State of Michigan Retirement System lowered its position in American Express (NYSE:AXP) by 35.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 99,630 shares of the payment services company’s stock after selling 54,129 shares during the quarter. State of Michigan Retirement System’s holdings in American Express were worth $9,485,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Buckley Wealth Management LLC increased its position in American Express by 0.7% in the 2nd quarter. Buckley Wealth Management LLC now owns 14,186 shares of the payment services company’s stock valued at $1,351,000 after acquiring an additional 105 shares during the period. Bay Harbor Wealth Management LLC raised its stake in shares of American Express by 28.6% during the second quarter. Bay Harbor Wealth Management LLC now owns 481 shares of the payment services company’s stock valued at $46,000 after purchasing an additional 107 shares in the last quarter. Altfest L J & Co. Inc. raised its stake in shares of American Express by 3.4% during the first quarter. Altfest L J & Co. Inc. now owns 3,631 shares of the payment services company’s stock valued at $311,000 after purchasing an additional 119 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in American Express by 23.3% in the second quarter. Lindbrook Capital LLC now owns 630 shares of the payment services company’s stock worth $60,000 after purchasing an additional 119 shares during the period. Finally, Merit Financial Group LLC grew its position in American Express by 4.8% in the 1st quarter. Merit Financial Group LLC now owns 2,601 shares of the payment services company’s stock valued at $223,000 after buying an additional 120 shares in the last quarter. 84.59% of the stock is currently owned by institutional investors.
AXP has been the subject of several recent analyst reports. Oppenheimer reiterated a “buy” rating and issued a $100.00 price objective on shares of American Express in a report on Sunday, July 26th. Zacks Investment Research upgraded American Express from a “strong sell” rating to a “hold” rating and set a $101.00 price target on the stock in a research report on Thursday, April 30th. Royal Bank of Canada boosted their price objective on American Express from $85.00 to $105.00 and gave the stock a “sector perform” rating in a research note on Thursday, June 4th. Citigroup cut American Express from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $105.00 in a research note on Wednesday, July 8th. Finally, Morgan Stanley dropped their price target on shares of American Express from $117.00 to $114.00 and set an “overweight” rating on the stock in a research report on Monday, July 27th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have given a buy rating to the stock. American Express presently has a consensus rating of “Hold” and an average target price of $106.71.
American Express (NYSE:AXP) last announced its quarterly earnings data on Friday, July 24th. The payment services company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.16. American Express had a net margin of 10.02% and a return on equity of 24.08%. The firm had revenue of $7.68 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same period in the previous year, the firm posted $2.07 earnings per share. The firm’s revenue was down 29.2% on a year-over-year basis. On average, equities research analysts anticipate that American Express will post 4.62 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Wednesday, July 1st. American Express’s dividend payout ratio (DPR) is presently 20.98%.
About American Express
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services to consumers and businesses worldwide. It operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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