Korea Investment CORP Acquires 60,441 Shares of American Express (NYSE:AXP)

Korea Investment CORP boosted its stake in shares of American Express (NYSE:AXP) by 11.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 588,394 shares of the payment services company’s stock after purchasing an additional 60,441 shares during the period. Korea Investment CORP owned 0.08% of American Express worth $102,498,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Steward Financial Group LLC increased its position in shares of American Express by 104.9% in the first quarter. Steward Financial Group LLC now owns 211 shares of the payment services company’s stock worth $34,000 after purchasing an additional 108 shares during the period. Impact Partnership Wealth LLC acquired a new position in American Express in the second quarter valued at $35,000. Addison Advisors LLC grew its stake in American Express by 44.8% during the first quarter. Addison Advisors LLC now owns 239 shares of the payment services company’s stock worth $39,000 after purchasing an additional 74 shares during the period. Tilia Fiduciary Partners Inc. increased its stake in shares of American Express by 80.7% in the 1st quarter. Tilia Fiduciary Partners Inc. now owns 300 shares of the payment services company’s stock valued at $49,000 after acquiring an additional 134 shares in the last quarter. Finally, WFA of San Diego LLC bought a new position in shares of American Express during the 2nd quarter worth about $52,000. 83.08% of the stock is currently owned by institutional investors.

American Express Trading Down 1.0 %

Shares of AXP traded down $1.71 during midday trading on Tuesday, hitting $162.14. The stock had a trading volume of 966,748 shares, compared to its average volume of 3,153,727. American Express has a 1 year low of $140.91 and a 1 year high of $182.15. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.60 and a quick ratio of 1.60. The stock’s 50 day moving average is $152.01 and its 200 day moving average is $159.94. The firm has a market cap of $118.16 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 0.99 and a beta of 1.21.

American Express (NYSE:AXP) last posted its quarterly earnings data on Friday, October 20th. The payment services company reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.96 by $0.34. American Express had a return on equity of 30.60% and a net margin of 13.61%. The company had revenue of $15.38 billion during the quarter, compared to analysts’ expectations of $15.36 billion. During the same quarter in the previous year, the business earned $2.47 EPS. American Express’s revenue was up 13.5% compared to the same quarter last year. As a group, analysts forecast that American Express will post 11.19 EPS for the current fiscal year.

American Express Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 10th. Shareholders of record on Friday, October 6th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Thursday, October 5th. American Express’s dividend payout ratio is currently 22.51%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AXP. Royal Bank of Canada cut their target price on American Express from $190.00 to $185.00 and set an “outperform” rating on the stock in a research report on Monday, October 23rd. Piper Sandler raised American Express from an “underweight” rating to a “neutral” rating and increased their price target for the company from $150.00 to $151.00 in a research report on Tuesday, October 24th. Morgan Stanley cut their price objective on American Express from $185.00 to $175.00 and set an “overweight” rating on the stock in a research report on Monday, October 23rd. TD Cowen initiated coverage on shares of American Express in a research note on Wednesday, November 1st. They issued a “market perform” rating and a $158.00 target price on the stock. Finally, Oppenheimer decreased their price target on shares of American Express from $190.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned 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 $171.25.

Insiders Place Their Bets

In related news, Vice Chairman Douglas E. Buckminster sold 11,344 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $158.87, for a total value of $1,802,221.28. Following the transaction, the insider now owns 88,376 shares in the company, valued at approximately $14,040,295.12. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Vice Chairman Douglas E. Buckminster sold 11,344 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $158.87, for a total transaction of $1,802,221.28. Following the sale, the insider now directly owns 88,376 shares in the company, valued at approximately $14,040,295.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Walter Joseph Clayton III acquired 1,000 shares of American Express stock in a transaction on Tuesday, October 24th. The shares were bought at an average price of $143.93 per share, with a total value of $143,930.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $287,860. The disclosure for this purchase can be found here. Corporate insiders own 0.12% of the company’s stock.

About American Express

American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and 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.