American Express (NYSE:AXP) Position Lessened by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its position in American Express (NYSE:AXP) by 3.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,614 shares of the payment services company’s stock after selling 5,826 shares during the period. MetLife Investment Management LLC’s holdings in American Express were worth $42,203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AXP. Sovereign Financial Group Inc. increased its position in American Express by 2.7% in the third quarter. Sovereign Financial Group Inc. now owns 1,467 shares of the payment services company’s stock worth $398,000 after purchasing an additional 38 shares during the period. Legacy Financial Strategies LLC grew its position in shares of American Express by 2.5% during the 3rd quarter. Legacy Financial Strategies LLC now owns 1,632 shares of the payment services company’s stock worth $443,000 after buying an additional 40 shares during the period. Concord Wealth Partners raised its stake in shares of American Express by 10.5% during the third quarter. Concord Wealth Partners now owns 422 shares of the payment services company’s stock worth $114,000 after buying an additional 40 shares during the last quarter. Sawgrass Asset Management LLC raised its stake in shares of American Express by 0.4% during the second quarter. Sawgrass Asset Management LLC now owns 10,384 shares of the payment services company’s stock worth $2,404,000 after buying an additional 41 shares during the last quarter. Finally, Godsey & Gibb Inc. lifted its holdings in American Express by 3.5% in the third quarter. Godsey & Gibb Inc. now owns 1,227 shares of the payment services company’s stock valued at $333,000 after buying an additional 41 shares during the period. 84.33% of the stock is owned by hedge funds and other institutional investors.

American Express Stock Up 0.4 %

AXP traded up $1.32 during trading hours on Wednesday, hitting $306.89. 79,234 shares of the company’s stock were exchanged, compared to its average volume of 2,887,807. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.80. American Express has a 1-year low of $163.61 and a 1-year high of $307.82. The stock’s 50-day moving average is $277.77 and its two-hundred day moving average is $254.26. The stock has a market cap of $216.19 billion, a price-to-earnings ratio of 22.49, a PEG ratio of 1.75 and a beta of 1.21.

American Express (NYSE:AXP) last released its earnings results on Friday, October 18th. The payment services company reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.27 by $0.22. American Express had a return on equity of 32.46% and a net margin of 15.32%. The business had revenue of $16.64 billion for the quarter, compared to the consensus estimate of $16.68 billion. During the same quarter in the previous year, the business earned $3.30 earnings per share. American Express’s quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts predict that American Express will post 13.4 earnings per share for the current fiscal year.

American Express Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Friday, October 4th were paid a $0.70 dividend. The ex-dividend date was Friday, October 4th. This represents a $2.80 annualized dividend and a dividend yield of 0.91%. American Express’s dividend payout ratio is presently 20.60%.

Analysts Set New Price Targets

Several analysts have commented on AXP shares. Monness Crespi & Hardt upped their target price 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. Wells Fargo & Company upped their price objective on American Express from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Bank of America raised their target price on American Express from $263.00 to $265.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. cut American Express from an “overweight” rating to a “neutral” rating and upped their price target for the company from $268.00 to $286.00 in a research note on Monday, October 7th. Finally, Hsbc Global Res cut shares of American Express from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 8th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $253.09.

Insider Buying and Selling

In related news, Vice Chairman Douglas E. Buckminster sold 13,111 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $270.98, for a total value of $3,552,818.78. Following the sale, the insider now owns 109,691 shares in the company, valued at approximately $29,724,067.18. This represents a 10.68 % 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, insider Anre D. Williams sold 77,887 shares of American Express stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $270.26, for a total transaction of $21,049,740.62. Following 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 41.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.

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.