Griffin Asset Management Inc. Sells 7,816 Shares of American Express (NYSE:AXP)

Griffin Asset Management Inc. reduced its holdings in shares of American Express (NYSE:AXP) by 15.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 43,110 shares of the payment services company’s stock after selling 7,816 shares during the period. American Express comprises 1.4% of Griffin Asset Management Inc.’s portfolio, making the stock its 18th biggest position. Griffin Asset Management Inc.’s holdings in American Express were worth $11,599,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in American Express by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 11,752,084 shares of the payment services company’s stock worth $3,484,312,000 after purchasing an additional 268,572 shares during the period. Fisher Asset Management LLC grew its stake in American Express by 1.1% during the 4th quarter. Fisher Asset Management LLC now owns 8,761,336 shares of the payment services company’s stock worth $2,600,277,000 after buying an additional 95,927 shares during the last quarter. Northern Trust Corp lifted its position in American Express by 16.3% during the 4th quarter. Northern Trust Corp now owns 6,825,135 shares of the payment services company’s stock worth $2,025,632,000 after acquiring an additional 955,811 shares during the period. Norges Bank acquired a new stake in American Express during the 4th quarter worth about $1,785,867,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in American Express by 8.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,015,269 shares of the payment services company’s stock worth $1,488,482,000 after acquiring an additional 408,283 shares during the period. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

American Express Trading Down 3.5%

NYSE:AXP opened at $287.62 on Friday. The firm has a market cap of $201.50 billion, a PE ratio of 20.53, a price-to-earnings-growth ratio of 1.41 and a beta of 1.25. The stock has a fifty day moving average price of $278.89 and a 200 day moving average price of $289.04. American Express has a 12-month low of $220.43 and a 12-month high of $326.28. The company has a current ratio of 1.58, a quick ratio of 1.57 and a debt-to-equity ratio of 1.64.

American Express (NYSE:AXP) last announced its quarterly earnings results on Thursday, April 17th. The payment services company reported $3.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.17. The company had revenue of $16.97 billion during the quarter, compared to the consensus estimate of $17.04 billion. American Express had a return on equity of 32.65% and a net margin of 15.36%. During the same period in the previous year, the business earned $3.33 EPS. Sell-side analysts anticipate that American Express will post 15.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Glenda G. Mcneal sold 3,019 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $264.66, for a total value of $799,008.54. Following the completion of the sale, the insider now directly owns 10,919 shares of the company’s stock, valued at approximately $2,889,822.54. The trade was a 21.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Howard Grosfield sold 9,450 shares of the business’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $275.50, for a total value of $2,603,475.00. Following the completion of the sale, the insider now directly owns 9,402 shares of the company’s stock, valued at $2,590,251. The trade was a 50.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Bank of America upgraded American Express from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $325.00 to $274.00 in a research note on Friday, April 11th. BTIG Research reduced their target price on American Express from $272.00 to $240.00 and set a “sell” rating for the company in a report on Monday, April 21st. Monness Crespi & Hardt increased their price target on American Express from $275.00 to $285.00 and gave the company a “buy” rating in a report on Monday, April 21st. Robert W. Baird raised American Express from an “underperform” rating to a “neutral” rating and set a $265.00 price target for the company in a report on Friday, March 14th. Finally, William Blair reissued an “outperform” rating on shares of American Express in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $296.05.

American Express 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.