Summit Financial LLC Raises Stock Position in American Express (NYSE:AXP)

Summit Financial LLC grew its holdings in American Express (NYSE:AXP) by 109.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,907 shares of the payment services company’s stock after purchasing an additional 5,708 shares during the quarter. Summit Financial LLC’s holdings in American Express were worth $3,237,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. True Wealth Design LLC boosted its position in American Express by 332.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the payment services company’s stock valued at $29,000 after buying an additional 83 shares during the period. Sellwood Investment Partners LLC acquired a new stake in shares of American Express in the fourth quarter valued at $33,000. Murphy & Mullick Capital Management Corp purchased a new position in American Express in the fourth quarter valued at $33,000. Curio Wealth LLC acquired a new position in American Express during the 4th quarter worth $37,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in American Express during the 3rd quarter worth about $38,000. Institutional investors and hedge funds own 84.33% of the company’s stock.

American Express Stock Performance

NYSE AXP opened at $269.25 on Tuesday. The firm has a market cap of $189.16 billion, a P/E ratio of 19.22, a P/E/G ratio of 1.41 and a beta of 1.21. American Express has a 52-week low of $214.51 and a 52-week high of $326.28. The business’s 50-day moving average price is $294.15 and its 200 day moving average price is $289.78. The company has a quick ratio of 1.57, a current ratio of 1.58 and a debt-to-equity ratio of 1.64.

American Express (NYSE:AXP) last released its earnings results on Friday, January 24th. The payment services company reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.04. American Express had a return on equity of 32.65% and a net margin of 15.36%. On average, equities research analysts expect that American Express will post 15.33 earnings per share for the current year.

American Express Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 4th will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Friday, April 4th. This is a boost from American Express’s previous quarterly dividend of $0.70. American Express’s dividend payout ratio (DPR) is 23.41%.

Insider Activity

In related news, Director Michael J. Angelakis bought 3,700 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $269.89 per share, for a total transaction of $998,593.00. Following the transaction, the director now owns 3,700 shares of the company’s stock, valued at approximately $998,593. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Raymond Joabar sold 15,179 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $313.94, for a total transaction of $4,765,295.26. Following the transaction, the insider now directly owns 23,866 shares in the company, valued at approximately $7,492,492.04. This trade represents a 38.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

AXP has been the subject of a number of analyst reports. HSBC boosted their price objective on American Express from $270.00 to $294.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. Bank of America dropped their price objective on shares of American Express from $326.00 to $325.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. UBS Group lifted their price objective on shares of American Express from $283.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, January 13th. Truist Financial assumed coverage on American Express in a research note on Tuesday, January 7th. They issued a “buy” rating and a $350.00 price target on the stock. Finally, The Goldman Sachs Group lowered their price objective on American Express from $367.00 to $330.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $302.57.

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.