Cullinan Associates Inc. Sells 3,914 Shares of American Express (NYSE:AXP)

Cullinan Associates Inc. reduced its stake in American Express (NYSE:AXP) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,148 shares of the payment services company’s stock after selling 3,914 shares during the period. American Express accounts for 0.9% of Cullinan Associates Inc.’s holdings, making the stock its 27th biggest holding. Cullinan Associates Inc.’s holdings in American Express were worth $16,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. DHJJ Financial Advisors Ltd. raised its holdings in American Express by 42.2% during the second quarter. DHJJ Financial Advisors Ltd. now owns 165 shares of the payment services company’s stock worth $38,000 after buying an additional 49 shares during the last quarter. BNP Paribas acquired a new stake in shares of American Express in the 1st quarter worth about $40,000. POM Investment Strategies LLC bought a new position in American Express in the 2nd quarter valued at about $42,000. Founders Capital Management acquired a new position in American Express during the 2nd quarter valued at about $46,000. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new stake in American Express during the 3rd quarter worth approximately $46,000. 84.33% of the stock is owned by institutional investors.

American Express Stock Performance

Shares of American Express stock traded up $1.27 during trading hours on Friday, reaching $271.25. The company had a trading volume of 291,558 shares, compared to its average volume of 2,920,016. The firm has a market cap of $195.11 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 1.50 and a beta of 1.21. The business has a fifty day simple moving average of $263.16 and a 200 day simple moving average of $244.92. 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 one year low of $141.02 and a one year high of $286.36.

American Express (NYSE:AXP) last released its quarterly earnings data on Friday, October 18th. The payment services company reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.22. American Express had a return on equity of 32.94% and a net margin of 15.53%. The firm had revenue of $16.64 billion during the quarter, compared to analyst estimates of $16.68 billion. During the same quarter in the prior year, the firm posted $3.30 earnings per share. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, analysts anticipate that American Express will post 13.14 earnings per share for the current fiscal year.

American Express Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 4th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Friday, October 4th. American Express’s payout ratio is 23.06%.

Insider Activity at American Express

In other American Express news, insider Anre D. Williams sold 77,887 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 111,656 shares in the company, valued at approximately $30,176,150.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on AXP shares. TD Cowen upped their price target on American Express from $260.00 to $268.00 and gave the stock a “hold” rating in a report on Monday. Keefe, Bruyette & Woods increased their target price on shares of American Express from $265.00 to $280.00 and gave the company an “outperform” rating in a report on Monday, July 8th. Hsbc Global Res cut shares of American Express from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 8th. The Goldman Sachs Group increased their price objective on shares of American Express from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, Morgan Stanley boosted their target price on American Express from $248.00 to $252.00 and gave the stock an “equal weight” rating in a research note on Monday. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $253.09.

About American Express

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.