Contravisory Investment Management Inc. Makes New Investment in American Express (NYSE:AXP)

by · The Markets Daily

Contravisory Investment Management Inc. bought a new position in American Express (NYSE:AXP) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 30,032 shares of the payment services company’s stock, valued at approximately $8,145,000. American Express accounts for 1.7% of Contravisory Investment Management Inc.’s holdings, making the stock its 29th biggest holding.

Several other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 worth $1,923,399,000 after buying an additional 662,382 shares during the period. TD Asset Management Inc lifted its holdings in shares of American Express by 8.2% in the 1st quarter. TD Asset Management Inc now owns 2,595,370 shares of the payment services company’s stock worth $590,940,000 after buying an additional 195,876 shares during the period. Boston Partners lifted its holdings in shares of American Express by 22.2% in the 1st quarter. Boston Partners now owns 2,129,175 shares of the payment services company’s stock worth $485,525,000 after buying an additional 387,166 shares during the period. Alphinity Investment Management Pty Ltd purchased a new stake in shares of American Express in the 1st quarter worth $433,709,000. Finally, Nordea Investment Management AB lifted its holdings in shares of American Express by 14.2% in the 1st quarter. Nordea Investment Management AB now owns 1,798,742 shares of the payment services company’s stock worth $408,494,000 after buying an additional 224,079 shares during the period. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

American Express Trading Down 0.4 %

Shares of NYSE:AXP opened at $270.46 on Friday. American Express has a 52-week low of $140.91 and a 52-week high of $276.79. The stock has a market cap of $192.27 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 1.50 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. The business has a 50-day moving average price of $255.13 and a 200-day moving average price of $241.40.

American Express (NYSE:AXP – Get Free Report) last announced its quarterly earnings results on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.26 by $0.23. The company had revenue of $16.33 billion during the quarter, compared to analysts’ expectations of $16.60 billion. American Express had a return on equity of 32.94% and a net margin of 15.53%. American Express’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the business earned $2.89 earnings per share. Equities analysts predict that American Express will post 13.14 EPS for the current year.

American Express Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 4th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.04%. The ex-dividend date is Friday, October 4th. American Express’s dividend payout ratio is currently 20.90%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on AXP shares. JPMorgan Chase & Co. cut American Express from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $268.00 to $286.00 in a research note on Monday. BTIG Research cut American Express from a “neutral” rating to a “sell” rating and set a $230.00 price objective for the company. in a research note on Tuesday. HSBC cut American Express from a “buy” rating to a “hold” rating and upped their price objective for the stock from $265.00 to $270.00 in a research note on Tuesday. Keefe, Bruyette & Woods upped their price objective on American Express from $265.00 to $280.00 and gave the stock an “outperform” rating in a research note on Monday, July 8th. Finally, Wells Fargo & Company upped their price objective on American Express from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $239.96.

Get Our Latest Stock Report on AXP

American Express Company Profile

(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.

See Also

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