American Express Company $AXP Shares Sold by Orrstown Financial Services Inc.

Orrstown Financial Services Inc. lowered its holdings in American Express Company (NYSE:AXP) by 1.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,843 shares of the payment services company’s stock after selling 59 shares during the quarter. Orrstown Financial Services Inc.’s holdings in American Express were worth $1,545,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in shares of American Express by 5.5% in the 1st quarter. Principal Financial Group Inc. now owns 680,308 shares of the payment services company’s stock valued at $183,037,000 after buying an additional 35,295 shares in the last quarter. Pinnacle Financial Partners Inc lifted its position in American Express by 1.4% in the first quarter. Pinnacle Financial Partners Inc now owns 167,534 shares of the payment services company’s stock valued at $45,243,000 after acquiring an additional 2,259 shares during the last quarter. R Squared Ltd acquired a new position in American Express in the first quarter valued at $509,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of American Express by 6.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,458 shares of the payment services company’s stock worth $25,088,000 after purchasing an additional 5,693 shares during the last quarter. Finally, Navis Wealth Advisors LLC increased its position in shares of American Express by 368.7% during the first quarter. Navis Wealth Advisors LLC now owns 3,548 shares of the payment services company’s stock worth $955,000 after purchasing an additional 2,791 shares in the last quarter. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

American Express Stock Down 0.4%

NYSE:AXP opened at $340.41 on Friday. The stock has a 50-day simple moving average of $314.68 and a 200 day simple moving average of $293.40. American Express Company has a one year low of $220.43 and a one year high of $344.36. The company has a market capitalization of $236.88 billion, a price-to-earnings ratio of 23.89, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.60 and a current ratio of 1.61.

American Express (NYSE:AXP) last released its quarterly earnings data on Friday, July 18th. The payment services company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.86 by $0.22. American Express had a return on equity of 32.87% and a net margin of 14.78%.The business had revenue of $17.86 billion during the quarter, compared to analyst estimates of $17.70 billion. During the same quarter in the previous year, the firm posted $3.49 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. Sell-side analysts predict that American Express Company will post 15.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AXP. JPMorgan Chase & Co. upped their target price on American Express from $260.00 to $342.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Monness Crespi & Hardt cut American Express from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 15th. Citigroup reiterated a “neutral” rating and issued a $327.00 price target (up previously from $300.00) on shares of American Express in a research report on Wednesday, July 2nd. Truist Financial lifted their price objective on shares of American Express from $348.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Finally, DZ Bank downgraded shares of American Express from a “hold” rating to a “sell” rating in a research note on Monday, July 21st. Eight research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $315.20.

Insiders Place Their Bets

In other news, insider Laureen Seeger sold 16,998 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $294.83, for a total transaction of $5,011,520.34. Following the transaction, the insider owned 9,001 shares of the company’s stock, valued at approximately $2,653,764.83. This represents a 65.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anna Marrs sold 5,500 shares of American Express stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $310.77, for a total transaction of $1,709,235.00. Following the completion of the transaction, the insider owned 20,311 shares in the company, valued at $6,312,049.47. This trade represents a 21.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 269,996 shares of company stock valued at $85,261,270 over the last quarter. 0.20% of the stock is owned by insiders.

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.