Sandy Cove Advisors LLC Lowers Holdings in American Express (NYSE:AXP)

Sandy Cove Advisors LLC lowered its position in American Express (NYSE:AXP) by 5.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,253 shares of the payment services company’s stock after selling 70 shares during the period. Sandy Cove Advisors LLC’s holdings in American Express were worth $285,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of American Express during the fourth quarter worth approximately $1,112,747,000. Artisan Partners Limited Partnership grew its holdings in American Express by 11.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,855,211 shares of the payment services company’s stock valued at $909,575,000 after purchasing an additional 496,153 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of American Express by 21.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,839,276 shares of the payment services company’s stock worth $713,202,000 after purchasing an additional 667,695 shares during the last quarter. TD Asset Management Inc grew its stake in American Express by 62.1% in the 4th quarter. TD Asset Management Inc now owns 2,399,494 shares of the payment services company’s stock worth $449,521,000 after acquiring an additional 919,337 shares during the period. Finally, Beutel Goodman & Co Ltd. increased its stake in shares of American Express by 7.4% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 2,067,858 shares of the payment services company’s stock valued at $387,392,000 after acquiring an additional 142,763 shares during the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

American Express Stock Performance

American Express stock traded up $3.15 during trading hours on Friday, hitting $231.55. The stock had a trading volume of 3,901,233 shares, compared to its average volume of 2,820,091. The company has a market cap of $166.55 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 1.32 and a beta of 1.22. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.70. The company has a 50-day moving average of $234.69 and a two-hundred day moving average of $216.11. American Express has a fifty-two week low of $140.91 and a fifty-two week high of $244.41.

American Express (NYSE:AXP) last announced its quarterly earnings data on Friday, April 19th. The payment services company reported $3.33 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.36. The firm had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $15.79 billion. American Express had a return on equity of 32.46% and a net margin of 14.50%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.40 EPS. On average, equities research analysts anticipate that American Express will post 13 EPS for the current fiscal year.

American Express Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, July 5th. This is a positive change from American Express’s previous quarterly dividend of $0.10. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.21%. American Express’s payout ratio is presently 23.06%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AXP shares. Deutsche Bank Aktiengesellschaft upped their price target 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. BMO Capital Markets increased their price objective on American Express from $167.00 to $175.00 and gave the company an “underperform” rating in a report on Monday, April 22nd. Citigroup initiated coverage on shares of American Express in a report on Monday, June 10th. They issued a “neutral” rating and a $250.00 price target for the company. Royal Bank of Canada increased their target price on American Express from $253.00 to $263.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Finally, BTIG Research began coverage on American Express in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, American Express has an average rating of “Hold” and a consensus target price of $220.30.

Insider Transactions at American Express

In related news, insider Jennifer Skyler sold 14,802 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $241.73, for a total value of $3,578,087.46. Following the transaction, the insider now owns 16,371 shares in the company, valued at $3,957,361.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Stephen J. Squeri sold 38,873 shares of American Express stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $238.63, for a total transaction of $9,276,263.99. Following the sale, the chief executive officer now directly owns 76,310 shares in the company, valued at $18,209,855.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Skyler sold 14,802 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $241.73, for a total transaction of $3,578,087.46. Following the sale, the insider now owns 16,371 shares of the company’s stock, valued at approximately $3,957,361.83. The disclosure for this sale can be found here. In the last 90 days, insiders sold 177,717 shares of company stock worth $41,680,999. 0.12% of the stock is owned by insiders.

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.