Procyon Advisors LLC Lowers Position in American Express (NYSE:AXP)

Procyon Advisors LLC trimmed its holdings in shares of American Express (NYSE:AXPGet Rating) by 15.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,477 shares of the payment services company’s stock after selling 462 shares during the quarter. Procyon Advisors LLC’s holdings in American Express were worth $343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in AXP. Vanguard Group Inc. increased its position in shares of American Express by 0.4% in the first quarter. Vanguard Group Inc. now owns 46,802,171 shares of the payment services company’s stock worth $8,752,006,000 after purchasing an additional 200,093 shares during the last quarter. State Street Corp increased its holdings in shares of American Express by 0.9% in the 4th quarter. State Street Corp now owns 34,277,797 shares of the payment services company’s stock worth $5,607,848,000 after buying an additional 320,288 shares during the last quarter. Wellington Management Group LLP raised its position in shares of American Express by 1.1% during the 1st quarter. Wellington Management Group LLP now owns 28,755,839 shares of the payment services company’s stock valued at $5,377,343,000 after buying an additional 324,789 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 worth $2,504,375,000 after acquiring an additional 906,904 shares during the last quarter. Finally, Invesco Ltd. grew its position in American Express by 19.2% in the first quarter. Invesco Ltd. now owns 6,416,785 shares of the payment services company’s stock worth $1,199,937,000 after acquiring an additional 1,032,350 shares in the last quarter. 84.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AXP has been the subject of a number of research reports. Robert W. Baird upgraded American Express from a “neutral” rating to an “outperform” rating and set a $175.00 price objective for the company in a report on Friday, June 17th. Wells Fargo & Company reduced their price target on shares of American Express from $215.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 13th. Edward Jones upgraded shares of American Express from a “hold” rating to a “buy” rating in a report on Monday, June 6th. Morgan Stanley increased their target price on shares of American Express from $143.00 to $155.00 and gave the company an “equal weight” rating in a report on Monday, July 25th. Finally, Piper Sandler lowered their price target on shares of American Express from $202.00 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday, July 6th. One investment 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 data from MarketBeat.com, American Express presently has an average rating of “Hold” and an average price target of $181.53.

American Express Stock Performance

American Express stock opened at $155.36 on Tuesday. American Express has a fifty-two week low of $134.12 and a fifty-two week high of $199.55. The stock has a market cap of $116.48 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 1.19 and a beta of 1.14. The stock’s 50 day simple moving average is $154.14 and its two-hundred day simple moving average is $162.56. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.63 and a current ratio of 1.63.

American Express (NYSE:AXPGet Rating) last released its quarterly earnings results on Friday, July 22nd. The payment services company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.16. The company had revenue of $13.40 billion for the quarter, compared to analyst estimates of $12.54 billion. American Express had a return on equity of 32.81% and a net margin of 15.69%. The firm’s revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.80 earnings per share. As a group, analysts expect that American Express will post 9.88 earnings per share for the current fiscal year.

About American Express

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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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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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