Pinnacle Associates Ltd. Sells 1,851 Shares of American Express (NYSE:AXP)

Pinnacle Associates Ltd. trimmed its position in shares of American Express (NYSE:AXP) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 188,244 shares of the payment services company’s stock after selling 1,851 shares during the quarter. Pinnacle Associates Ltd.’s holdings in American Express were worth $43,588,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Bryn Mawr Capital Management LLC raised its stake in shares of American Express by 39.7% in the second quarter. Bryn Mawr Capital Management LLC now owns 6,753 shares of the payment services company’s stock worth $1,648,000 after purchasing an additional 1,919 shares during the last quarter. Searle & CO. grew its stake in shares of American Express by 18.2% in the second quarter. Searle & CO. now owns 48,894 shares of the payment services company’s stock worth $11,321,000 after acquiring an additional 7,537 shares during the period. Pinnacle Wealth Management LLC raised its holdings in shares of American Express by 3.5% during the second quarter. Pinnacle Wealth Management LLC now owns 8,782 shares of the payment services company’s stock valued at $2,033,000 after purchasing an additional 301 shares during the last quarter. Hantz Financial Services Inc. bought a new position in American Express during the second quarter valued at approximately $95,000. Finally, Adero Partners LLC grew its position in American Express by 15.3% in the 2nd quarter. Adero Partners LLC now owns 4,870 shares of the payment services company’s stock worth $1,128,000 after purchasing an additional 645 shares during the period. 84.33% of the stock is currently owned by institutional investors.

American Express Trading Down 0.5 %

AXP stock traded down $1.19 during trading on Friday, hitting $258.65. The company had a trading volume of 3,442,125 shares, compared to its average volume of 2,963,967. The company has a 50 day simple moving average of $242.42 and a 200-day simple moving average of $232.59. The firm has a market capitalization of $186.05 billion, a P/E ratio of 21.31, a PEG ratio of 1.38 and a beta of 1.21. American Express has a 52-week low of $140.91 and a 52-week high of $261.75. 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 issued its quarterly earnings data on Friday, July 19th. The payment services company reported $3.49 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $16.60 billion. During the same quarter in the prior year, the business posted $2.89 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, research analysts forecast that American Express will post 13.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

AXP has been the topic of a number of research reports. Barclays raised their price target on American Express from $221.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. William Blair reaffirmed an “outperform” rating on shares of American Express in a report on Monday, June 3rd. BTIG Research initiated coverage on American Express in a report on Friday, June 7th. They set a “neutral” rating for the company. Bank of America downgraded American Express from a “buy” rating to a “neutral” rating and set a $263.00 price objective for the company. in a research note on Wednesday, August 21st. Finally, Citigroup initiated coverage on shares of American Express in a research note on Monday, June 10th. They set a “neutral” rating and a $250.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, thirteen have issued 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.

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.