Olstein Capital Management L.P. Cuts Stock Position in American Express (NYSE:AXP)

Olstein Capital Management L.P. lowered its holdings in American Express (NYSE:AXP) by 66.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,000 shares of the payment services company’s stock after selling 10,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in American Express were worth $1,356,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of American Express by 8.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,447,441 shares of the payment services company’s stock worth $1,923,399,000 after buying an additional 662,382 shares during the last quarter. TD Asset Management Inc grew its stake in shares of American Express by 8.2% during the 1st quarter. TD Asset Management Inc now owns 2,595,370 shares of the payment services company’s stock worth $590,940,000 after purchasing an additional 195,876 shares during the period. Boston Partners lifted its stake in shares of American Express by 22.2% in the 1st quarter. Boston Partners now owns 2,129,175 shares of the payment services company’s stock valued at $485,525,000 after purchasing an additional 387,166 shares during the period. Alphinity Investment Management Pty Ltd purchased a new stake in American Express during the first quarter worth $433,709,000. Finally, abrdn plc grew its position in shares of American Express by 2.2% during the 3rd quarter. abrdn plc now owns 1,270,814 shares of the payment services company’s stock valued at $343,437,000 after acquiring an additional 27,859 shares during the period. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Insider Transactions at American Express

In related news, insider Anre D. Williams sold 77,887 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $270.26, for a total value of $21,049,740.62. Following the transaction, the insider now directly owns 111,656 shares in the company, valued at approximately $30,176,150.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Anre D. Williams sold 77,887 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $270.26, for a total transaction of $21,049,740.62. Following the completion of the transaction, the insider now directly owns 111,656 shares of the company’s stock, valued at approximately $30,176,150.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Douglas E. Buckminster sold 13,111 shares of American Express stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $270.98, for a total value of $3,552,818.78. Following the completion of the transaction, the insider now owns 109,691 shares of the company’s stock, valued at approximately $29,724,067.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AXP. HSBC cut American Express from a “buy” rating to a “hold” rating and boosted their price objective for the company from $265.00 to $270.00 in a research report on Tuesday, October 8th. BTIG Research downgraded shares of American Express from a “neutral” rating to a “sell” rating and set a $230.00 target price on the stock. in a research note on Tuesday, October 8th. Royal Bank of Canada lifted their price target on shares of American Express from $265.00 to $267.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. TD Cowen raised their target price on American Express from $260.00 to $268.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Finally, Monness Crespi & Hardt lifted their price target on shares of American Express from $265.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $253.09.

American Express Stock Performance

Shares of NYSE AXP traded down $5.23 during midday trading on Thursday, hitting $289.93. 312,124 shares of the company’s stock were exchanged, compared to its average volume of 2,906,035. The stock’s 50 day moving average price is $267.52 and its 200-day moving average price is $248.67. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market cap of $204.24 billion, a P/E ratio of 21.72, a PEG ratio of 1.48 and a beta of 1.21. American Express has a twelve month low of $152.05 and a twelve month high of $296.83.

American Express (NYSE:AXP) last released its earnings results on Friday, October 18th. The payment services company reported $3.49 EPS for the quarter, beating the consensus estimate of $3.27 by $0.22. American Express had a net margin of 15.32% and a return on equity of 32.46%. The business had revenue of $16.64 billion during the quarter, compared to analyst estimates of $16.68 billion. During the same period in the prior year, the business earned $3.30 earnings per share. The business’s quarterly revenue was up 8.2% on a year-over-year basis. Equities research analysts anticipate that American Express will post 13.41 EPS for the current year.

American Express Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, October 4th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 0.97%. The ex-dividend date is Friday, October 4th. American Express’s dividend payout ratio is 20.60%.

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.