Meridian Wealth Management LLC Raises Position in American Express (NYSE:AXP)

Meridian Wealth Management LLC increased its position in American Express (NYSE:AXP) by 10.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,899 shares of the payment services company’s stock after buying an additional 382 shares during the period. Meridian Wealth Management LLC’s holdings in American Express were worth $1,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of American Express during the 3rd quarter valued at about $27,000. Kennebec Savings Bank acquired a new stake in shares of American Express during the 3rd quarter valued at about $29,000. True Wealth Design LLC boosted 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 during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in American Express in the 3rd quarter worth about $38,000. Finally, Financial Life Planners acquired a new stake in American Express in the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on AXP shares. HSBC raised their target price on shares of American Express from $270.00 to $294.00 and gave the stock a “hold” rating in a research note on Friday, January 24th. Monness Crespi & Hardt lifted their price target on shares of American Express from $330.00 to $355.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Compass Point cut their target price on American Express from $325.00 to $309.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Citigroup boosted their target price on American Express from $305.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Finally, Morgan Stanley boosted their price target on shares of American Express from $305.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, American Express currently has an average rating of “Hold” and a consensus price target of $296.38.

Insiders Place Their Bets

In other American Express news, insider Raymond Joabar sold 15,179 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $313.94, for a total transaction of $4,765,295.26. Following the transaction, the insider now directly owns 23,866 shares in the company, valued at approximately $7,492,492.04. This represents a 38.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ravikumar Radhakrishnan sold 9,485 shares of the company’s stock in a transaction dated 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 $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. 0.12% of the stock is currently owned by company insiders.

American Express Trading Down 4.2 %

NYSE AXP opened at $283.05 on Wednesday. The stock has a market capitalization of $198.85 billion, a P/E ratio of 20.20, a P/E/G ratio of 1.41 and a beta of 1.24. American Express has a 52-week low of $214.51 and a 52-week high of $326.27. The firm has a 50-day moving average price of $306.96 and a 200 day moving average price of $287.61. The company has a quick ratio of 1.57, a current ratio of 1.58 and a debt-to-equity ratio of 1.64.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, January 24th. The payment services company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.04. American Express had a net margin of 15.36% and a return on equity of 32.65%. Equities research analysts expect that American Express will post 15.33 EPS for the current year.

American Express Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 4th will be given a dividend of $0.82 per share. This is a positive change from American Express’s previous quarterly dividend of $0.70. This represents a $3.28 annualized dividend and a yield of 1.16%. The ex-dividend date is Friday, April 4th. American Express’s dividend payout ratio is presently 19.99%.

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.