Varma Mutual Pension Insurance Co Lowers Stock Holdings in American Express (NYSE:AXP)

Varma Mutual Pension Insurance Co lowered its stake in shares of American Express (NYSE:AXP) by 9.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 132,435 shares of the payment services company’s stock after selling 13,665 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in American Express were worth $30,665,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AXP. Gryphon Financial Partners LLC acquired a new stake in shares of American Express in the fourth quarter valued at about $224,000. Principal Securities Inc. acquired a new stake in American Express in the fourth quarter valued at approximately $1,935,000. Berger Financial Group Inc purchased a new stake in shares of American Express during the fourth quarter valued at approximately $224,000. Versor Investments LP acquired a new position in shares of American Express during the fourth quarter worth $824,000. Finally, Northwest Financial Advisors purchased a new position in shares of American Express in the fourth quarter valued at $68,000. 84.33% of the stock is owned by institutional investors and hedge funds.

American Express Stock Performance

Shares of AXP traded down $7.78 during trading hours on Friday, reaching $244.06. 3,652,963 shares of the company’s stock traded hands, compared to its average volume of 2,967,115. American Express has a twelve month low of $140.91 and a twelve month high of $261.75. The business’s fifty day simple moving average is $244.57 and its two-hundred day simple moving average is $234.15. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.66 and a quick ratio of 1.66. The firm has a market capitalization of $175.55 billion, a price-to-earnings ratio of 20.10, a P/E/G ratio of 1.45 and a beta of 1.21.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Monness Crespi & Hardt lifted their price target on shares of American Express from $260.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. raised their price target on shares of American Express from $240.00 to $268.00 and gave the stock an “overweight” rating in a research report on Monday, July 8th. Barclays upped their price target on shares of American Express from $221.00 to $223.00 and gave the company an “equal weight” rating in a report on Tuesday, July 9th. Compass Point started coverage on shares of American Express in a report on Tuesday, July 16th. They set a “neutral” rating and a $260.00 price objective for the company. Finally, 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 target price on the stock. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $230.70.

American Express Company Profile

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.