Procyon Advisors LLC trimmed its holdings in shares of American Express (NYSE:AXP – Get 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 (NYSE:AXP – Get 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
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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