Mackenzie Financial Corp Reduces Position in American Express (NYSE:AXP)

Mackenzie Financial Corp lessened its position in shares of American Express (NYSE:AXP) by 0.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 56,738 shares of the payment services company’s stock after selling 244 shares during the quarter. Mackenzie Financial Corp’s holdings in American Express were worth $10,629,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Hoxton Planning & Management LLC purchased a new position in American Express during the 4th quarter worth approximately $215,000. Cullen Investment Group LTD. acquired a new stake in American Express during the 4th quarter worth approximately $2,460,000. Cornercap Investment Counsel Inc. lifted its position in American Express by 115.7% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 12,621 shares of the payment services company’s stock worth $2,364,000 after acquiring an additional 6,771 shares during the period. Carnegie Capital Asset Management LLC lifted its position in American Express by 3.0% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 3,587 shares of the payment services company’s stock worth $672,000 after acquiring an additional 106 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new stake in American Express during the 4th quarter worth approximately $1,128,000. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Insiders Place Their Bets

In other American Express news, insider Laureen Seeger sold 84,420 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $212.98, for a total transaction of $17,979,771.60. Following the completion of the transaction, the insider now owns 57,512 shares of the company’s stock, valued at $12,248,905.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Stephen J. Squeri sold 69,356 shares of American Express stock in a transaction on Monday, February 12th. The stock was sold at an average price of $213.02, for a total value of $14,774,215.12. Following the completion of the sale, the chief executive officer now owns 122,158 shares of the company’s stock, valued at $26,022,097.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Laureen Seeger sold 84,420 shares of American Express stock in a transaction on Monday, February 12th. The shares were sold at an average price of $212.98, for a total value of $17,979,771.60. Following the completion of the sale, the insider now directly owns 57,512 shares of the company’s stock, valued at approximately $12,248,905.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 172,047 shares of company stock valued at $36,528,388. Corporate insiders own 0.12% of the company’s stock.

American Express Stock Performance

Shares of AXP stock opened at $231.05 on Friday. The stock has a fifty day moving average price of $220.06 and a 200 day moving average price of $188.35. The stock has a market cap of $167.25 billion, a PE ratio of 20.61, a P/E/G ratio of 1.25 and a beta of 1.23. American Express has a 1 year low of $140.91 and a 1 year high of $231.69. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.63 and a current ratio of 1.63.

American Express (NYSE:AXP) last released its quarterly earnings results on Friday, April 19th. The payment services company reported $3.33 earnings per share for the quarter, topping the consensus estimate of $3.01 by $0.32. The company had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $15.79 billion. American Express had a return on equity of 30.99% and a net margin of 13.84%. American Express’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 earnings per share. Sell-side analysts forecast that American Express will post 12.83 earnings per share for the current fiscal year.

American Express Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date is Thursday, April 4th. American Express’s payout ratio is 24.98%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wells Fargo & Company increased their price objective on American Express from $220.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. Royal Bank of Canada increased their price objective on American Express from $220.00 to $226.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. Stephens raised American Express from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $148.00 to $193.00 in a research report on Tuesday, January 2nd. UBS Group raised their price target on American Express from $188.00 to $206.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Finally, BMO Capital Markets raised their price target on American Express from $157.00 to $159.00 and gave the company an “underperform” rating in a report on Monday, January 29th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, American Express presently has an average rating of “Hold” and a consensus price target of $201.62.

About American Express

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.