Agate Pass Investment Management LLC Reduces Holdings in American Express (NYSE:AXP)

Agate Pass Investment Management LLC decreased its holdings in shares of American Express (NYSE:AXP) by 9.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,185 shares of the payment services company’s stock after selling 235 shares during the quarter. Agate Pass Investment Management LLC’s holdings in American Express were worth $497,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Eagle Asset Management Inc. boosted its position in shares of American Express by 32.6% during the 3rd quarter. Eagle Asset Management Inc. now owns 2,889 shares of the payment services company’s stock valued at $431,000 after acquiring an additional 711 shares during the last quarter. Operose Advisors LLC acquired a new stake in shares of American Express during the 3rd quarter worth about $41,000. O Shaughnessy Asset Management LLC raised its holdings in American Express by 10.6% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 37,581 shares of the payment services company’s stock valued at $5,607,000 after buying an additional 3,592 shares during the period. Mutual Advisors LLC lifted its position in American Express by 8.7% in the third quarter. Mutual Advisors LLC now owns 6,967 shares of the payment services company’s stock valued at $1,039,000 after buying an additional 558 shares during the last quarter. Finally, MQS Management LLC purchased a new position in American Express during the third quarter worth about $233,000. 84.33% of the stock is currently owned by institutional investors and hedge funds.

American Express Price Performance

Shares of NYSE AXP traded down $1.80 on Thursday, hitting $228.88. The company’s stock had a trading volume of 825,806 shares, compared to its average volume of 3,039,163. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a 50 day moving average of $234.46 and a 200-day moving average of $215.26. American Express has a 12-month low of $140.91 and a 12-month high of $244.41. The company has a market capitalization of $164.63 billion, a price-to-earnings ratio of 18.80, a price-to-earnings-growth ratio of 1.31 and a beta of 1.22.

American Express (NYSE:AXP) last released its quarterly earnings results on Friday, April 19th. The payment services company reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.36. The company 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 business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.40 earnings per share. As a group, research analysts predict that American Express will post 13 EPS for the current year.

American Express Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be paid a $0.70 dividend. This is a boost from American Express’s previous quarterly dividend of $0.10. This represents a $2.80 annualized dividend and a yield of 1.22%. The ex-dividend date is Friday, July 5th. American Express’s payout ratio is presently 23.06%.

Insider Buying and Selling at American Express

In related news, CEO Stephen J. Squeri sold 38,873 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $238.63, for a total value of $9,276,263.99. Following the completion of the transaction, the chief executive officer now directly owns 76,310 shares in the company, valued at $18,209,855.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Stephen J. Squeri sold 38,873 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $238.63, for a total value of $9,276,263.99. Following the transaction, the chief executive officer now directly owns 76,310 shares in the company, valued at approximately $18,209,855.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Quinn Jessica Lieberman sold 3,141 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $232.36, for a total value of $729,842.76. Following the sale, the executive vice president now owns 258 shares of the company’s stock, valued at approximately $59,948.88. The disclosure for this sale can be found here. In the last three months, insiders sold 177,717 shares of company stock worth $41,680,999. Insiders own 0.12% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AXP shares. TD Cowen lifted their target price on shares of American Express from $221.00 to $225.00 and gave the company a “hold” rating in a report on Monday, April 22nd. Robert W. Baird lifted their target price on American Express from $190.00 to $205.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Wells Fargo & Company raised their price objective on shares of American Express from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft increased their target price on shares of American Express from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, HSBC increased their price objective on American Express from $232.00 to $239.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $220.30.

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.