Fred Alger Management LLC Sells 143,709 Shares of American Express (NYSE:AXP)

Fred Alger Management LLC lessened its holdings in American Express (NYSE:AXP) by 50.5% in the third quarter, Holdings Channel reports. The institutional investor owned 140,660 shares of the payment services company’s stock after selling 143,709 shares during the period. Fred Alger Management LLC’s holdings in American Express were worth $18,976,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in AXP. Addison Advisors LLC raised its holdings in American Express by 239.0% in the 3rd quarter. Addison Advisors LLC now owns 200 shares of the payment services company’s stock valued at $27,000 after buying an additional 141 shares during the last quarter. Karp Capital Management Corp bought a new position in American Express in the 3rd quarter valued at approximately $28,000. Heritage Wealth Management LLC bought a new position in American Express in the 2nd quarter valued at approximately $31,000. Mach 1 Financial Group LLC bought a new position in American Express in the 3rd quarter valued at approximately $43,000. Finally, Castleview Partners LLC raised its holdings in American Express by 150.5% in the 2nd quarter. Castleview Partners LLC now owns 957 shares of the payment services company’s stock valued at $49,000 after buying an additional 575 shares during the last quarter. Institutional investors own 83.30% of the company’s stock.

Insider Activity at American Express

In related news, insider Howard Grosfield sold 5,456 shares of the business’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $174.52, for a total value of $952,181.12. Following the sale, the insider now directly owns 7,045 shares in the company, valued at approximately $1,229,493.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Monique Herena sold 15,217 shares of the business’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $173.18, for a total value of $2,635,280.06. Following the sale, the insider now directly owns 13,712 shares in the company, valued at approximately $2,374,644.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Howard Grosfield sold 5,456 shares of the business’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $174.52, for a total value of $952,181.12. Following the completion of the sale, the insider now owns 7,045 shares in the company, valued at $1,229,493.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,361 shares of company stock worth $8,773,678. Company insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AXP shares. Citigroup raised their price target on shares of American Express from $128.00 to $133.00 and gave the stock a “sell” rating in a report on Thursday, January 26th. Bank of America raised their price target on shares of American Express from $172.00 to $205.00 in a report on Sunday, January 29th. Stephens downgraded shares of American Express from an “equal weight” rating to an “underweight” rating and set a $134.00 price objective for the company. in a research report on Thursday, January 5th. UBS Group assumed coverage on shares of American Express in a research report on Monday, November 21st. They set a “neutral” rating and a $168.00 price objective for the company. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of American Express in a research report on Friday, January 27th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $175.44.

American Express Trading Up 4.0 %

NYSE AXP opened at $163.91 on Wednesday. The stock has a market capitalization of $121.98 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.02 and a beta of 1.20. American Express has a one year low of $130.65 and a one year high of $194.35. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.62 and a quick ratio of 1.62. The business’s fifty day moving average is $167.44 and its 200-day moving average is $155.21.

American Express (NYSE:AXP – Get Rating) last released its earnings results on Friday, January 27th. The payment services company reported $2.07 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.11). The business had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $14.25 billion. American Express had a return on equity of 31.76% and a net margin of 14.16%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.18 earnings per share. Equities research analysts predict that American Express will post 11.24 EPS for the current year.

American Express announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 8th that authorizes the company to buyback 120,000,000 outstanding shares. This buyback authorization authorizes the payment services company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

American Express Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 10th. Investors of record on Friday, April 7th will be paid a $0.60 dividend. This is a boost from American Express’s previous quarterly dividend of $0.52. This represents a $2.40 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Wednesday, April 5th. American Express’s payout ratio is currently 24.39%.

American Express Profile

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American Express Co engages in the provision of charge and credit card products and travel-related services. It operates through the following segments: U.S Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS), Global Merchant and Network Services (GMNS), and Corporate and Other.