Cumberland Partners Ltd Boosts Stock Holdings in American Express (NYSE:AXP)

by · The Cerbat Gem

Cumberland Partners Ltd raised its stake in American Express (NYSE:AXP) by 175.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,500 shares of the payment services company’s stock after buying an additional 3,500 shares during the period. Cumberland Partners Ltd’s holdings in American Express were worth $1,492,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in shares of American Express by 8.5% in the first 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. TD Asset Management Inc boosted its position in American Express by 8.2% during the first quarter. TD Asset Management Inc now owns 2,595,370 shares of the payment services company’s stock worth $590,940,000 after acquiring an additional 195,876 shares during the last quarter. Boston Partners boosted its position in American Express by 22.2% during the first quarter. Boston Partners now owns 2,129,175 shares of the payment services company’s stock worth $485,525,000 after acquiring an additional 387,166 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in American Express by 0.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,682,959 shares of the payment services company’s stock worth $456,418,000 after purchasing an additional 7,676 shares during the period. Finally, abrdn plc raised its stake in American Express by 2.2% during the third quarter. abrdn plc now owns 1,270,814 shares of the payment services company’s stock worth $343,437,000 after purchasing an additional 27,859 shares during the period. 84.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Anre D. Williams sold 77,887 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $270.26, for a total value of $21,049,740.62. Following the completion of the sale, the insider now owns 111,656 shares of the company’s stock, valued at approximately $30,176,150.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Vice Chairman Douglas E. Buckminster sold 13,111 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $270.98, for a total transaction of $3,552,818.78. Following the completion of the sale, the insider now owns 109,691 shares of the company’s stock, valued at $29,724,067.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Anre D. Williams sold 77,887 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $270.26, for a total transaction of $21,049,740.62. Following the sale, the insider now directly owns 111,656 shares of the company’s stock, valued at $30,176,150.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by company insiders.

American Express Stock Down 0.4 %

Shares of NYSE AXP traded down $1.20 during midday trading on Tuesday, reaching $291.77. The company’s stock had a trading volume of 238,130 shares, compared to its average volume of 2,902,030. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.80. American Express has a fifty-two week low of $153.50 and a fifty-two week high of $296.83. The stock has a market capitalization of $205.54 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 1.56 and a beta of 1.21. The stock has a 50 day simple moving average of $269.33 and a 200-day simple moving average of $249.86.

American Express (NYSE:AXP – Get Free Report) last issued its earnings results on Friday, October 18th. The payment services company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.22. American Express had a net margin of 15.32% and a return on equity of 32.46%. The business had revenue of $16.64 billion for the quarter, compared to the consensus estimate of $16.68 billion. During the same period in the previous year, the company earned $3.30 earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts predict that American Express will post 13.4 earnings per share for the current year.

American Express Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, October 4th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.96%. American Express’s payout ratio is presently 20.60%.

Analyst Upgrades and Downgrades

AXP has been the topic of a number of recent analyst reports. Evercore ISI increased their price target on shares of American Express from $275.00 to $290.00 and gave the stock an “in-line” rating in a research note on Monday, October 7th. Bank of America raised their target price on shares of American Express from $263.00 to $265.00 and gave the company a “neutral” rating in a research note on Tuesday, September 17th. The Goldman Sachs Group raised their target price on shares of American Express from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Barclays raised their target price on shares of American Express from $250.00 to $257.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, HSBC downgraded shares of American Express from a “buy” rating to a “hold” rating and raised their target price for the company from $265.00 to $270.00 in a research note on Tuesday, October 8th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $253.09.

Read Our Latest Research Report on AXP

About American Express

(Free Report)

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.

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