American Express Company $AXP Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc trimmed its holdings in American Express Company (NYSE:AXP) by 8.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 162,550 shares of the payment services company’s stock after selling 15,177 shares during the period. American Express accounts for approximately 1.3% of Pinnacle Financial Partners Inc’s holdings, making the stock its 15th largest holding. Pinnacle Financial Partners Inc’s holdings in American Express were worth $53,993,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of AXP. Norges Bank purchased a new stake in American Express in the second quarter valued at approximately $1,897,335,000. Laurel Wealth Advisors LLC grew its stake in shares of American Express by 31,595.9% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,742,009 shares of the payment services company’s stock valued at $555,666,000 after buying an additional 1,736,513 shares during the period. Geode Capital Management LLC increased its holdings in shares of American Express by 11.1% during the 2nd quarter. Geode Capital Management LLC now owns 13,487,316 shares of the payment services company’s stock worth $4,282,984,000 after buying an additional 1,349,746 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of American Express by 26.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,125,133 shares of the payment services company’s stock worth $988,676,000 after buying an additional 646,039 shares during the period. Finally, Provident Trust Co. boosted its holdings in American Express by 136.6% in the second quarter. Provident Trust Co. now owns 1,108,971 shares of the payment services company’s stock valued at $353,740,000 after acquiring an additional 640,214 shares during the last quarter. Institutional investors and hedge funds own 84.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AXP. Wolfe Research assumed coverage on American Express in a report on Monday, December 8th. They issued a “peer perform” rating on the stock. Weiss Ratings upgraded shares of American Express from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Evercore ISI set a $400.00 target price on shares of American Express in a research note on Tuesday, January 6th. TD Cowen upped their price target on shares of American Express from $350.00 to $375.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. Finally, JPMorgan Chase & Co. increased their price target on American Express from $360.00 to $385.00 and gave the company a “neutral” rating in a report on Monday, January 12th. Nine research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $352.82.

Insiders Place Their Bets

In other American Express news, insider Douglas Tabish sold 2,515 shares of the company’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $355.61, for a total value of $894,359.15. Following the transaction, the insider directly owned 2,515 shares of the company’s stock, valued at $894,359.15. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Elizabeth Rutledge sold 50,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $360.21, for a total value of $18,010,500.00. Following the transaction, the chief marketing officer owned 85,577 shares of the company’s stock, valued at approximately $30,825,691.17. This trade represents a 36.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 57,515 shares of company stock worth $20,658,509 in the last three months. 0.20% of the stock is owned by insiders.

American Express Price Performance

Shares of AXP stock opened at $365.03 on Friday. The firm has a fifty day simple moving average of $368.55 and a 200-day simple moving average of $341.06. The company has a market capitalization of $251.45 billion, a PE ratio of 24.50, a price-to-earnings-growth ratio of 1.50 and a beta of 1.15. American Express Company has a twelve month low of $220.43 and a twelve month high of $387.49. The company has a current ratio of 1.61, a quick ratio of 1.59 and a debt-to-equity ratio of 1.78.

American Express (NYSE:AXP) last issued its quarterly earnings data on Friday, January 30th. The payment services company reported ($11.85) EPS for the quarter, missing analysts’ consensus estimates of $3.56 by ($15.41). The firm had revenue of ($17,139.00) million during the quarter, compared to analyst estimates of $18.91 billion. American Express had a return on equity of 33.41% and a net margin of 14.97%. Equities research analysts anticipate that American Express Company will post 15.33 earnings per share for the current fiscal year.

American Express Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 10th. Shareholders of record on Friday, January 2nd will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, January 2nd. American Express’s dividend payout ratio (DPR) is 22.01%.

About American Express

American Express is a global financial services company primarily known for its payment card products, travel services and merchant network. Founded in 1850 as an express mail business, the company evolved through the 20th century into a payments and travel-focused organization. Its core activities include issuing consumer and commercial charge and credit cards, operating a global card acceptance and processing network, and providing travel-related services and customer loyalty programs.

American Express issues a range of products for individuals, small businesses and large corporations, including personal cards, business and corporate cards, and co‑brand partnerships with airlines, hotels and retailers.