Griffin Asset Management Inc. Reduces Position in American Express (NYSE:AXP)

Griffin Asset Management Inc. lessened its position in American Express (NYSE:AXP) by 1.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 57,135 shares of the payment services company’s stock after selling 908 shares during the period. American Express comprises about 1.6% of Griffin Asset Management Inc.’s holdings, making the stock its 13th biggest position. Griffin Asset Management Inc.’s holdings in American Express were worth $13,009,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in AXP. Game Plan Financial Advisors LLC boosted its holdings in shares of American Express by 62.5% in the 1st quarter. Game Plan Financial Advisors LLC now owns 130 shares of the payment services company’s stock valued at $30,000 after purchasing an additional 50 shares during the last quarter. Scarborough Advisors LLC acquired a new position in American Express in the fourth quarter valued at $25,000. BKM Wealth Management LLC purchased a new stake in American Express during the fourth quarter valued at about $28,000. Tennessee Valley Asset Management Partners acquired a new stake in American Express during the fourth quarter worth about $28,000. Finally, Sachetta LLC purchased a new position in shares of American Express in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Insider Buying and Selling

In other news, CEO Stephen J. Squeri sold 38,873 shares of American Express stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $238.63, for a total value of $9,276,263.99. Following the completion of the transaction, the chief executive officer now directly owns 76,310 shares of the company’s stock, valued at approximately $18,209,855.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other American Express news, Vice Chairman Douglas E. Buckminster sold 117,309 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $232.44, for a total value of $27,267,303.96. Following the sale, the insider now directly owns 110,318 shares in the company, valued at $25,642,315.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen J. Squeri sold 38,873 shares of American Express stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $238.63, for a total transaction of $9,276,263.99. Following the completion of the sale, the chief executive officer now owns 76,310 shares in the company, valued at $18,209,855.30. The disclosure for this sale can be found here. Insiders have sold 177,717 shares of company stock worth $41,680,999 over the last ninety days. 0.12% of the stock is owned by insiders.

American Express Stock Up 1.4 %

AXP stock traded up $3.15 during mid-day trading on Friday, hitting $231.55. 3,901,233 shares of the company were exchanged, compared to its average volume of 2,820,091. The company has a market capitalization of $166.55 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 1.30 and a beta of 1.22. The firm has a fifty day simple moving average of $234.69 and a 200 day simple moving average of $215.79. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.70. American Express has a twelve month low of $140.91 and a twelve month high of $244.41.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, April 19th. The payment services company reported $3.33 EPS for the quarter, topping analysts’ consensus estimates of $2.97 by $0.36. American Express had a return on equity of 32.46% and a net margin of 14.50%. The business had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $15.79 billion. During the same period last year, the firm earned $2.40 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts forecast that American Express will post 13 earnings per share for the current fiscal year.

American Express Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be given a dividend of $0.70 per share. This is a positive change from American Express’s previous quarterly dividend of $0.10. This represents a $2.80 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, July 5th. American Express’s dividend payout ratio is currently 23.06%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AXP shares. HSBC boosted their target price on American Express from $232.00 to $239.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. William Blair reissued an “outperform” rating on shares of American Express in a research note on Monday, June 3rd. TD Cowen upped their price target on shares of American Express from $221.00 to $225.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Barclays reiterated an “equal weight” rating and issued a $221.00 price target (up from $220.00) on shares of American Express in a report on Tuesday, April 9th. Finally, Monness Crespi & Hardt upgraded American Express from a “neutral” rating to a “buy” rating and set a $245.00 price objective on the stock in a research note on Friday, April 5th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $220.30.

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.