Provident Trust Co. Has $374.11 Million Position in American Express Company $AXP

Provident Trust Co. lifted its stake in shares of American Express Company (NYSE:AXP) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,126,307 shares of the payment services company’s stock after purchasing an additional 17,336 shares during the quarter. American Express comprises about 6.2% of Provident Trust Co.’s investment portfolio, making the stock its 10th largest holding. Provident Trust Co.’s holdings in American Express were worth $374,114,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Briaud Financial Planning Inc acquired a new position in shares of American Express during the second quarter valued at approximately $26,000. Access Investment Management LLC bought a new position in American Express during the 2nd quarter valued at $26,000. Manning & Napier Advisors LLC acquired a new position in shares of American Express during the 3rd quarter valued at $27,000. Halbert Hargrove Global Advisors LLC raised its stake in shares of American Express by 210.7% in the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 87 shares of the payment services company’s stock worth $29,000 after buying an additional 59 shares in the last quarter. Finally, Grey Fox Wealth Advisors LLC acquired a new stake in shares of American Express in the third quarter valued at $34,000. Institutional investors own 84.33% of the company’s stock.

American Express Stock Down 1.7%

American Express stock opened at $361.76 on Friday. American Express Company has a twelve month low of $220.43 and a twelve month high of $387.49. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.59 and a current ratio of 1.61. The firm has a market cap of $249.20 billion, a PE ratio of 24.28, a P/E/G ratio of 1.51 and a beta of 1.15. The firm’s 50 day moving average price is $368.05 and its two-hundred day moving average price is $342.47.

American Express (NYSE:AXP) last issued its earnings results on Friday, January 30th. The payment services company reported ($11.85) earnings per share 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 analyst estimates of $18.91 billion. American Express had a return on equity of 33.41% and a net margin of 14.97%. On average, research analysts predict that American Express Company will post 15.33 EPS for the current fiscal year.

American Express Announces Dividend

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

Insider Buying and Selling at American Express

In other news, CMO Elizabeth Rutledge sold 50,000 shares of the 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 owned 85,577 shares of the company’s stock, valued at approximately $30,825,691.17. This represents a 36.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Weiss Ratings raised shares of American Express from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Truist Financial raised their target price on shares of American Express from $395.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Keefe, Bruyette & Woods lifted their price target on shares of American Express from $371.00 to $394.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Royal Bank Of Canada reiterated an “outperform” rating and set a $425.00 price objective on shares of American Express in a research report on Monday, January 12th. Finally, Credit Suisse Group set a $328.00 target price on American Express in a report on Monday, January 12th. Nine equities 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 MarketBeat, American Express presently has an average rating of “Hold” and an average target price of $353.95.

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.