Mechanics Financial Corp Acquires 116 Shares of American Express Company (NYSE:AXP)

Mechanics Financial Corp boosted its holdings in American Express Company (NYSE:AXP) by 6.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,876 shares of the payment services company’s stock after purchasing an additional 116 shares during the period. Mechanics Financial Corp’s holdings in American Express were worth $505,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Investment Management Corp VA ADV acquired a new stake in American Express in the fourth quarter valued at $29,000. MorganRosel Wealth Management LLC acquired a new stake in American Express in the first quarter valued at $29,000. Sellwood Investment Partners LLC acquired a new stake in American Express in the fourth quarter valued at $33,000. Murphy & Mullick Capital Management Corp acquired a new stake in American Express in the fourth quarter valued at $33,000. Finally, Curio Wealth LLC acquired a new stake in American Express in the fourth quarter valued at $37,000. Institutional investors own 84.33% of the company’s stock.

American Express Price Performance

Shares of American Express stock opened at $310.67 on Wednesday. American Express Company has a twelve month low of $220.43 and a twelve month high of $329.14. The company has a quick ratio of 1.57, a current ratio of 1.58 and a debt-to-equity ratio of 1.64. The company has a 50-day simple moving average of $302.35 and a two-hundred day simple moving average of $290.77. The stock has a market capitalization of $217.65 billion, a price-to-earnings ratio of 21.69, a price-to-earnings-growth ratio of 1.56 and a beta of 1.25.

American Express (NYSE:AXP) last issued its quarterly earnings data on Thursday, April 17th. The payment services company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.17. American Express had a net margin of 15.31% and a return on equity of 32.48%. The business had revenue of $16.97 billion during the quarter, compared to analysts’ expectations of $17.04 billion. During the same quarter in the previous year, the company earned $3.33 EPS. Analysts forecast that American Express Company will post 15.33 EPS for the current year.

American Express Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Thursday, July 3rd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, July 3rd. American Express’s dividend payout ratio is currently 22.91%.

Insider Activity

In other American Express news, insider Howard Grosfield sold 9,450 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $275.50, for a total value of $2,603,475.00. Following the transaction, the insider directly owned 9,402 shares of the company’s stock, valued at $2,590,251. This trade represents a 50.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenda G. Mcneal sold 3,019 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $264.66, for a total transaction of $799,008.54. Following the completion of the transaction, the insider directly owned 10,919 shares in the company, valued at approximately $2,889,822.54. This represents a 21.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AXP shares. Redburn Atlantic upgraded shares of American Express from a “sell” rating to a “neutral” rating and cut their price target for the company from $270.00 to $255.00 in a research note on Wednesday, April 23rd. Barclays increased their price target on shares of American Express from $249.00 to $297.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. increased their price target on shares of American Express from $260.00 to $342.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. William Blair restated an “outperform” rating on shares of American Express in a research note on Wednesday, July 2nd. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of American Express in a research note on Monday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $307.68.

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.