Parsons Capital Management Inc. RI Sells 100 Shares of American Express Company $AXP

Parsons Capital Management Inc. RI cut its stake in shares of American Express Company (NYSE:AXP) by 12.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 726 shares of the payment services company’s stock after selling 100 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in American Express were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in AXP. Capital Asset Advisory Services LLC lifted its stake in American Express by 2.8% during the second quarter. Capital Asset Advisory Services LLC now owns 1,191 shares of the payment services company’s stock worth $384,000 after purchasing an additional 32 shares during the last quarter. DLK Investment Management LLC lifted its position in American Express by 3.8% in the 2nd quarter. DLK Investment Management LLC now owns 869 shares of the payment services company’s stock worth $277,000 after buying an additional 32 shares during the last quarter. Financial Engines Advisors L.L.C. boosted its stake in American Express by 4.7% in the first quarter. Financial Engines Advisors L.L.C. now owns 772 shares of the payment services company’s stock worth $208,000 after buying an additional 35 shares in the last quarter. Modern Wealth Management LLC grew its position in American Express by 0.7% during the first quarter. Modern Wealth Management LLC now owns 4,921 shares of the payment services company’s stock valued at $1,324,000 after acquiring an additional 35 shares during the last quarter. Finally, Greenfield Savings Bank raised its stake in shares of American Express by 0.3% during the second quarter. Greenfield Savings Bank now owns 13,116 shares of the payment services company’s stock worth $4,184,000 after acquiring an additional 35 shares in the last quarter. Institutional investors own 84.33% of the company’s stock.

American Express Stock Performance

American Express stock opened at $330.10 on Friday. American Express Company has a fifty-two week low of $220.43 and a fifty-two week high of $349.19. The stock’s 50 day simple moving average is $320.01 and its two-hundred day simple moving average is $298.24. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.61. The stock has a market cap of $229.71 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 1.75 and a beta of 1.29.

American Express (NYSE:AXP) last released its earnings results on Friday, July 18th. The payment services company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.86 by $0.22. American Express had a return on equity of 32.87% and a net margin of 14.78%.The company had revenue of $17.86 billion during the quarter, compared to analysts’ expectations of $17.70 billion. During the same quarter last year, the business posted $3.49 EPS. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts expect that American Express Company will post 15.33 earnings per share for the current fiscal year.

American Express Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Friday, October 10th will be given a $0.82 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 1.0%. American Express’s dividend payout ratio is currently 23.02%.

Insider Buying and Selling

In related news, Vice Chairman Douglas E. Buckminster sold 23,505 shares of American Express stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $326.37, for a total transaction of $7,671,326.85. Following the completion of the transaction, the insider directly owned 123,613 shares of the company’s stock, valued at $40,343,574.81. This trade represents a 15.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Laureen Seeger sold 61,721 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $297.47, for a total transaction of $18,360,145.87. Following the transaction, the insider directly owned 9,001 shares of the company’s stock, valued at $2,677,527.47. This represents a 87.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,996 shares of company stock worth $85,261,270 over the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of American Express in a research note on Monday, July 14th. William Blair reissued an “outperform” rating on shares of American Express in a research note on Wednesday, July 2nd. Citigroup reaffirmed a “neutral” rating and set a $327.00 price objective (up from $300.00) on shares of American Express in a research note on Wednesday, July 2nd. Barclays lifted their price objective on American Express from $249.00 to $297.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. increased their target price on American Express from $260.00 to $342.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, American Express currently has an average rating of “Hold” and an average price target of $319.95.

About American Express

American Express Company, together with its subsidiaries, operates as integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and Internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.