American Express (NYSE:AXP) Stake Reduced by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. lowered its position in American Express (NYSE:AXP) by 0.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,436 shares of the payment services company’s stock after selling 86 shares during the period. American Express makes up approximately 2.5% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 9th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in American Express were worth $7,742,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AXP. Norges Bank acquired a new position in shares of American Express during the 4th quarter worth approximately $1,112,747,000. Alphinity Investment Management Pty Ltd acquired a new position in American Express in the 1st quarter valued at $433,709,000. TD Asset Management Inc raised its stake in American Express by 62.1% in the 4th quarter. TD Asset Management Inc now owns 2,399,494 shares of the payment services company’s stock valued at $449,521,000 after purchasing an additional 919,337 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in American Express by 21.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,839,276 shares of the payment services company’s stock valued at $713,202,000 after purchasing an additional 667,695 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in American Express by 8.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,447,441 shares of the payment services company’s stock valued at $1,923,399,000 after purchasing an additional 662,382 shares during the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

American Express Price Performance

AXP stock traded up $2.21 on Friday, reaching $251.71. 2,133,228 shares of the company’s stock were exchanged, compared to its average volume of 3,002,593. The stock has a fifty day moving average of $236.80 and a 200-day moving average of $229.00. American Express has a twelve month low of $140.91 and a twelve month high of $256.24. The firm has a market cap of $181.06 billion, a PE ratio of 20.59, a P/E/G ratio of 1.38 and a beta of 1.21. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.74.

American Express (NYSE:AXP) last announced its quarterly earnings data on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.23. American Express had a return on equity of 32.94% and a net margin of 15.53%. The firm had revenue of $16.33 billion for the quarter, compared to analyst estimates of $16.60 billion. During the same quarter in the prior year, the company posted $2.89 earnings per share. American Express’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities analysts predict that American Express will post 13.24 EPS for the current fiscal year.

Analyst Ratings Changes

AXP has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised their target price on American Express from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Bank of America increased their price target on American Express from $247.00 to $263.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. BMO Capital Markets increased their price target on American Express from $167.00 to $175.00 and gave the stock an “underperform” rating in a report on Monday, April 22nd. JPMorgan Chase & Co. increased their price target on American Express from $240.00 to $268.00 and gave the stock an “overweight” rating in a report on Monday, July 8th. Finally, StockNews.com upgraded American Express from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target 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.