Cornerstone Wealth Management LLC Purchases 130 Shares of American Express (NYSE:AXP)

Cornerstone Wealth Management LLC grew its holdings in shares of American Express (NYSE:AXP) by 3.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,666 shares of the payment services company’s stock after buying an additional 130 shares during the period. Cornerstone Wealth Management LLC’s holdings in American Express were worth $994,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AXP. Game Plan Financial Advisors LLC boosted its stake in American Express by 62.5% during the first quarter. Game Plan Financial Advisors LLC now owns 130 shares of the payment services company’s stock worth $30,000 after acquiring an additional 50 shares in the last quarter. DHJJ Financial Advisors Ltd. boosted its position in shares of American Express by 42.2% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 165 shares of the payment services company’s stock worth $38,000 after purchasing an additional 49 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of American Express in the 1st quarter worth approximately $38,000. BNP Paribas bought a new position in American Express during the 1st quarter valued at approximately $40,000. Finally, POM Investment Strategies LLC purchased a new position in American Express during the second quarter valued at $42,000. 84.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AXP. Barclays raised their price target on American Express from $223.00 to $250.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. HSBC lowered American Express from a “buy” rating to a “hold” rating and boosted their target price for the stock from $265.00 to $270.00 in a research report on Tuesday, October 8th. Wells Fargo & Company increased their price objective on shares of American Express from $285.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Jefferies Financial Group lifted their price objective on American Express from $225.00 to $235.00 and gave the stock a “hold” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley increased their price objective on shares of American Express from $226.00 to $248.00 and gave the stock an “equal weight” rating in a research note on Monday. Four equities 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $242.33.

American Express Stock Performance

Shares of NYSE:AXP opened at $285.78 on Friday. The firm has a 50 day moving average of $260.49 and a 200 day moving average of $243.43. 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 company has a market capitalization of $205.56 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 1.50 and a beta of 1.21. American Express has a 52 week low of $140.91 and a 52 week high of $286.36.

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

American Express Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, October 4th will be issued a $0.70 dividend. The ex-dividend date is Friday, October 4th. This represents a $2.80 dividend on an annualized basis and a yield of 0.98%. American Express’s dividend payout ratio is presently 23.06%.

American Express Company Profile

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.