Carnegie Capital Asset Management LLC raises its holdings in American Express (NYSE: AXP)


Carnegie Capital Asset Management LLC boosted its holdings in shares of American Express (NYSE:AXP) by 2.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,963 shares of the Payment Services Company after acquiring an additional 84 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in American Express are valued at $554,000 as of the most recent SEC filings.

A number of other hedge funds have also modified their stock holdings. Bouvel Investment Partners LLC increased its stake in American Express by 3.7% during the first quarter. Bouvel Investment Partners LLC now owns 26,827 shares of the payment services company’s stock valued at $5,017,000 after purchasing an additional 948 shares during the period. Salvus Wealth Management LLC increased its stake in American Express by 2.8% during the first quarter. Salvus Wealth Management LLC now owns 18,033 shares of the payment services company’s stock valued at $3,372,000 after purchasing an additional 496 shares during the period. Evanson Asset Management LLC increased its holdings in American Express by 11.8% during the first quarter. Evanson Asset Management LLC now owns 4,420 shares of the payment services company’s stock valued at $827,000 after purchasing an additional 465 shares during the period. Veriti Management LLC increased its stake in American Express by 5.0% during the first quarter. Veriti Management LLC now owns 10,684 shares of the payment services company’s stock valued at $1,998,000 after purchasing an additional 512 shares during the period. Finally, Atalanta Sosnoff Capital LLC increased its stake in American Express by 17.0% during the first quarter. Atalanta Sosnoff Capital LLC now owns 373,031 shares of the payment services company’s stock valued at $69,757,000 after purchasing an additional 54,232 shares during the period. 85.49% of the shares are currently owned by institutional investors.

American Express shares opened at $141.65 on Friday. The company has a 50-day simple moving average of $164.03 and a 200-day simple moving average of $172.82. The company has a market capitalization of $106.67 billion, a price-to-earnings ratio of 14.19, a price-to-earnings ratio of 1.12 and a beta of 1.08. American Express has a 52-week low of $136.49 and a 52-week high of $199.55. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.63 and a trading ratio of 1.63.

American Express (NYSE: AXP – Get Rating) released its latest quarterly earnings data on Friday, April 22nd. The payment services company reported earnings of $2.73 per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.30. The company generated $11.74 billion in revenue for the quarter, compared to the consensus estimate of $11.66 billion. American Express has a net profit margin of 17.49% and a return on equity of 33.35%. The company’s revenue increased by 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company reported earnings of $1.74 per share. Equity research analysts expect American Express to post 9.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 10th. Shareholders of record on Friday, July 1st will receive a dividend of $0.52 per share. The date of exclusion from these earnings is Thursday, June 30. This represents a dividend of $2.08 year-over-year and a dividend yield of 1.47%. American Express’s dividend yield is currently 20.84%.

AXP has been the subject of several analyst reports. Edward Jones upgraded shares of American Express from a “hold” rating to a “buy” rating in a report released on Monday, June 6th. Wolfe Research lowered shares of American Express from a “outstanding” rating to a “peer performer” rating and lowered its price target for the stock from $213.00 to $146.00 in a report on Thursday, May 12th. JPMorgan Chase & Co lowered shares of American Express from an “overweight” rating to a “neutral” rating and set a target price of $200.00 per share. In a report on Monday, April 11th. Royal Bank of Canada raised its price target for American Express shares from $195.00 to $200.00 and gave the stock a “segment performance” rating in a report released on Monday, April 25th. Finally, Bank of America raised its price target for American Express shares from $204.00 to $206.00 in a research note on Thursday, March 17th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat data, American Express has a consensus rating of “Hold” and an average price target of $194.17.

In related news, Director Theodore Leonsis sold 4,005 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $166.63, for a total transaction of $667,353.15. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which is available at this link. Also, CEO Stephen J. Squire sold 48,160 shares of the company’s stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $178.38, for a total transaction of $8,590.780.80. Following the sale, the CEO now directly owns 31,285 shares of the company’s stock, valued at approximately $5,580,618.30. The disclosure of this sale can be found here. 0.11% of the shares are owned by insiders.

About American Express (Get Rating)

American Express, along with its subsidiaries, provides debit and credit card products and travel-related services throughout the world. The company operates through three segments: Global Consumer Services Group, Global Merchant and Network Services. Its products and services include payment and financing products; network services; Accounts payable expense management products and services; and travel and lifestyle services.

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Corporate ownership by quarter for American Express (NYSE: AXP)



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