RNC Capital Management LLC Lowers Stock Holdings in American Express (NYSE:AXP)

RNC Capital Management LLC reduced its position in American Express (NYSE:AXP) by 9.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 4,931 shares of the payment services company’s stock after selling 497 shares during the period. RNC Capital Management LLC’s holdings in American Express were worth $1,463,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AXP. Prospera Private Wealth LLC acquired a new position in shares of American Express during the 3rd quarter valued at $27,000. Kennebec Savings Bank acquired a new position in American Express in the 3rd quarter worth $29,000. True Wealth Design LLC lifted its holdings in American Express by 332.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the payment services company’s stock worth $29,000 after buying an additional 83 shares in the last quarter. Financial Life Planners acquired a new position in American Express in the 4th quarter worth $38,000. Finally, Itau Unibanco Holding S.A. acquired a new position in American Express in the 3rd quarter worth $38,000. Institutional investors and hedge funds own 84.33% of the company’s stock.

Insider Activity

In other news, insider Raymond Joabar sold 15,179 shares of American Express stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $313.94, for a total value of $4,765,295.26. Following the sale, the insider now directly owns 23,866 shares in the company, valued at $7,492,492.04. This trade represents a 38.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ravikumar Radhakrishnan sold 9,485 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $319.17, for a total transaction of $3,027,327.45. Following the transaction, the insider now owns 13,500 shares in the company, valued at approximately $4,308,795. The trade was a 41.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,664 shares of company stock worth $9,613,503 over the last ninety days. Insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of American Express from $355.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods boosted their target price on shares of American Express from $350.00 to $360.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Evercore ISI boosted their target price on shares of American Express from $315.00 to $344.00 and gave the stock an “in-line” rating in a research report on Monday, January 27th. StockNews.com downgraded shares of American Express from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Finally, BTIG Research boosted their price objective on shares of American Express from $266.00 to $270.00 and gave the company a “sell” rating in a research report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $296.38.

American Express Stock Performance

Shares of AXP opened at $320.18 on Friday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.63 and a current ratio of 1.67. American Express has a twelve month low of $205.60 and a twelve month high of $326.27. The firm’s 50 day moving average price is $305.73 and its two-hundred day moving average price is $279.01. The firm has a market cap of $225.55 billion, a P/E ratio of 22.85, a PEG ratio of 1.49 and a beta of 1.24.

American Express (NYSE:AXP) last announced its quarterly earnings results on Friday, January 24th. The payment services company reported $3.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.00 by $0.04. American Express had a net margin of 15.36% and a return on equity of 32.65%. On average, analysts forecast that American Express will post 15.3 EPS for the current fiscal year.

American Express Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Friday, January 3rd will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 0.87%. American Express’s dividend payout ratio (DPR) is presently 19.99%.

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.