Mirae Asset Global Investments Co. Ltd. cut its position in shares of American Express (NYSE:AXP) by 6.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,655 shares of the payment services company’s stock after selling 10,854 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in American Express were worth $27,627,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Shelton Capital Management grew its holdings in American Express by 326.1% in the second quarter. Shelton Capital Management now owns 23,520 shares of the payment services company’s stock worth $4,097,000 after purchasing an additional 18,000 shares during the period. Stonehage Fleming Financial Services Holdings Ltd bought a new position in American Express during the 2nd quarter valued at approximately $301,000. Cary Street Partners Investment Advisory LLC boosted its holdings in American Express by 0.5% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 23,634 shares of the payment services company’s stock worth $4,117,000 after acquiring an additional 115 shares in the last quarter. Truvestments Capital LLC grew its stake in shares of American Express by 26.1% in the second quarter. Truvestments Capital LLC now owns 1,212 shares of the payment services company’s stock worth $211,000 after acquiring an additional 251 shares during the last quarter. Finally, Blume Capital Management Inc. increased its holdings in shares of American Express by 3.1% during the second quarter. Blume Capital Management Inc. now owns 2,112 shares of the payment services company’s stock valued at $368,000 after acquiring an additional 63 shares in the last quarter. Institutional investors own 83.08% of the company’s stock.
American Express Price Performance
Shares of American Express stock opened at $163.85 on Tuesday. The company has a market capitalization of $119.41 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 0.99 and a beta of 1.21. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.70. The stock’s 50-day simple moving average is $152.01 and its 200-day simple moving average is $159.94. American Express has a 52 week low of $140.91 and a 52 week high of $182.15.
American Express Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 10th. Shareholders of record on Friday, October 6th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.46%. The ex-dividend date was Thursday, October 5th. American Express’s payout ratio is 22.51%.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on the stock. Piper Sandler raised shares of American Express from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $150.00 to $151.00 in a research report on Tuesday, October 24th. TD Cowen began coverage on shares of American Express in a research report on Wednesday, November 1st. They set a “market perform” rating and a $158.00 price target for the company. Piper Sandler Companies upgraded American Express to a “neutral” rating and set a $151.00 price target for the company in a research note on Tuesday, October 24th. Bank of America decreased their target price on American Express from $203.00 to $202.00 in a research report on Thursday, October 5th. Finally, The Goldman Sachs Group decreased their price objective on shares of American Express from $191.00 to $190.00 in a report on Monday, October 2nd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, American Express has an average rating of “Hold” and an average target price of $171.25.
Insider Buying and Selling at American Express
In related news, Vice Chairman Douglas E. Buckminster sold 11,344 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $158.87, for a total transaction of $1,802,221.28. Following the transaction, the insider now directly owns 88,376 shares in the company, valued at approximately $14,040,295.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Vice Chairman Douglas E. Buckminster sold 11,344 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $158.87, for a total transaction of $1,802,221.28. Following the completion of the transaction, the insider now owns 88,376 shares in the company, valued at approximately $14,040,295.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Walter Joseph Clayton III bought 1,000 shares of American Express stock in a transaction on Tuesday, October 24th. The stock was acquired at an average price of $143.93 per share, for a total transaction of $143,930.00. Following the purchase, the director now owns 2,000 shares of the company’s stock, valued at $287,860. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.
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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