American Express Co. (AXP) Shares Sold by Herndon Capital Management LLC
Herndon Capital Management LLC cut its position in American Express Co. (NYSE:AXP) by 34.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,113,031 shares of the payment services company’s stock after selling 596,282 shares during the period. American Express accounts for about 2.6% of Herndon Capital Management LLC’s holdings, making the stock its 15th largest position. Herndon Capital Management LLC owned approximately 0.12% of American Express worth $67,623,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of AXP. Wellington Management Group LLP raised its stake in shares of American Express by 103.8% in the first quarter. Wellington Management Group LLP now owns 24,632,717 shares of the payment services company’s stock worth $1,512,449,000 after buying an additional 12,544,274 shares during the last quarter. Dodge & Cox raised its stake in shares of American Express by 53.8% in the first quarter. Dodge & Cox now owns 26,360,258 shares of the payment services company’s stock worth $1,618,520,000 after buying an additional 9,222,970 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of American Express during the first quarter worth about $66,459,000. Bank of Montreal Can acquired a new stake in shares of American Express during the second quarter worth about $61,068,000. Finally, Kovitz Investment Group Partners LLC acquired a new stake in shares of American Express during the first quarter worth about $50,879,000. 82.03% of the stock is currently owned by hedge funds and other institutional investors.
American Express Co. (NYSE:AXP) traded up 0.30% during mid-day trading on Tuesday, hitting $60.08. The stock had a trading volume of 3,311,170 shares. The firm has a market cap of $55.50 billion, a P/E ratio of 10.63 and a beta of 1.24. American Express Co. has a 1-year low of $50.27 and a 1-year high of $77.61. The stock has a 50 day moving average of $63.73 and a 200-day moving average of $63.64.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, October 7th will be issued a $0.32 dividend. The ex-dividend date is Wednesday, October 5th. This is a boost from American Express’s previous quarterly dividend of $0.29. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.14%. American Express’s dividend payout ratio is presently 22.54%.
AXP has been the topic of a number of research reports. Vetr upgraded American Express from a “buy” rating to a “strong-buy” rating and set a $67.47 price objective on the stock in a report on Monday, June 27th. JPMorgan Chase & Co. restated a “hold” rating on shares of American Express in a report on Thursday, June 30th. Credit Suisse Group AG restated an “underperform” rating on shares of American Express in a report on Tuesday, July 5th. DA Davidson restated a “neutral” rating and issued a $66.00 price objective on shares of American Express in a report on Friday, July 8th. Finally, Wells Fargo & Co. restated a “hold” rating and issued a $65.00 price objective on shares of American Express in a report on Sunday, July 10th. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $67.88.
About American Express
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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