Bank of New York Mellon Corp Sells 103,400 Shares of American Express Company $AXP

Bank of New York Mellon Corp reduced its stake in American Express Company (NYSE:AXP) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,944,224 shares of the payment services company’s stock after selling 103,400 shares during the period. Bank of New York Mellon Corp owned approximately 0.57% of American Express worth $1,310,113,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Briaud Financial Planning Inc purchased a new position in American Express during the 2nd quarter valued at about $26,000. Access Investment Management LLC purchased a new position in American Express during the second quarter valued at approximately $26,000. Manning & Napier Advisors LLC purchased a new position in American Express during the third quarter valued at approximately $27,000. Halbert Hargrove Global Advisors LLC increased its holdings in American Express by 210.7% during the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 87 shares of the payment services company’s stock worth $29,000 after acquiring an additional 59 shares during the period. Finally, Grey Fox Wealth Advisors LLC purchased a new stake in American Express in the 3rd quarter worth approximately $34,000. 84.33% of the stock is currently owned by institutional investors.

American Express Stock Performance

Shares of NYSE AXP opened at $359.54 on Wednesday. The stock’s 50-day moving average is $368.86 and its 200 day moving average is $343.19. The stock has a market cap of $247.67 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 1.52 and a beta of 1.15. American Express Company has a 1-year low of $220.43 and a 1-year high of $387.49. The company has a current ratio of 1.61, a quick ratio of 1.59 and a debt-to-equity ratio of 1.78.

American Express (NYSE:AXP) last issued its earnings results on Friday, January 30th. The payment services company reported ($11.85) earnings per share (EPS) for the quarter, missing the consensus estimate of $3.56 by ($15.41). The firm had revenue of ($17,139.00) million during the quarter, compared to analysts’ expectations of $18.91 billion. American Express had a return on equity of 33.41% and a net margin of 14.97%. On average, sell-side analysts anticipate that American Express Company will post 15.33 EPS for the current fiscal year.

American Express Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 10th. Shareholders of record on Friday, January 2nd will be paid a $0.82 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $3.28 annualized dividend and a yield of 0.9%. American Express’s payout ratio is currently 22.01%.

Insider Activity

In other news, CMO Elizabeth Rutledge sold 50,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $360.21, for a total transaction of $18,010,500.00. Following the transaction, the chief marketing officer directly owned 85,577 shares of the company’s stock, valued at approximately $30,825,691.17. This trade represents a 36.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $425.00 price target on shares of American Express in a report on Monday, January 12th. Weiss Ratings upgraded American Express from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. BTIG Research reiterated a “sell” rating and set a $328.00 price target on shares of American Express in a research report on Monday, January 12th. Morgan Stanley set a $395.00 price objective on American Express in a report on Tuesday, January 20th. Finally, Truist Financial raised their target price on shares of American Express from $395.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Nine research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $353.95.

American Express Profile

American Express is a global financial services company primarily known for its payment card products, travel services and merchant network. Founded in 1850 as an express mail business, the company evolved through the 20th century into a payments and travel-focused organization. Its core activities include issuing consumer and commercial charge and credit cards, operating a global card acceptance and processing network, and providing travel-related services and customer loyalty programs.

American Express issues a range of products for individuals, small businesses and large corporations, including personal cards, business and corporate cards, and co‑brand partnerships with airlines, hotels and retailers.