Grove Bank & Trust Has $1.65 Million Stock Position in American Express (NYSE:AXP)

Grove Bank & Trust increased its position in American Express (NYSE:AXP) by 11.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,146 shares of the payment services company’s stock after purchasing an additional 653 shares during the quarter. Grove Bank & Trust’s holdings in American Express were worth $1,654,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its holdings in American Express by 1.2% during the first quarter. QRG Capital Management Inc. now owns 141,770 shares of the payment services company’s stock worth $38,143,000 after buying an additional 1,729 shares during the last quarter. Sagespring Wealth Partners LLC boosted its holdings in American Express by 21.7% during the first quarter. Sagespring Wealth Partners LLC now owns 16,265 shares of the payment services company’s stock worth $4,376,000 after buying an additional 2,905 shares during the last quarter. Precedent Wealth Partners LLC boosted its holdings in American Express by 2.6% during the first quarter. Precedent Wealth Partners LLC now owns 2,117 shares of the payment services company’s stock worth $570,000 after buying an additional 53 shares during the last quarter. Great Lakes Retirement Inc. boosted its holdings in American Express by 1.9% during the first quarter. Great Lakes Retirement Inc. now owns 10,717 shares of the payment services company’s stock worth $2,883,000 after buying an additional 195 shares during the last quarter. Finally, Adero Partners LLC boosted its holdings in American Express by 0.7% during the first quarter. Adero Partners LLC now owns 8,780 shares of the payment services company’s stock worth $2,362,000 after buying an additional 63 shares during the last quarter. Institutional investors own 84.33% of the company’s stock.

American Express Stock Up 2.2%

NYSE:AXP opened at $294.17 on Tuesday. The firm has a market capitalization of $206.09 billion, a price-to-earnings ratio of 21.00, a price-to-earnings-growth ratio of 1.41 and a beta of 1.25. American Express has a twelve month low of $220.43 and a twelve month high of $326.28. The stock’s 50 day moving average price is $280.15 and its two-hundred day moving average price is $288.76. The company has a quick ratio of 1.57, a current ratio of 1.58 and a debt-to-equity ratio of 1.64.

American Express (NYSE:AXP) last posted its quarterly earnings results on Thursday, April 17th. The payment services company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.17. The firm had revenue of $16.97 billion for the quarter, compared to analyst estimates of $17.04 billion. American Express had a return on equity of 32.65% and a net margin of 15.36%. During the same quarter in the previous year, the firm earned $3.33 EPS. Equities research analysts expect that American Express will post 15.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on AXP shares. Bank of America upgraded American Express from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $325.00 to $274.00 in a report on Friday, April 11th. Truist Financial lifted their price objective on American Express from $315.00 to $335.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $310.00 price objective on shares of American Express in a report on Monday, April 21st. The Goldman Sachs Group cut their price objective on American Express from $367.00 to $330.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. lifted their price objective on American Express from $244.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $296.05.

Insiders Place Their Bets

In related news, insider Howard Grosfield sold 9,450 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $275.50, for a total transaction of $2,603,475.00. Following the transaction, the insider now directly owns 9,402 shares of the company’s stock, valued at approximately $2,590,251. The trade was a 50.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenda G. Mcneal sold 3,019 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $264.66, for a total value of $799,008.54. Following the transaction, the insider now directly owns 10,919 shares in the company, valued at $2,889,822.54. The trade was a 21.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

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.