Atalanta Sosnoff Capital LLC reduced its stake in shares of American Express (NYSE:AXP) by 2.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 576,531 shares of the payment services company’s stock after selling 17,210 shares during the quarter. American Express accounts for 2.2% of Atalanta Sosnoff Capital LLC’s holdings, making the stock its 14th biggest holding. Atalanta Sosnoff Capital LLC owned approximately 0.07% of American Express worth $68,192,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC lifted its position in shares of American Express by 131.3% during the first quarter. Belpointe Asset Management LLC now owns 8,574 shares of the payment services company’s stock worth $937,000 after purchasing an additional 4,867 shares in the last quarter. Altfest L J & Co. Inc. acquired a new position in shares of American Express during the first quarter worth $417,000. Meridian Wealth Management LLC acquired a new position in shares of American Express during the first quarter worth $312,000. Marshall Wace North America L.P. raised its holdings in American Express by 658.4% in the first quarter. Marshall Wace North America L.P. now owns 14,834 shares of the payment services company’s stock valued at $1,622,000 after acquiring an additional 12,878 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in American Express by 1.6% in the first quarter. Clearbridge Investments LLC now owns 5,711,576 shares of the payment services company’s stock valued at $624,275,000 after acquiring an additional 92,548 shares in the last quarter. 83.92% of the stock is currently owned by institutional investors.
AXP has been the topic of several recent analyst reports. Royal Bank of Canada upped their price target on shares of American Express from $120.00 to $125.00 and gave the company a “sector perform” rating in a report on Monday, July 22nd. They noted that the move was a valuation call. JPMorgan Chase & Co. set a $122.00 price target on shares of American Express and gave the company a “hold” rating in a report on Tuesday, October 8th. ValuEngine cut shares of American Express from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Deutsche Bank initiated coverage on shares of American Express in a report on Monday, July 8th. They issued a “buy” rating and a $142.00 price target on the stock. Finally, Morgan Stanley set a $142.00 price target on shares of American Express and gave the company a “buy” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $124.15.
American Express (NYSE:AXP) last issued its earnings results on Friday, July 19th. The payment services company reported $2.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.02. The company had revenue of $10.84 billion for the quarter, compared to analysts’ expectations of $10.82 billion. American Express had a net margin of 16.60% and a return on equity of 29.75%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.84 earnings per share. Analysts predict that American Express will post 8.13 earnings per share for the current fiscal year.
The firm also recently announced a 0.39000 dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, October 4th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a dividend yield of 1.3%. American Express’s dividend payout ratio (DPR) is 23.47%.
In other American Express news, CEO Stephen J. Squeri sold 15,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $118.33, for a total transaction of $1,774,950.00. Following the sale, the chief executive officer now directly owns 199,609 shares of the company’s stock, valued at $23,619,732.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul D. Fabara sold 15,455 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $127.06, for a total transaction of $1,963,712.30. Following the sale, the insider now directly owns 35,931 shares in the company, valued at $4,565,392.86. The disclosure for this sale can be found here. Insiders have sold 37,500 shares of company stock worth $4,618,653 over the last three months. 0.21% of the stock is owned by corporate insiders.
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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