Van ECK Associates Corp Lowers Holdings in American Express (NYSE:AXP)

Van ECK Associates Corp decreased its holdings in American Express (NYSE:AXP) by 3.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,333 shares of the payment services company’s stock after selling 1,941 shares during the quarter. Van ECK Associates Corp’s holdings in American Express were worth $10,960,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ieq Capital LLC boosted its stake in shares of American Express by 11.2% in the fourth quarter. Ieq Capital LLC now owns 23,030 shares of the payment services company’s stock valued at $4,314,000 after purchasing an additional 2,319 shares during the period. US Asset Management LLC purchased a new position in shares of American Express in the fourth quarter valued at approximately $657,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of American Express in the fourth quarter valued at approximately $1,098,000. Cetera Advisors LLC boosted its stake in shares of American Express by 119.6% in the first quarter. Cetera Advisors LLC now owns 39,497 shares of the payment services company’s stock valued at $8,993,000 after purchasing an additional 21,508 shares during the period. Finally, Empowered Funds LLC lifted its stake in American Express by 102.9% in the first quarter. Empowered Funds LLC now owns 12,480 shares of the payment services company’s stock worth $2,842,000 after acquiring an additional 6,329 shares during the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

American Express Stock Performance

Shares of American Express stock opened at $258.65 on Monday. The firm’s fifty day simple moving average is $242.42 and its 200-day simple moving average is $232.90. The stock has a market capitalization of $183.88 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 1.45 and a beta of 1.21. American Express has a 12 month low of $140.91 and a 12 month high of $261.75. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.66 and a quick ratio of 1.66.

American Express (NYSE:AXP) last announced its earnings results on Friday, July 19th. The payment services company reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.23. The business had revenue of $16.33 billion for the quarter, compared to analysts’ expectations of $16.60 billion. American Express had a net margin of 15.53% and a return on equity of 32.94%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.89 EPS. As a group, equities analysts forecast that American Express will post 13.12 earnings per share for the current year.

Analyst Ratings Changes

AXP has been the subject of a number of recent research reports. Barclays lifted their price target on shares of American Express from $221.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. Wells Fargo & Company lifted their price target on shares of American Express from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Citigroup initiated coverage on shares of American Express in a research note on Monday, June 10th. They issued a “neutral” rating and a $250.00 price target for the company. Compass Point initiated coverage on shares of American Express in a research note on Tuesday, July 16th. They issued a “neutral” rating and a $260.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on shares of American Express from $265.00 to $267.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $230.70.

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.