American Express (AXP) Position Decreased by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC decreased its stake in shares of American Express (NYSE:AXP) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 793,705 shares of the payment services company’s stock after selling 28,773 shares during the quarter. American Express comprises about 3.7% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 9th largest holding. Cornerstone Investment Partners LLC owned approximately 0.09% of American Express worth $75,656,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in American Express by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,872,420 shares of the payment services company’s stock valued at $5,310,914,000 after purchasing an additional 364,282 shares in the last quarter. Vanguard Group Inc raised its stake in American Express by 0.7% during the third quarter. Vanguard Group Inc now owns 49,872,420 shares of the payment services company’s stock valued at $5,310,914,000 after purchasing an additional 364,282 shares in the last quarter. BlackRock Inc. raised its stake in American Express by 2.4% during the third quarter. BlackRock Inc. now owns 45,176,984 shares of the payment services company’s stock valued at $4,810,897,000 after purchasing an additional 1,045,964 shares in the last quarter. FMR LLC raised its stake in American Express by 71.6% during the third quarter. FMR LLC now owns 16,447,370 shares of the payment services company’s stock valued at $1,751,481,000 after purchasing an additional 6,861,701 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in American Express by 2.4% during the third quarter. Fisher Asset Management LLC now owns 10,357,743 shares of the payment services company’s stock valued at $1,102,996,000 after purchasing an additional 246,871 shares in the last quarter. Hedge funds and other institutional investors own 82.83% of the company’s stock.

Shares of AXP remained flat at $$98.26 during midday trading on Friday. 1,433,235 shares of the stock traded hands, compared to its average volume of 4,378,649. American Express has a 1-year low of $87.54 and a 1-year high of $114.55. The stock has a market capitalization of $84.43 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.15 and a beta of 1.14. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.58.

American Express (NYSE:AXP) last announced its earnings results on Thursday, October 18th. The payment services company reported $1.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.11. American Express had a net margin of 9.51% and a return on equity of 31.26%. The business had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $10.06 billion. During the same quarter in the prior year, the firm posted $1.50 earnings per share. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, sell-side analysts forecast that American Express will post 7.38 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 8th. Stockholders of record on Friday, January 4th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Thursday, January 3rd. American Express’s dividend payout ratio is currently 26.58%.

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Co decreased their price target on shares of American Express from $122.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, January 3rd. Stephens raised shares of American Express from an “equal weight” rating to an “overweight” rating and set a $110.50 price target on the stock in a research note on Monday, September 17th. Bank of America set a $125.00 price target on shares of American Express and gave the company a “buy” rating in a research note on Friday, October 19th. Buckingham Research downgraded shares of American Express from a “buy” rating to a “neutral” rating and set a $112.00 price target on the stock. in a research note on Thursday, November 29th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Thursday, January 3rd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. American Express has a consensus rating of “Hold” and an average target price of $111.43.

In other news, Chairman Stephen J. Squeri sold 12,500 shares of the stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $103.84, for a total value of $1,298,000.00. Following the sale, the chairman now owns 209,957 shares of the company’s stock, valued at $21,801,934.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.20% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This news story was originally published by Markets Daily and is the property of of Markets Daily. If you are reading this news story on another domain, it was stolen and republished in violation of US & international trademark and copyright laws. The correct version of this news story can be accessed at https://www.themarketsdaily.com/2019/01/11/american-express-axp-position-decreased-by-cornerstone-investment-partners-llc.html.

About American Express

American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It operates through four segments: U.S. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.

Featured Article: Short Selling – Explanation For Shorting Stocks

Institutional Ownership by Quarter for American Express (NYSE:AXP)

Receive News & Ratings for American Express Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Express and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply