Griffin Asset Management Inc. Sells 5,227 Shares of American Express (NYSE:AXP)

Griffin Asset Management Inc. cut its stake in American Express (NYSE:AXP) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,908 shares of the payment services company’s stock after selling 5,227 shares during the quarter. American Express comprises about 1.4% of Griffin Asset Management Inc.’s portfolio, making the stock its 19th biggest position. Griffin Asset Management Inc.’s holdings in American Express were worth $12,019,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Sawgrass Asset Management LLC grew its position in shares of American Express by 0.4% in the 2nd quarter. Sawgrass Asset Management LLC now owns 10,384 shares of the payment services company’s stock worth $2,404,000 after buying an additional 41 shares during the last quarter. Spire Wealth Management grew its stake in American Express by 1.0% during the 1st quarter. Spire Wealth Management now owns 4,315 shares of the payment services company’s stock valued at $983,000 after purchasing an additional 42 shares during the last quarter. Ignite Planners LLC increased its holdings in American Express by 0.9% in the 2nd quarter. Ignite Planners LLC now owns 4,682 shares of the payment services company’s stock worth $1,103,000 after buying an additional 43 shares during the period. Willner & Heller LLC increased its stake in shares of American Express by 4.1% in the second quarter. Willner & Heller LLC now owns 1,087 shares of the payment services company’s stock worth $252,000 after acquiring an additional 43 shares during the period. Finally, Parisi Gray Wealth Management raised its holdings in shares of American Express by 0.7% during the second quarter. Parisi Gray Wealth Management now owns 6,351 shares of the payment services company’s stock worth $1,471,000 after purchasing an additional 46 shares during the last quarter. 84.33% of the stock is currently owned by institutional investors.

American Express Price Performance

AXP traded up $1.46 on Thursday, reaching $247.76. 1,980,865 shares of the company’s stock were exchanged, compared to its average volume of 2,982,760. American Express has a twelve month low of $140.91 and a twelve month high of $256.24. The stock has a market cap of $178.21 billion, a PE ratio of 20.32, a P/E/G ratio of 1.38 and a beta of 1.21. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.66 and a quick ratio of 1.66. The stock’s fifty day moving average price is $238.63 and its 200-day moving average price is $230.53.

American Express (NYSE:AXP) last released its earnings results on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.23. American Express had a net margin of 15.53% and a return on equity of 32.94%. The business had revenue of $16.33 billion for the quarter, compared to analyst estimates of $16.60 billion. During the same period last year, the company posted $2.89 EPS. The business’s revenue was up 9.2% on a year-over-year basis. Sell-side analysts expect that American Express will post 13.24 EPS for the current year.

Wall Street Analyst Weigh In

AXP has been the topic of several analyst reports. Compass Point assumed coverage on American Express in a research report on Tuesday, July 16th. They set a “neutral” rating and a $260.00 price target on the stock. Evercore ISI boosted their price target on American Express from $243.00 to $255.00 and gave the company an “in-line” rating in a report on Wednesday, April 24th. Barclays raised their price objective on shares of American Express from $221.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. Jefferies Financial Group boosted their target price on shares of American Express from $225.00 to $235.00 and gave the company a “hold” rating in a research note on Tuesday, July 9th. Finally, Wells Fargo & Company raised their price target on shares of American Express from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $230.70.

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.