price objective on shares of American Express from $128.00 to $165.00 and gave the company an “outperform” rating in a research note on Monday, April 26th. Morgan Stanley lifted their price objective on shares of American Express from $166.00 to $171.00 and gave the company an “overweight” rating in a research note on Monday, April 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Express from $131.00 to $158.00 and gave the company a “buy” rating in a research note on Monday, April 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. American Express has a consensus rating of “Hold” and a consensus price target of $131.11.
American Express (NYSE:AXP) last posted its quarterly earnings data on Thursday, April 22nd. The payment services company reported $2.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $1.13. The firm had revenue of $9.06 billion for the quarter, compared to the consensus estimate of $9.19 billion. American Express had a net margin of 14.29% and a return on equity of 18.49%. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. As a group, sell-side analysts forecast that American Express will post 7.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 10th. Stockholders of record on Friday, July 2nd will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, July 1st. American Express’s payout ratio is 32.21%.
American Express Company Profile
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.
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