British Columbia Investment Management Corp reduced its stake in shares of American Express Co. (NYSE:AXP) by 5.7% during the third quarter, Holdings Channel reports. The institutional investor owned 435,635 shares of the payment services company’s stock after selling 26,406 shares during the period. British Columbia Investment Management Corp’s holdings in American Express were worth $27,898,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in AXP. Raymond James Trust N.A. increased its stake in shares of American Express by 0.6% in the third quarter. Raymond James Trust N.A. now owns 51,829 shares of the payment services company’s stock valued at $3,319,000 after buying an additional 312 shares in the last quarter. Dynamic Advisors Solutions LLC bought a new stake in shares of American Express during the third quarter valued at about $283,000. PacWest Financial Management Inc increased its stake in shares of American Express by 6.5% in the third quarter. PacWest Financial Management Inc now owns 16,123 shares of the payment services company’s stock valued at $1,033,000 after buying an additional 980 shares in the last quarter. Jacobs & Co. CA increased its stake in shares of American Express by 3.1% in the third quarter. Jacobs & Co. CA now owns 44,320 shares of the payment services company’s stock valued at $2,838,000 after buying an additional 1,335 shares in the last quarter. Finally, Searle & CO. bought a new stake in shares of American Express during the third quarter valued at about $1,559,000. Hedge funds and other institutional investors own 82.13% of the company’s stock.
American Express Co. (NYSE:AXP) traded down 0.03% during midday trading on Friday, hitting $72.86. The stock had a trading volume of 1,900,447 shares. The stock’s 50 day moving average price is $66.74 and its 200-day moving average price is $64.64. The company has a market cap of $66.69 billion, a PE ratio of 12.95 and a beta of 1.19. American Express Co. has a 52 week low of $50.27 and a 52 week high of $73.18.
American Express (NYSE:AXP) last announced its earnings results on Wednesday, October 19th. The payment services company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. The firm had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.70 billion. American Express had a net margin of 16.67% and a return on equity of 27.84%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 EPS. Equities research analysts predict that American Express Co. will post $5.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 10th. Investors of record on Friday, January 6th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Wednesday, January 4th. This represents a $1.28 annualized dividend and a yield of 1.76%. American Express’s dividend payout ratio (DPR) is presently 22.70%.
Several analysts recently issued reports on the company. Zacks Investment Research downgraded American Express from a “buy” rating to a “hold” rating in a report on Friday. Stephens assumed coverage on American Express in a report on Friday, November 18th. They issued an “underweight” rating and a $71.78 price target for the company. TheStreet upgraded American Express from a “hold” rating to a “buy” rating in a report on Tuesday, November 15th. Vetr downgraded American Express from a “sell” rating to a “strong sell” rating and set a $64.38 price target for the company. in a report on Tuesday, November 15th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of American Express in a research note on Saturday, October 22nd. Eight analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have given a buy rating to the company. American Express currently has a consensus rating of “Hold” and a consensus price target of $67.65.
In related news, insider Ashwini Gupta sold 140,808 shares of American Express stock in a transaction on Friday, October 21st. The shares were sold at an average price of $67.18, for a total value of $9,459,481.44. Following the transaction, the insider now owns 239,718 shares in the company, valued at approximately $16,104,255.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Susan Sobbott sold 19,186 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $70.45, for a total transaction of $1,351,653.70. Following the transaction, the insider now owns 56,870 shares in the company, valued at approximately $4,006,491.50. The disclosure for this sale can be found here. 0.78% of the stock is currently owned by corporate insiders.
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).