Jacobs & Co. CA lessened its holdings in American Express (NYSE:AXP) by 1.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,682 shares of the payment services company’s stock after selling 423 shares during the period. Jacobs & Co. CA’s holdings in American Express were worth $5,754,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of American Express in the fourth quarter valued at approximately $816,426,000. Schroder Investment Management Group raised its position in shares of American Express by 206.4% in the fourth quarter. Schroder Investment Management Group now owns 1,921,585 shares of the payment services company’s stock valued at $232,339,000 after buying an additional 1,294,462 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of American Express in the fourth quarter valued at approximately $124,086,000. Lazard Asset Management LLC raised its position in shares of American Express by 25.2% in the fourth quarter. Lazard Asset Management LLC now owns 5,059,501 shares of the payment services company’s stock valued at $611,741,000 after buying an additional 1,018,919 shares during the last quarter. Finally, Manning & Napier Group LLC acquired a new position in shares of American Express in the fourth quarter valued at approximately $99,329,000. 83.54% of the stock is currently owned by institutional investors.
In other American Express news, insider Anre D. Williams sold 59,352 shares of the stock in a transaction on Friday, March 5th. The shares were sold at an average price of $145.88, for a total transaction of $8,658,269.76. Following the transaction, the insider now directly owns 85,522 shares in the company, valued at approximately $12,475,949.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas E. Buckminster sold 32,833 shares of the stock in a transaction on Tuesday, March 9th. The shares were sold at an average price of $146.08, for a total transaction of $4,796,244.64. Following the transaction, the insider now owns 111,247 shares in the company, valued at $16,250,961.76. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.
American Express (NYSE:AXP) last announced its earnings results on Monday, January 25th. The payment services company reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.50. The business had revenue of $9.35 billion during the quarter, compared to the consensus estimate of $9.32 billion. American Express had a net margin of 8.84% and a return on equity of 21.31%. The business’s quarterly revenue was down 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.03 earnings per share. Equities analysts expect that American Express will post 4.85 earnings per share for the current year.
The company also recently announced a special dividend, which will be paid on Monday, May 10th. Stockholders of record on Friday, April 2nd will be paid a $0.43 dividend. The ex-dividend date of this dividend is Wednesday, March 31st. This represents a dividend yield of 1.2%. American Express’s dividend payout ratio (DPR) is presently 20.98%.
A number of equities analysts have recently weighed in on the stock. Credit Suisse Group cut their price objective on shares of American Express from $120.00 to $115.00 and set an “underperform” rating for the company in a research report on Wednesday, January 27th. Wells Fargo & Company upped their price target on shares of American Express from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday. Barclays raised shares of American Express from an “equal weight” rating to a “positive” rating and upped their price target for the stock from $114.00 to $132.00 in a research report on Thursday, December 10th. They noted that the move was a valuation call. Robert W. Baird lowered shares of American Express from an “outperform” rating to a “neutral” rating and set a $126.00 price target for the company. in a research report on Tuesday, February 16th. Finally, Morgan Stanley upped their price target on shares of American Express from $165.00 to $166.00 and gave the stock an “overweight” rating in a research report on Thursday, April 1st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $122.38.
About American Express
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services.
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