Synovus Financial Corp cut its stake in shares of American Express Company (NYSE:AXP) by 3.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,962 shares of the payment services company’s stock after selling 863 shares during the quarter. Synovus Financial Corp’s holdings in American Express were worth $2,073,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in shares of American Express by 30.4% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock valued at $109,000 after buying an additional 300 shares in the last quarter. Capital Analysts LLC bought a new position in shares of American Express in the second quarter valued at $115,000. MV Capital Management Inc. lifted its stake in shares of American Express by 3.5% in the second quarter. MV Capital Management Inc. now owns 1,448 shares of the payment services company’s stock valued at $122,000 after buying an additional 49 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of American Express by 0.5% in the second quarter. Westside Investment Management Inc. now owns 1,536 shares of the payment services company’s stock valued at $129,000 after buying an additional 8 shares in the last quarter. Finally, City Holding Co. lifted its stake in shares of American Express by 2.7% in the second quarter. City Holding Co. now owns 1,572 shares of the payment services company’s stock valued at $132,000 after buying an additional 41 shares in the last quarter. 83.35% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Kenneth I. Chenault sold 96,440 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $97.30, for a total transaction of $9,383,612.00. Following the completion of the sale, the chief executive officer now owns 1,178,333 shares in the company, valued at $114,651,800.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Peter Bush sold 12,789 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $99.45, for a total transaction of $1,271,866.05. Following the sale, the insider now owns 92,504 shares of the company’s stock, valued at approximately $9,199,522.80. The disclosure for this sale can be found here. Insiders have sold 442,869 shares of company stock valued at $42,823,869 in the last 90 days. 0.67% of the stock is currently owned by corporate insiders.
American Express (NYSE:AXP) last posted its quarterly earnings data on Wednesday, October 18th. The payment services company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.03. American Express had a net margin of 14.48% and a return on equity of 22.73%. The business had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.31 billion. During the same quarter last year, the company posted $1.24 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. analysts forecast that American Express Company will post 5.86 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, January 5th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, January 4th. This represents a $1.40 dividend on an annualized basis and a yield of 1.39%. American Express’s dividend payout ratio (DPR) is presently 27.03%.
A number of research analysts have weighed in on the stock. Bank of America raised their price objective on shares of American Express from $102.00 to $106.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Jefferies Group reissued an “in-line” rating and set a $93.00 price target (up from $85.00) on shares of American Express in a research report on Thursday, October 19th. Zacks Investment Research raised shares of American Express from a “hold” rating to a “buy” rating and set a $107.00 price target on the stock in a research report on Wednesday, November 1st. Wells Fargo & Co assumed coverage on shares of American Express in a research report on Tuesday, October 10th. They set an “outperform” rating and a $105.00 price target on the stock. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $98.00 price target on shares of American Express in a research report on Thursday, October 19th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the stock. American Express presently has an average rating of “Hold” and an average price target of $96.68.
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American Express Profile
American Express Company, together with its subsidiaries, is a global services company. The Company’s principal products and services are charge and credit card products, and travel-related services, which are offered to consumers and businesses around the world. Its segments include the U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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