Front Barnett Associates LLC Has $8.46 Million Position in American Express (AXP)

Front Barnett Associates LLC cut its stake in shares of American Express (NYSE:AXP) by 5.4% in the first quarter, HoldingsChannel.com reports. The firm owned 77,403 shares of the payment services company’s stock after selling 4,417 shares during the quarter. American Express accounts for approximately 1.4% of Front Barnett Associates LLC’s holdings, making the stock its 29th biggest holding. Front Barnett Associates LLC’s holdings in American Express were worth $8,460,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in AXP. Central Securities Corp grew its stake in American Express by 20.0% in the first quarter. Central Securities Corp now owns 180,000 shares of the payment services company’s stock valued at $19,674,000 after acquiring an additional 30,000 shares during the period. ETF Managers Group LLC grew its stake in American Express by 14.5% in the first quarter. ETF Managers Group LLC now owns 225,162 shares of the payment services company’s stock valued at $24,610,000 after acquiring an additional 28,463 shares during the period. OLD Dominion Capital Management Inc. grew its stake in American Express by 1.9% in the first quarter. OLD Dominion Capital Management Inc. now owns 20,670 shares of the payment services company’s stock valued at $2,467,000 after acquiring an additional 379 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc. grew its stake in American Express by 1.8% in the first quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 26,000 shares of the payment services company’s stock valued at $2,842,000 after acquiring an additional 470 shares during the period. Finally, Mid Atlantic Financial Management Inc. ADV grew its stake in American Express by 3.1% in the first quarter. Mid Atlantic Financial Management Inc. ADV now owns 6,436 shares of the payment services company’s stock valued at $703,000 after acquiring an additional 191 shares during the period. 84.25% of the stock is owned by institutional investors and hedge funds.

In related news, Chairman Stephen J. Squeri sold 101,964 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $119.95, for a total transaction of $12,230,581.80. Following the sale, the chairman now owns 258,948 shares in the company, valued at $31,060,812.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael John O’neill sold 15,749 shares of the company’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $113.94, for a total value of $1,794,441.06. Following the sale, the insider now owns 69,941 shares in the company, valued at approximately $7,969,077.54. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

AXP has been the topic of a number of research reports. Atlantic Securities upgraded American Express from a “neutral” rating to an “overweight” rating and set a $100.80 price target on the stock in a report on Tuesday, January 29th. Wells Fargo & Co restated a “buy” rating and issued a $125.00 price target (up from $115.00) on shares of American Express in a report on Tuesday, March 12th. Bank of America restated a “neutral” rating and issued a $108.00 price target on shares of American Express in a report on Thursday, March 14th. DZ Bank lowered American Express from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, Oppenheimer set a $119.00 price target on American Express and gave the company a “buy” rating in a report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $116.63.

Shares of American Express stock opened at $119.51 on Friday. The stock has a market capitalization of $99.80 billion, a PE ratio of 16.30, a PEG ratio of 1.39 and a beta of 1.13. American Express has a one year low of $89.05 and a one year high of $120.88. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.88 and a current ratio of 1.88.

American Express (NYSE:AXP) last released its earnings results on Thursday, April 18th. The payment services company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.01. American Express had a return on equity of 29.86% and a net margin of 16.60%. The business had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.46 billion. During the same quarter in the prior year, the company posted $1.86 earnings per share. American Express’s revenue was up 6.6% on a year-over-year basis. Analysts predict that American Express will post 8.12 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be issued a dividend of $0.39 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $1.56 annualized dividend and a yield of 1.31%. American Express’s payout ratio is presently 21.28%.

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American Express Company Profile

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 three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.

Read More: Understanding Price to Earnings Ratio (PE)

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

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