Independent Solutions Wealth Management LLC cut its holdings in American Express Company (NYSE:AXP) by 5.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,301 shares of the payment services company’s stock after selling 70 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in American Express were worth $415,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC increased its stake in shares of American Express by 24.4% during the fourth quarter. Brighton Jones LLC now owns 6,481 shares of the payment services company’s stock worth $1,924,000 after purchasing an additional 1,273 shares in the last quarter. UMB Bank n.a. boosted its holdings in American Express by 3.3% in the 1st quarter. UMB Bank n.a. now owns 22,582 shares of the payment services company’s stock worth $6,076,000 after buying an additional 724 shares during the last quarter. Park Avenue Securities LLC increased its stake in American Express by 10.8% during the 1st quarter. Park Avenue Securities LLC now owns 27,995 shares of the payment services company’s stock worth $7,532,000 after buying an additional 2,729 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of American Express by 15.9% during the first quarter. Wedge Capital Management L L P NC now owns 1,073 shares of the payment services company’s stock valued at $289,000 after acquiring an additional 147 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in shares of American Express by 2.4% in the first quarter. First Citizens Bank & Trust Co. now owns 6,019 shares of the payment services company’s stock valued at $1,619,000 after acquiring an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.
American Express Stock Up 0.5%
Shares of NYSE:AXP opened at $331.93 on Tuesday. The company has a market capitalization of $230.98 billion, a price-to-earnings ratio of 23.29, a PEG ratio of 1.75 and a beta of 1.29. American Express Company has a 12-month low of $220.43 and a 12-month high of $349.19. The business has a 50-day moving average price of $320.43 and a 200 day moving average price of $299.06. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 1.80.
American Express Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders 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 yield of 1.0%. American Express’s payout ratio is presently 23.02%.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Evercore ISI increased their price objective on American Express from $330.00 to $365.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. DZ Bank cut shares of American Express from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Wells Fargo & Company raised their target price on shares of American Express from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, September 5th. Truist Financial boosted their target price on American Express from $348.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Finally, Barclays lifted their price objective on American Express from $297.00 to $336.00 and gave the stock a “cautious” rating in a research report on Monday. Eight research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $321.90.
Read Our Latest Research Report on AXP
Insider Activity at American Express
In other news, insider Laureen Seeger sold 61,721 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $297.47, for a total transaction of $18,360,145.87. Following the completion of the transaction, the insider directly owned 9,001 shares in the company, valued at $2,677,527.47. This trade represents a 87.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Glenda G. Mcneal sold 50,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $309.50, for a total value of $15,475,000.00. Following the completion of the sale, the insider owned 10,957 shares in the company, valued at $3,391,191.50. This represents a 82.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,996 shares of company stock valued at $85,261,270 over the last ninety days. 0.20% of the stock is owned by insiders.
American Express Company Profile
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.
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