HCR Wealth Advisors reduced its holdings in American Express (NYSE:AXP) by 13.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,365 shares of the payment services company’s stock after selling 372 shares during the period. HCR Wealth Advisors’ holdings in American Express were worth $222,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Brinker Capital Inc. raised its position in shares of American Express by 20.8% in the fourth quarter. Brinker Capital Inc. now owns 2,500 shares of the payment services company’s stock valued at $311,000 after buying an additional 430 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of American Express by 1.3% in the fourth quarter. Sunbelt Securities Inc. now owns 13,724 shares of the payment services company’s stock valued at $1,708,000 after purchasing an additional 171 shares during the period. Macquarie Group Ltd. grew its holdings in shares of American Express by 54.1% in the fourth quarter. Macquarie Group Ltd. now owns 382,663 shares of the payment services company’s stock valued at $47,638,000 after purchasing an additional 134,407 shares during the period. Fulton Bank N.A. grew its holdings in shares of American Express by 29.9% in the first quarter. Fulton Bank N.A. now owns 10,941 shares of the payment services company’s stock valued at $936,000 after purchasing an additional 2,517 shares during the period. Finally, Bangor Savings Bank grew its holdings in shares of American Express by 5.7% in the first quarter. Bangor Savings Bank now owns 2,767 shares of the payment services company’s stock valued at $237,000 after purchasing an additional 150 shares during the period. 84.59% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the stock. Credit Suisse Group dropped their price objective on shares of American Express from $90.00 to $85.00 and set an “underperform” rating for the company in a report on Monday, April 27th. Jefferies Financial Group upped their price objective on shares of American Express from $90.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 10th. Morgan Stanley lowered their target price on shares of American Express from $117.00 to $114.00 and set an “overweight” rating for the company in a research note on Monday, July 27th. DZ Bank lowered shares of American Express from a “buy” rating to a “hold” rating and set a $108.00 target price for the company. in a research note on Thursday, June 18th. Finally, Royal Bank of Canada increased their target price on shares of American Express from $85.00 to $105.00 and gave the stock a “sector perform” rating in a research note on Thursday, June 4th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $106.71.
American Express (NYSE:AXP) last announced its earnings results on Friday, July 24th. The payment services company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.16. The business had revenue of $7.68 billion for the quarter, compared to analysts’ expectations of $8.25 billion. American Express had a net margin of 10.02% and a return on equity of 24.08%. The company’s quarterly revenue was down 29.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.07 EPS. On average, research analysts anticipate that American Express will post 4.62 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Thursday, July 2nd will be issued a $0.43 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.84%. American Express’s payout ratio is 20.98%.
About American Express
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services to consumers and businesses worldwide. It operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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