Cornerstone Wealth Management LLC Cuts Stock Position in American Express (NYSE:AXP)

Cornerstone Wealth Management LLC lessened its stake in American Express (NYSE:AXP) by 1.0% in the fourth quarter, HoldingsChannel reports. The fund owned 3,629 shares of the payment services company’s stock after selling 37 shares during the period. Cornerstone Wealth Management LLC’s holdings in American Express were worth $1,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AXP. Prospera Private Wealth LLC bought a new stake in shares of American Express in the 3rd quarter valued at about $27,000. Kennebec Savings Bank bought a new stake in shares of American Express in the 3rd quarter valued at about $29,000. True Wealth Design LLC lifted 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 valued at $29,000 after acquiring an additional 83 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of American Express in the 3rd quarter valued at about $38,000. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of American Express in the 3rd quarter valued at about $46,000. Institutional investors own 84.33% of the company’s stock.

Analyst Ratings Changes

AXP has been the subject of a number of recent analyst reports. Compass Point upped their price target on American Express from $315.00 to $325.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. Truist Financial initiated coverage on American Express in a research report on Tuesday, January 7th. They set a “buy” rating and a $350.00 price target for the company. BTIG Research upped their price target on American Express from $266.00 to $270.00 and gave the company a “sell” rating in a research report on Friday. The Goldman Sachs Group upped their price target on American Express from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, StockNews.com raised American Express from a “hold” rating to a “buy” rating in a research report on Saturday, January 11th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $281.00.

American Express Stock Performance

American Express stock opened at $320.87 on Friday. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $226.04 billion, a P/E ratio of 23.61, a PEG ratio of 1.51 and a beta of 1.23. The stock’s 50 day moving average is $301.67 and its 200 day moving average is $274.06. American Express has a twelve month low of $186.43 and a twelve month high of $326.27.

American Express (NYSE:AXP) last issued its earnings results on Friday, January 24th. The payment services company reported $3.04 EPS for the quarter, beating the consensus estimate of $3.00 by $0.04. American Express had a return on equity of 32.46% and a net margin of 15.32%. On average, equities research analysts predict that American Express will post 13.4 earnings per share for the current fiscal year.

American Express Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, January 3rd. This represents a $2.80 annualized dividend and a yield of 0.87%. American Express’s dividend payout ratio is 20.60%.

Insider Buying and Selling at American Express

In other news, CFO Caillec Christophe Le sold 6,000 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $303.48, for a total transaction of $1,820,880.00. Following the transaction, the chief financial officer now directly owns 6,433 shares of the company’s stock, valued at $1,952,286.84. This represents a 48.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Douglas E. Buckminster sold 13,111 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $270.98, for a total value of $3,552,818.78. Following the transaction, the insider now directly owns 109,691 shares in the company, valued at $29,724,067.18. The trade was a 10.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.12% of the company’s stock.

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.