QRG Capital Management Inc. Raises Position in American Express (NYSE:AXP)

QRG Capital Management Inc. grew its stake in shares of American Express (NYSE:AXP) by 53.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,762 shares of the payment services company’s stock after buying an additional 40,195 shares during the quarter. QRG Capital Management Inc.’s holdings in American Express were worth $31,395,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Sovereign Financial Group Inc. lifted its position in American Express by 2.7% in the third quarter. Sovereign Financial Group Inc. now owns 1,467 shares of the payment services company’s stock valued at $398,000 after purchasing an additional 38 shares during the last quarter. Legacy Financial Strategies LLC raised its holdings in American Express by 2.5% during the 3rd quarter. Legacy Financial Strategies LLC now owns 1,632 shares of the payment services company’s stock valued at $443,000 after buying an additional 40 shares during the last quarter. Concord Wealth Partners boosted its position in American Express by 10.5% during the 3rd quarter. Concord Wealth Partners now owns 422 shares of the payment services company’s stock valued at $114,000 after buying an additional 40 shares during the period. Sawgrass Asset Management LLC increased its position in shares of 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 acquiring an additional 41 shares during the period. Finally, Godsey & Gibb Inc. raised its stake in shares of American Express by 3.5% during the third quarter. Godsey & Gibb Inc. now owns 1,227 shares of the payment services company’s stock valued at $333,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Insider Buying and Selling at American Express

In other news, insider Anre D. Williams sold 77,887 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $270.26, for a total value of $21,049,740.62. Following the transaction, the insider now directly owns 111,656 shares in the company, valued at $30,176,150.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other American Express news, insider Anre D. Williams sold 77,887 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $270.26, for a total transaction of $21,049,740.62. Following the completion of the sale, the insider now directly owns 111,656 shares of the company’s stock, valued at approximately $30,176,150.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Douglas E. Buckminster sold 13,111 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $270.98, for a total value of $3,552,818.78. Following the sale, the insider now directly owns 109,691 shares of the company’s stock, valued at $29,724,067.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.12% of the company’s stock.

American Express Stock Down 0.3 %

AXP traded down $0.84 during trading on Monday, hitting $271.85. 131,957 shares of the company’s stock traded hands, compared to its average volume of 2,902,991. American Express has a 12-month low of $151.51 and a 12-month high of $286.36. The company’s 50 day simple moving average is $266.02 and its two-hundred day simple moving average is $247.66. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $191.50 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 1.47 and a beta of 1.21.

American Express (NYSE:AXP) last issued its earnings results on Friday, October 18th. The payment services company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.22. American Express had a return on equity of 32.46% and a net margin of 15.32%. The business had revenue of $16.64 billion during the quarter, compared to analyst estimates of $16.68 billion. During the same quarter in the previous year, the firm earned $3.30 EPS. American Express’s revenue was up 8.2% on a year-over-year basis. Analysts predict that American Express will post 13.41 earnings per share for the current fiscal year.

American Express Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, October 4th will be given 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 dividend payout ratio (DPR) is presently 20.60%.

Analysts Set New Price Targets

AXP has been the topic of a number of research analyst reports. Barclays boosted their price target on American Express from $250.00 to $257.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. BTIG Research downgraded American Express from a “neutral” rating to a “sell” rating and set a $230.00 target price for the company. in a report on Tuesday, October 8th. Compass Point assumed coverage on shares of American Express in a report on Tuesday, July 16th. They issued a “neutral” rating and a $260.00 price target on the stock. Monness Crespi & Hardt raised their target price on shares of American Express from $265.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Morgan Stanley boosted their price target on shares of American Express from $248.00 to $252.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.