Orrstown Financial Services Inc. decreased its position in shares of American Express (NYSE:AXP) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,178 shares of the payment services company’s stock after selling 535 shares during the quarter. American Express comprises about 2.2% of Orrstown Financial Services Inc.’s investment portfolio, making the stock its 9th largest holding. Orrstown Financial Services Inc.’s holdings in American Express were worth $1,155,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in AXP. Voloridge Investment Management LLC acquired a new stake in American Express in the third quarter worth about $3,899,000. SeaCrest Wealth Management LLC lifted its holdings in American Express by 9.6% in the third quarter. SeaCrest Wealth Management LLC now owns 3,765 shares of the payment services company’s stock worth $631,000 after purchasing an additional 329 shares during the period. Chartwell Investment Partners LLC lifted its holdings in American Express by 9.3% in the third quarter. Chartwell Investment Partners LLC now owns 31,240 shares of the payment services company’s stock worth $5,234,000 after purchasing an additional 2,668 shares during the period. EP Wealth Advisors LLC lifted its holdings in American Express by 215.9% in the third quarter. EP Wealth Advisors LLC now owns 56,429 shares of the payment services company’s stock worth $3,115,000 after purchasing an additional 38,567 shares during the period. Finally, Cetera Advisor Networks LLC lifted its holdings in American Express by 10.8% in the third quarter. Cetera Advisor Networks LLC now owns 29,491 shares of the payment services company’s stock worth $4,941,000 after purchasing an additional 2,880 shares during the period. 85.49% of the stock is owned by institutional investors.
In other American Express news, CEO Stephen J. Squeri sold 48,160 shares of the company’s stock in a transaction that occurred on Thursday, April 28th. The stock was sold at an average price of $178.38, for a total transaction of $8,590,780.80. Following the completion of the sale, the chief executive officer now owns 31,285 shares of the company’s stock, valued at $5,580,618.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theodore Leonsis sold 4,005 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $166.63, for a total value of $667,353.15. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.
American Express (NYSE:AXP – Get Rating) last announced its quarterly earnings results on Friday, April 22nd. The payment services company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.43 by $0.30. The business had revenue of $11.74 billion during the quarter, compared to analysts’ expectations of $11.66 billion. American Express had a return on equity of 33.35% and a net margin of 17.49%. The firm’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.74 EPS. On average, analysts predict that American Express will post 9.76 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 10th. Investors of record on Friday, July 1st will be paid a $0.52 dividend. The ex-dividend date is Thursday, June 30th. This represents a $2.08 annualized dividend and a dividend yield of 1.44%. American Express’s payout ratio is 20.84%.
AXP has been the topic of several research reports. Royal Bank of Canada boosted their price target on shares of American Express from $195.00 to $200.00 and gave the stock a “sector perform” rating in a research report on Monday, April 25th. Edward Jones upgraded shares of American Express from a “hold” rating to a “buy” rating in a research report on Monday, June 6th. Wolfe Research cut shares of American Express from an “outperform” rating to a “peer perform” rating and dropped their price target for the stock from $213.00 to $146.00 in a research report on Thursday, May 12th. Morgan Stanley boosted their price objective on American Express from $218.00 to $223.00 and gave the stock an “overweight” rating in a report on Monday, March 28th. Finally, Bank of America boosted their price objective on American Express from $204.00 to $206.00 in a report on Thursday, March 17th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $194.17.
American Express Company Profile (Get Rating)
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services.
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