Ridgecrest Wealth Partners LLC Lowers Holdings in American Express (NYSE:AXP)

Ridgecrest Wealth Partners LLC reduced its holdings in shares of American Express (NYSE:AXP) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,213 shares of the payment services company’s stock after selling 125 shares during the period. Ridgecrest Wealth Partners LLC’s holdings in American Express were worth $504,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in AXP. Game Plan Financial Advisors LLC boosted its holdings in American Express by 62.5% in the first quarter. Game Plan Financial Advisors LLC now owns 130 shares of the payment services company’s stock valued at $30,000 after purchasing an additional 50 shares during the period. Scarborough Advisors LLC purchased a new position in American Express in the fourth quarter worth approximately $25,000. BKM Wealth Management LLC purchased a new stake in shares of American Express in the 4th quarter valued at approximately $28,000. Tennessee Valley Asset Management Partners acquired a new position in shares of American Express during the fourth quarter worth $28,000. Finally, Sachetta LLC purchased a new stake in American Express during the 4th quarter worth about $29,000. 84.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AXP. Barclays restated an “equal weight” rating and set a $221.00 target price (up previously from $220.00) on shares of American Express in a research note on Tuesday, April 9th. JPMorgan Chase & Co. upped their target price on shares of American Express from $214.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 3rd. William Blair reiterated an “outperform” rating on shares of American Express in a research note on Monday, June 3rd. Morgan Stanley upped their price objective on shares of American Express from $222.00 to $226.00 and gave the company an “equal weight” rating in a research note on Monday, April 22nd. Finally, TD Cowen lifted their target price on American Express from $221.00 to $225.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $220.30.

Insider Activity at American Express

In other American Express news, Vice Chairman Douglas E. Buckminster sold 117,309 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $232.44, for a total value of $27,267,303.96. Following the sale, the insider now owns 110,318 shares of the company’s stock, valued at $25,642,315.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other American Express news, CEO Stephen J. Squeri sold 38,873 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $238.63, for a total transaction of $9,276,263.99. Following the sale, the chief executive officer now owns 76,310 shares in the company, valued at approximately $18,209,855.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Douglas E. Buckminster sold 117,309 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $232.44, for a total value of $27,267,303.96. Following the transaction, the insider now directly owns 110,318 shares of the company’s stock, valued at approximately $25,642,315.92. The disclosure for this sale can be found here. Insiders sold 177,717 shares of company stock valued at $41,680,999 in the last ninety days. Corporate insiders own 0.12% of the company’s stock.

American Express Stock Up 1.4 %

American Express stock opened at $231.55 on Friday. The stock’s 50 day moving average price is $234.69 and its 200 day moving average price is $216.11. The company has a market cap of $166.55 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 1.32 and a beta of 1.22. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.62 and a quick ratio of 1.62. American Express has a 1-year low of $140.91 and a 1-year high of $244.41.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, April 19th. The payment services company reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.36. American Express had a net margin of 14.50% and a return on equity of 32.46%. The business had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $15.79 billion. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.40 EPS. On average, sell-side analysts predict that American Express will post 13 EPS for the current fiscal year.

American Express Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be issued a $0.70 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.21%. This is a boost from American Express’s previous quarterly dividend of $0.10. American Express’s dividend payout ratio is currently 23.06%.

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.