Amalgamated Bank Trims Stock Position in American Express (NYSE:AXP)

Amalgamated Bank cut its position in shares of American Express (NYSE:AXP) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,041 shares of the payment services company’s stock after selling 1,634 shares during the period. Amalgamated Bank’s holdings in American Express were worth $31,470,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in American Express by 8.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,447,441 shares of the payment services company’s stock valued at $1,923,399,000 after purchasing an additional 662,382 shares during the period. TD Asset Management Inc boosted its position in American Express by 8.2% during the 1st quarter. TD Asset Management Inc now owns 2,595,370 shares of the payment services company’s stock valued at $590,940,000 after acquiring an additional 195,876 shares in the last quarter. Boston Partners increased its holdings in shares of American Express by 22.2% in the 1st quarter. Boston Partners now owns 2,129,175 shares of the payment services company’s stock valued at $485,525,000 after acquiring an additional 387,166 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in shares of American Express in the 1st quarter valued at $433,709,000. Finally, abrdn plc raised its position in shares of American Express by 2.2% in the 3rd quarter. abrdn plc now owns 1,270,814 shares of the payment services company’s stock worth $343,437,000 after acquiring an additional 27,859 shares in the last quarter. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AXP. Wells Fargo & Company lifted their target price on American Express from $285.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Royal Bank of Canada boosted their price objective on shares of American Express from $265.00 to $267.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Compass Point initiated coverage on shares of American Express in a report on Tuesday, July 16th. They issued a “neutral” rating and a $260.00 price target on the stock. Keefe, Bruyette & Woods upped their target price on American Express from $265.00 to $280.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. Finally, TD Cowen raised their price target on American Express from $260.00 to $268.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $253.09.

Insider Activity at American Express

In related news, Vice Chairman Douglas E. Buckminster sold 13,111 shares of American Express stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $270.98, for a total transaction of $3,552,818.78. Following the completion of the transaction, the insider now directly owns 109,691 shares in the company, valued at $29,724,067.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Anre D. Williams sold 77,887 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $270.26, for a total value of $21,049,740.62. Following the completion of the sale, the insider now directly owns 111,656 shares in the company, valued at approximately $30,176,150.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Douglas E. Buckminster sold 13,111 shares of American Express stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $270.98, for a total transaction of $3,552,818.78. Following the completion of the transaction, the insider now owns 109,691 shares in the company, valued at approximately $29,724,067.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.

American Express Stock Down 0.9 %

AXP stock opened at $270.19 on Tuesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $190.34 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 1.48 and a beta of 1.21. American Express has a 12 month low of $151.51 and a 12 month high of $286.36. The company has a fifty day moving average price of $266.34 and a 200 day moving average price of $248.03.

American Express (NYSE:AXP) last announced its quarterly earnings data on Friday, October 18th. The payment services company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.22. American Express had a net margin of 15.32% and a return on equity of 32.46%. The company had revenue of $16.64 billion for the quarter, compared to analysts’ expectations of $16.68 billion. During the same period in the previous year, the company posted $3.30 EPS. American Express’s revenue was up 8.2% compared to the same quarter last year. Sell-side analysts expect that American Express will post 13.41 earnings per share for the current year.

American Express Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, October 4th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, October 4th. This represents a $2.80 annualized dividend and a yield of 1.04%. American Express’s payout ratio is currently 20.60%.

American Express 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.