Sprucegrove Investment Management Ltd. trimmed its position in shares of American Express (NYSE:AXP) by 37.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 201,900 shares of the payment services company’s stock after selling 119,100 shares during the quarter. American Express makes up approximately 1.2% of Sprucegrove Investment Management Ltd.’s holdings, making the stock its 26th largest position. Sprucegrove Investment Management Ltd.’s holdings in American Express were worth $37,755,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of AXP. Norges Bank bought a new stake in American Express during the 4th quarter valued at approximately $993,440,000. Massachusetts Financial Services Co. MA boosted its position in American Express by 7.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 13,392,391 shares of the payment services company’s stock valued at $2,504,375,000 after acquiring an additional 906,904 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in American Express by 112.7% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,293,577 shares of the payment services company’s stock valued at $241,901,000 after acquiring an additional 685,478 shares in the last quarter. Guggenheim Capital LLC boosted its position in American Express by 1,051.6% during the 4th quarter. Guggenheim Capital LLC now owns 578,461 shares of the payment services company’s stock valued at $94,636,000 after acquiring an additional 528,228 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in American Express by 70.6% during the 1st quarter. Prudential Financial Inc. now owns 935,475 shares of the payment services company’s stock valued at $174,934,000 after acquiring an additional 387,115 shares in the last quarter. 84.10% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently commented on AXP. Wells Fargo & Company dropped their price target on American Express from $215.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 13th. Robert W. Baird raised American Express from a “neutral” rating to an “outperform” rating and set a $175.00 price target on the stock in a research report on Friday, June 17th. Piper Sandler dropped their price target on American Express from $202.00 to $163.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 6th. Edward Jones raised American Express from a “hold” rating to a “buy” rating in a research report on Monday, June 6th. Finally, Keefe, Bruyette & Woods dropped their price target on American Express from $220.00 to $201.00 in a research report on Monday, July 11th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $181.53.
American Express Price Performance
American Express (NYSE:AXP – Get Rating) last announced its earnings results on Friday, July 22nd. The payment services company reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.16. The business had revenue of $13.40 billion during the quarter, compared to analyst estimates of $12.54 billion. American Express had a net margin of 15.69% and a return on equity of 32.81%. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.80 EPS. On average, equities analysts anticipate that American Express will post 9.87 EPS for the current year.
American Express Company Profile
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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