Cornerstone Advisors LLC Has $7.36 Million Holdings in American Express (NYSE:AXP)

Cornerstone Advisors LLC trimmed its stake in shares of American Express (NYSE:AXP) by 8.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,800 shares of the payment services company’s stock after selling 2,800 shares during the period. Cornerstone Advisors LLC’s holdings in American Express were worth $7,363,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AXP. Scarborough Advisors LLC bought a new position in American Express in the 4th quarter valued at $25,000. Sachetta LLC bought a new position in American Express in the fourth quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC acquired a new stake in American Express in the fourth quarter worth about $29,000. Game Plan Financial Advisors LLC raised its holdings in American Express by 62.5% during the 1st quarter. Game Plan Financial Advisors LLC now owns 130 shares of the payment services company’s stock worth $30,000 after purchasing an additional 50 shares during the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in American Express during the 4th quarter valued at about $32,000. 84.33% of the stock is owned by institutional investors.

American Express Price Performance

NYSE AXP opened at $259.00 on Monday. The firm’s 50 day moving average is $246.33 and its 200-day moving average is $235.60. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $186.30 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. American Express has a 12-month low of $140.91 and a 12-month high of $261.75.

American Express (NYSE:AXP) last issued its quarterly earnings results on Friday, July 19th. The payment services company reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.23. American Express had a net margin of 15.53% and a return on equity of 32.94%. The firm had revenue of $16.33 billion for the quarter, compared to analyst estimates of $16.60 billion. During the same period in the previous year, the business earned $2.89 EPS. The company’s revenue was up 9.2% compared to the same quarter last year. Equities research analysts anticipate that American Express will post 13.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of American Express from $240.00 to $268.00 and gave the stock an “overweight” rating in a research note on Monday, July 8th. Bank of America lowered American Express from a “buy” rating to a “neutral” rating and set a $263.00 price target on the stock. in a research report on Wednesday, August 21st. Jefferies Financial Group upped their price objective on American Express from $225.00 to $235.00 and gave the company a “hold” rating in a report on Tuesday, July 9th. Barclays raised their target price on American Express from $221.00 to $223.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 9th. Finally, Compass Point initiated coverage on American Express in a research note on Tuesday, July 16th. They issued a “neutral” rating and a $260.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $230.70.

About American Express

American Express Company, together with its subsidiaries, operates as integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and Internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.