Covea Finance Boosts Stake in American Express Company $AXP

Covea Finance raised its stake in shares of American Express Company (NYSE:AXP) by 57.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,300 shares of the payment services company’s stock after buying an additional 31,700 shares during the quarter. Covea Finance’s holdings in American Express were worth $28,998,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in AXP. Briaud Financial Planning Inc purchased a new stake in American Express during the 2nd quarter worth about $26,000. Access Investment Management LLC purchased a new stake in shares of American Express during the second quarter worth about $26,000. 1 North Wealth Services LLC purchased a new stake in shares of American Express during the first quarter worth about $37,000. Chung Wu Investment Group LLC acquired a new position in shares of American Express in the second quarter valued at approximately $37,000. Finally, Howard Hughes Medical Institute acquired a new stake in American Express during the second quarter worth approximately $38,000. 84.33% of the stock is owned by institutional investors and hedge funds.

American Express Stock Performance

Shares of AXP stock opened at $382.75 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.59 and a debt-to-equity ratio of 1.78. The company has a market cap of $263.66 billion, a PE ratio of 25.69, a P/E/G ratio of 1.83 and a beta of 1.14. The company’s fifty day simple moving average is $364.50 and its 200-day simple moving average is $333.35. American Express Company has a 52 week low of $220.43 and a 52 week high of $387.49.

American Express (NYSE:AXP) last released its quarterly earnings data on Friday, January 30th. The payment services company reported ($11.85) EPS for the quarter. American Express had a net margin of 14.97% and a return on equity of 33.41%. The company had revenue of ($17,139.00) million during the quarter. As a group, equities research analysts anticipate that American Express Company will post 15.33 EPS for the current year.

American Express Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 10th. Shareholders of record on Friday, January 2nd will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, January 2nd. American Express’s dividend payout ratio is currently 22.01%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AXP shares. Compass Point reiterated a “neutral” rating and issued a $324.00 price target on shares of American Express in a report on Monday, October 20th. Truist Financial lifted their price objective on American Express from $395.00 to $420.00 and gave the company a “buy” rating in a research report on Monday. UBS Group increased their target price on American Express from $330.00 to $340.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Evercore ISI raised their price target on American Express from $330.00 to $365.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Finally, DZ Bank upgraded American Express from a “sell” rating to a “hold” rating and set a $340.00 price target for the company in a report on Tuesday, October 21st. Eight analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $335.55.

Insiders Place Their Bets

In other American Express news, CMO Elizabeth Rutledge sold 50,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $360.21, for a total value of $18,010,500.00. Following the completion of the sale, the chief marketing officer owned 85,577 shares of the company’s stock, valued at $30,825,691.17. This trade represents a 36.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas Tabish sold 2,515 shares of the business’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $355.61, for a total transaction of $894,359.15. Following the transaction, the insider directly owned 2,515 shares in the company, valued at approximately $894,359.15. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 57,515 shares of company stock worth $20,658,509 in the last 90 days. 0.20% of the stock is owned by company insiders.

American Express Company Profile

American Express is a global financial services company primarily known for its payment card products, travel services and merchant network. Founded in 1850 as an express mail business, the company evolved through the 20th century into a payments and travel-focused organization. Its core activities include issuing consumer and commercial charge and credit cards, operating a global card acceptance and processing network, and providing travel-related services and customer loyalty programs.

American Express issues a range of products for individuals, small businesses and large corporations, including personal cards, business and corporate cards, and co‑brand partnerships with airlines, hotels and retailers.