Cornerstone Investment Partners LLC Sells 7,128 Shares of American Express (NYSE:AXP)

Cornerstone Investment Partners LLC lessened its holdings in shares of American Express (NYSE:AXP) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 274,337 shares of the payment services company’s stock after selling 7,128 shares during the quarter. American Express comprises 2.7% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 22nd biggest holding. Cornerstone Investment Partners LLC’s holdings in American Express were worth $37,011,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position in shares of American Express by 5,063.5% during the second quarter. Renaissance Technologies LLC now owns 2,690,194 shares of the payment services company’s stock worth $372,915,000 after acquiring an additional 2,638,094 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of American Express by 16.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,807,168 shares of the payment services company’s stock valued at $666,377,000 after purchasing an additional 675,971 shares during the last quarter. Barclays PLC grew its position in shares of American Express by 42.5% during the third quarter. Barclays PLC now owns 2,110,826 shares of the payment services company’s stock valued at $284,769,000 after purchasing an additional 629,960 shares in the last quarter. Cubist Systematic Strategies LLC increased its holdings in shares of American Express by 1,603.7% in the second quarter. Cubist Systematic Strategies LLC now owns 456,785 shares of the payment services company’s stock worth $63,320,000 after purchasing an additional 429,974 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in shares of American Express by 70.6% in the first quarter. Prudential Financial Inc. now owns 935,475 shares of the payment services company’s stock worth $174,934,000 after buying an additional 387,115 shares in the last quarter. 83.30% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Walter Joseph Clayton III purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average price of $149.27 per share, for a total transaction of $149,270.00. Following the completion of the purchase, the director now owns 1,000 shares in the company, valued at approximately $149,270. The purchase was disclosed in a document filed with the SEC, which is available at this link. In other news, Vice Chairman Douglas E. Buckminster sold 16,354 shares of the stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $154.23, for a total transaction of $2,522,277.42. Following the transaction, the insider now directly owns 99,024 shares in the company, valued at $15,272,471.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Walter Joseph Clayton III acquired 1,000 shares of American Express stock in a transaction that occurred on Tuesday, November 8th. The stock was acquired at an average cost of $149.27 per share, with a total value of $149,270.00. Following the purchase, the director now directly owns 1,000 shares of the company’s stock, valued at $149,270. The disclosure for this purchase can be found here. Company insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AXP shares. Redburn Partners assumed coverage on American Express in a research note on Tuesday, November 29th. They issued a “neutral” rating on the stock. Morgan Stanley decreased their target price on shares of American Express from $154.00 to $148.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 1st. JPMorgan Chase & Co. reduced their price objective on American Express from $170.00 to $166.00 in a research note on Tuesday, January 10th. Wells Fargo & Company raised their price objective on American Express from $170.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, December 15th. Finally, BMO Capital Markets boosted their target price on American Express from $163.00 to $166.00 and gave the company a “market perform” rating in a research report on Monday, October 24th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, American Express currently has a consensus rating of “Hold” and a consensus target price of $170.74.

American Express Stock Performance

Shares of NYSE:AXP opened at $154.45 on Wednesday. The firm’s 50 day simple moving average is $151.61 and its 200-day simple moving average is $150.34. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.61 and a current ratio of 1.61. American Express has a one year low of $130.65 and a one year high of $199.55. The firm has a market cap of $115.41 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 1.22 and a beta of 1.14.

American Express Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, January 6th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, January 5th. American Express’s dividend payout ratio (DPR) is presently 20.90%.

American Express Profile

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American Express Co engages in the provision of charge and credit card products and travel-related services. It operates through the following segments: U.S Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS), Global Merchant and Network Services (GMNS), and Corporate and Other.

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Institutional Ownership by Quarter for American Express (NYSE:AXP)

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