Lumbard & Kellner LLC Purchases New Stake in American Express (NYSE:AXP)

Lumbard & Kellner LLC purchased a new stake in American Express (NYSE:AXP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 870 shares of the payment services company’s stock, valued at approximately $201,000.

Several other hedge funds have also recently bought and sold shares of the business. Sawgrass Asset Management LLC raised its holdings in American Express by 0.4% in the second quarter. Sawgrass Asset Management LLC now owns 10,384 shares of the payment services company’s stock valued at $2,404,000 after buying an additional 41 shares during the period. Ignite Planners LLC raised its stake in shares of American Express by 0.9% during the second quarter. Ignite Planners LLC now owns 4,682 shares of the payment services company’s stock valued at $1,103,000 after purchasing an additional 43 shares during the period. Willner & Heller LLC raised its stake in shares of American Express by 4.1% during the second quarter. Willner & Heller LLC now owns 1,087 shares of the payment services company’s stock valued at $252,000 after purchasing an additional 43 shares during the period. Beacon Capital Management LLC raised its stake in shares of American Express by 18.9% during the second quarter. Beacon Capital Management LLC now owns 271 shares of the payment services company’s stock valued at $63,000 after purchasing an additional 43 shares during the period. Finally, Capital Wealth Planning LLC raised its stake in shares of American Express by 4.0% during the second quarter. Capital Wealth Planning LLC now owns 1,112 shares of the payment services company’s stock valued at $257,000 after purchasing an additional 43 shares during the period. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Wall Street Analysts Forecast Growth

AXP has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of American Express from $240.00 to $268.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Barclays lifted their price objective on shares of American Express from $221.00 to $223.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 9th. Bank of America lifted their price objective on shares of American Express from $263.00 to $265.00 and gave the company a “neutral” rating in a research note on Tuesday. Citigroup initiated coverage on shares of American Express in a research note on Monday, June 10th. They set a “neutral” rating and a $250.00 price objective on the stock. Finally, BTIG Research started coverage on shares of American Express in a research note on Friday, June 7th. They set a “neutral” rating on the stock. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, American Express currently has a consensus rating of “Hold” and a consensus price target of $230.78.

American Express Stock Performance

American Express stock opened at $265.49 on Wednesday. The company has a market cap of $190.97 billion, a PE ratio of 21.87, a P/E/G ratio of 1.42 and a beta of 1.21. The company has a fifty day moving average price of $247.42 and a two-hundred day moving average price of $236.22. 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 12 month low of $140.91 and a 12 month high of $267.22.

American Express (NYSE:AXP) last released its quarterly earnings data 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. The firm had revenue of $16.33 billion during the quarter, compared to the consensus estimate of $16.60 billion. American Express had a net margin of 15.53% and a return on equity of 32.94%. The firm’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.89 earnings per share. Research analysts expect that American Express will post 13.12 earnings per share for the current year.

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.