QRG Capital Management Inc. Sells 20,435 Shares of American Express Company $AXP

QRG Capital Management Inc. reduced its stake in American Express Company (NYSE:AXP) by 21.8% during the third quarter, HoldingsChannel reports. The firm owned 73,466 shares of the payment services company’s stock after selling 20,435 shares during the quarter. QRG Capital Management Inc.’s holdings in American Express were worth $24,402,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AXP. Brighton Jones LLC raised its stake in shares of American Express by 24.4% during the fourth quarter. Brighton Jones LLC now owns 6,481 shares of the payment services company’s stock valued at $1,924,000 after acquiring an additional 1,273 shares during the last quarter. Sivia Capital Partners LLC lifted its holdings in American Express by 13.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,738 shares of the payment services company’s stock worth $554,000 after buying an additional 200 shares during the period. Secure Asset Management LLC grew its position in shares of American Express by 92.6% in the 2nd quarter. Secure Asset Management LLC now owns 2,386 shares of the payment services company’s stock valued at $761,000 after buying an additional 1,147 shares during the last quarter. Baker Tilly Wealth Management LLC acquired a new position in shares of American Express in the second quarter worth approximately $261,000. Finally, ARS Wealth Advisors Group LLC acquired a new stake in American Express during the 2nd quarter valued at approximately $230,000. 84.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Denise Pickett sold 5,000 shares of American Express stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $350.73, for a total transaction of $1,753,650.00. Following the sale, the insider directly owned 7,726 shares in the company, valued at approximately $2,709,739.98. This trade represents a 39.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas Tabish sold 2,515 shares of the company’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $355.61, for a total value of $894,359.15. Following the completion of the transaction, the insider owned 2,515 shares of the company’s stock, valued at $894,359.15. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 57,515 shares of company stock valued at $20,658,509 over the last three months. Corporate insiders own 0.20% of the company’s stock.

American Express Trading Up 2.1%

NYSE:AXP opened at $365.03 on Friday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.61 and a quick ratio of 1.59. American Express Company has a one year low of $220.43 and a one year high of $387.49. The company has a market cap of $251.45 billion, a PE ratio of 24.50, a PEG ratio of 1.50 and a beta of 1.15. The firm has a 50-day moving average of $368.55 and a 200-day moving average of $341.06.

American Express (NYSE:AXP) last issued its quarterly earnings data on Friday, January 30th. The payment services company reported ($11.85) EPS for the quarter, missing analysts’ consensus estimates of $3.56 by ($15.41). The company had revenue of ($17,139.00) million for the quarter, compared to the consensus estimate of $18.91 billion. American Express had a return on equity of 33.41% and a net margin of 14.97%. As a group, equities research analysts expect that American Express Company will post 15.33 EPS for the current fiscal year.

American Express Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Evercore ISI set a $400.00 price objective on shares of American Express in a research report on Tuesday, January 6th. Credit Suisse Group set a $328.00 target price on American Express in a research note on Monday. The Goldman Sachs Group restated a “buy” rating and set a $420.00 price target on shares of American Express in a report on Tuesday, January 6th. HSBC set a $295.00 price objective on shares of American Express and gave the stock a “hold” rating in a research report on Friday, October 10th. Finally, DZ Bank raised shares of American Express from a “sell” rating to a “hold” rating and set a $340.00 target price on the stock in a research note on Tuesday, October 21st. Nine investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, American Express has an average rating of “Hold” and a consensus price target of $352.82.

American Express Company 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.