Lorne Steinberg Wealth Management Inc. raised its holdings in American Express (NYSE:AXP) by 8.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,580 shares of the payment services company’s stock after acquiring an additional 2,690 shares during the quarter. American Express makes up 2.5% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 20th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in American Express were worth $4,750,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in AXP. Norges Bank bought a new position in American Express in the 4th quarter valued at $816,426,000. Schroder Investment Management Group grew its position in shares of American Express by 206.4% during the 4th quarter. Schroder Investment Management Group now owns 1,921,585 shares of the payment services company’s stock worth $232,339,000 after buying an additional 1,294,462 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of American Express during the 4th quarter worth $124,086,000. Lazard Asset Management LLC grew its position in shares of American Express by 25.2% during the 4th quarter. Lazard Asset Management LLC now owns 5,059,501 shares of the payment services company’s stock worth $611,741,000 after buying an additional 1,018,919 shares in the last quarter. Finally, Manning & Napier Group LLC bought a new position in shares of American Express during the 4th quarter worth $99,329,000. 83.54% of the stock is currently owned by institutional investors.
In other American Express news, insider Douglas E. Buckminster sold 32,833 shares of the stock in a transaction that occurred on Tuesday, March 9th. The stock was sold at an average price of $146.08, for a total transaction of $4,796,244.64. Following the completion of the sale, the insider now directly owns 111,247 shares of the company’s stock, valued at approximately $16,250,961.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anre D. Williams sold 59,352 shares of the stock in a transaction that occurred on Friday, March 5th. The stock was sold at an average price of $145.88, for a total value of $8,658,269.76. Following the sale, the insider now directly owns 85,522 shares of the company’s stock, valued at $12,475,949.36. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.
American Express (NYSE:AXP) last announced its earnings results on Thursday, April 22nd. The payment services company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $1.13. The firm had revenue of $9.06 billion during the quarter, compared to analysts’ expectations of $9.19 billion. American Express had a return on equity of 21.31% and a net margin of 8.84%. The business’s revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. As a group, sell-side analysts anticipate that American Express will post 4.85 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 10th. Investors of record on Friday, July 2nd will be given a $0.43 dividend. The ex-dividend date is Thursday, July 1st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.12%. American Express’s dividend payout ratio (DPR) is presently 20.98%.
AXP has been the subject of a number of analyst reports. Credit Suisse Group decreased their price objective on American Express from $120.00 to $115.00 and set an “underperform” rating for the company in a research note on Wednesday, January 27th. Oppenheimer upped their price objective on American Express from $128.00 to $165.00 and gave the stock an “outperform” rating in a research note on Monday, May 3rd. Wells Fargo & Company upped their price objective on American Express from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, April 5th. DZ Bank upgraded American Express from a “hold” rating to a “buy” rating and set a $130.00 price objective for the company in a research note on Thursday, January 28th. Finally, JPMorgan Chase & Co. upgraded American Express from an “underweight” rating to an “overweight” rating and set a $148.00 price target for the company in a research note on Tuesday, January 19th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $126.33.
American Express Company Profile
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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