B. Riley Wealth Management Inc. cut its position in shares of American Express (NYSE:AXP) by 57.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,292 shares of the payment services company’s stock after selling 3,107 shares during the quarter. B. Riley Wealth Management Inc.’s holdings in American Express were worth $218,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Wexford Capital LP bought a new position in shares of American Express in the second quarter valued at approximately $102,000. GW Henssler & Associates Ltd. bought a new stake in shares of American Express during the 2nd quarter valued at $203,000. Global Retirement Partners LLC raised its position in shares of American Express by 7.5% during the 2nd quarter. Global Retirement Partners LLC now owns 7,539 shares of the payment services company’s stock valued at $718,000 after acquiring an additional 523 shares during the last quarter. Cypress Capital Group bought a new stake in shares of American Express during the 2nd quarter valued at $237,000. Finally, Dupont Capital Management Corp raised its position in shares of American Express by 15.2% during the 2nd quarter. Dupont Capital Management Corp now owns 122,031 shares of the payment services company’s stock valued at $11,617,000 after acquiring an additional 16,119 shares during the last quarter. 84.14% of the stock is currently owned by institutional investors and hedge funds.
NYSE:AXP traded down $0.32 on Wednesday, hitting $106.36. 110,004 shares of the company’s stock were exchanged, compared to its average volume of 3,529,964. The firm has a 50-day moving average price of $99.86 and a 200-day moving average price of $94.89. The company has a debt-to-equity ratio of 2.32, a current ratio of 1.56 and a quick ratio of 1.56. American Express has a 52 week low of $67.00 and a 52 week high of $138.13. The company has a market cap of $85.89 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 2.66 and a beta of 1.15.
American Express (NYSE:AXP) last issued its quarterly earnings results on Friday, July 24th. The payment services company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.13 by $0.16. The firm had revenue of $7.68 billion for the quarter, compared to analysts’ expectations of $8.25 billion. American Express had a net margin of 10.02% and a return on equity of 24.08%. The company’s revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.07 EPS. On average, research analysts expect that American Express will post 4.52 earnings per share for the current fiscal year.
AXP has been the subject of several recent research reports. BMO Capital Markets upped their target price on shares of American Express from $96.00 to $100.00 in a research report on Monday, July 27th. JPMorgan Chase & Co. lowered shares of American Express from a “neutral” rating to an “underweight” rating and set a $97.00 price target for the company. in a report on Wednesday, July 15th. Oppenheimer initiated coverage on shares of American Express in a report on Monday, August 17th. They issued a “buy” rating and a $100.00 price target for the company. Citigroup lowered shares of American Express from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $105.00 in a report on Wednesday, July 8th. Finally, Atlantic Securities lowered shares of American Express from an “overweight” rating to a “neutral” rating and set a $110.00 price target for the company. in a report on Monday, June 8th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $106.75.
In other news, insider Denise Pickett sold 2,864 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $96.62, for a total value of $276,719.68. Following the sale, the insider now directly owns 10,202 shares of the company’s stock, valued at approximately $985,717.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.
About American Express
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services to consumers and businesses worldwide. It operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services.
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