American Express (NYSE:AXP) Shares Sold by ProVise Management Group LLC

ProVise Management Group LLC reduced its position in American Express (NYSE:AXP) by 25.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,267 shares of the payment services company’s stock after selling 3,593 shares during the quarter. ProVise Management Group LLC’s holdings in American Express were worth $3,047,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in shares of American Express in the 3rd quarter worth $27,000. True Wealth Design LLC increased its stake in shares of American Express by 332.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the payment services company’s stock worth $29,000 after acquiring an additional 83 shares during the last quarter. Curio Wealth LLC acquired a new stake in shares of American Express in the 4th quarter worth $37,000. Financial Life Planners acquired a new stake in shares of American Express in the 4th quarter worth $38,000. Finally, Sierra Ocean LLC acquired a new stake in shares of American Express in the 4th quarter worth $40,000. 84.33% of the stock is owned by institutional investors and hedge funds.

American Express Price Performance

AXP stock opened at $262.71 on Wednesday. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.58 and a quick ratio of 1.57. The firm has a market capitalization of $184.56 billion, a P/E ratio of 18.75, a P/E/G ratio of 1.41 and a beta of 1.21. The business’s 50-day moving average is $300.06 and its two-hundred day moving average is $288.47. American Express has a 1 year low of $214.51 and a 1 year high of $326.28.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, January 24th. The payment services company reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.04. American Express had a return on equity of 32.65% and a net margin of 15.36%. Analysts anticipate that American Express will post 15.33 earnings per share for the current fiscal year.

American Express Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 4th will be given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Friday, April 4th. This is a positive change from American Express’s previous quarterly dividend of $0.70. American Express’s dividend payout ratio (DPR) is 23.41%.

Insider Transactions at American Express

In other news, insider Raymond Joabar sold 15,179 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $313.94, for a total transaction of $4,765,295.26. Following the sale, the insider now owns 23,866 shares of the company’s stock, valued at approximately $7,492,492.04. This trade represents a 38.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Angelakis bought 3,700 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $269.89 per share, for a total transaction of $998,593.00. Following the transaction, the director now directly owns 3,700 shares in the company, valued at approximately $998,593. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.12% of the company’s stock.

Analyst Ratings Changes

AXP has been the subject of a number of recent research reports. Baird R W raised American Express from a “strong sell” rating to a “hold” rating in a research note on Friday, March 14th. StockNews.com cut American Express from a “buy” rating to a “hold” rating in a report on Monday, January 27th. Evercore ISI increased their price target on American Express from $315.00 to $344.00 and gave the stock an “in-line” rating in a report on Monday, January 27th. Citigroup increased their price target on American Express from $305.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Finally, Truist Financial began coverage on American Express in a report on Tuesday, January 7th. They set a “buy” rating and a $350.00 price target for the company. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $303.52.

American Express Profile

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.