Envestnet Asset Management Inc. Cuts Position in American Express Company (NYSE:AXP)

Envestnet Asset Management Inc. trimmed its position in American Express Company (NYSE:AXP) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 674,469 shares of the payment services company’s stock after selling 6,966 shares during the quarter. Envestnet Asset Management Inc.’s holdings in American Express were worth $181,466,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AXP. Geode Capital Management LLC raised its holdings in shares of 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 valued at $3,484,312,000 after buying an additional 268,572 shares during the period. Northern Trust Corp raised its holdings in shares of 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 valued at $2,025,632,000 after buying an additional 955,811 shares during the period. Norges Bank purchased a new stake in shares of American Express during the 4th quarter valued at about $1,785,867,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 valued at $1,488,482,000 after buying an additional 408,283 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of American Express by 463.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,357,487 shares of the payment services company’s stock valued at $1,293,259,000 after buying an additional 3,583,959 shares during the period. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

American Express Price Performance

Shares of AXP opened at $317.26 on Wednesday. American Express Company has a 52 week low of $220.43 and a 52 week high of $329.14. The firm has a market cap of $222.27 billion, a price-to-earnings ratio of 22.16, a PEG ratio of 1.57 and a beta of 1.25. The company has a current ratio of 1.58, a quick ratio of 1.57 and a debt-to-equity ratio of 1.64. The stock has a 50 day moving average of $297.78 and a 200-day moving average of $290.19.

American Express (NYSE:AXP) last released its quarterly earnings data on Thursday, April 17th. The payment services company reported $3.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.17. American Express had a return on equity of 32.48% and a net margin of 15.31%. The business had revenue of $16.97 billion during the quarter, compared to analyst estimates of $17.04 billion. During the same quarter in the previous year, the firm posted $3.33 EPS. As a group, analysts forecast that American Express Company will post 15.33 EPS for the current year.

American Express Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be given a dividend of $0.82 per share. The ex-dividend date is Thursday, July 3rd. This represents a $3.28 dividend on an annualized basis and a yield of 1.03%. American Express’s dividend payout ratio is currently 22.91%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AXP. William Blair reiterated an “outperform” rating on shares of American Express in a report on Wednesday, July 2nd. Monness Crespi & Hardt raised their price objective on American Express from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, April 21st. Robert W. Baird upgraded American Express from an “underperform” rating to a “neutral” rating and set a $265.00 price objective for the company in a research note on Friday, March 14th. BTIG Research lowered their price objective on American Express from $272.00 to $240.00 and set a “sell” rating for the company in a research note on Monday, April 21st. Finally, Citigroup restated a “neutral” rating and set a $327.00 price objective (up previously from $300.00) on shares of American Express in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $297.25.

Insider Buying and Selling

In related news, insider Glenda G. Mcneal sold 3,019 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $264.66, for a total transaction of $799,008.54. Following the completion of the transaction, the insider owned 10,919 shares in the company, valued at $2,889,822.54. The trade was a 21.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Howard Grosfield sold 9,450 shares of American Express stock in a transaction on 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 sale, the insider directly owned 9,402 shares in the company, valued at $2,590,251. The trade was a 50.13% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

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.