American Express (NYSE:AXP) Shares Sold by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. trimmed its stake in American Express (NYSE:AXP) by 0.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,436 shares of the payment services company’s stock after selling 86 shares during the quarter. American Express comprises about 2.5% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 9th biggest position. Lorne Steinberg Wealth Management Inc.’s holdings in American Express were worth $7,742,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Scarborough Advisors LLC acquired a new position in shares of American Express during the fourth quarter valued at about $25,000. Tennessee Valley Asset Management Partners acquired a new position in shares of American Express during the fourth quarter valued at about $28,000. Sachetta LLC acquired a new position in shares of American Express during the fourth quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of American Express during the fourth quarter valued at about $29,000. Finally, WFA Asset Management Corp purchased a new position in American Express during the fourth quarter worth about $30,000. 84.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on AXP shares. Royal Bank of Canada boosted their price target on shares of American Express from $265.00 to $267.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Robert W. Baird boosted their price target on shares of American Express from $190.00 to $205.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Keefe, Bruyette & Woods lifted their price objective on shares of American Express from $265.00 to $280.00 and gave the stock an “outperform” rating in a research report on Monday, July 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Express from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, William Blair reaffirmed an “outperform” rating on shares of American Express in a research report on Monday, June 3rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, American Express has an average rating of “Hold” and a consensus price target of $230.70.

American Express Price Performance

AXP stock traded up $2.21 during midday trading on Friday, reaching $251.71. The company had a trading volume of 2,133,228 shares, compared to its average volume of 3,002,593. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.66 and a quick ratio of 1.66. American Express has a 1 year low of $140.91 and a 1 year high of $256.24. The company has a market capitalization of $181.06 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.38 and a beta of 1.21. The firm has a 50-day moving average price of $236.80 and a 200-day moving average price of $229.00.

American Express (NYSE:AXP) last released its quarterly earnings results on Friday, July 19th. The payment services company reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.26 by $0.23. American Express had a net margin of 15.53% and a return on equity of 32.94%. The business had revenue of $16.33 billion during the quarter, compared to analysts’ expectations of $16.60 billion. During the same quarter in the previous year, the company earned $2.89 EPS. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, research analysts anticipate that American Express will post 13.24 earnings per share for the current fiscal year.

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.