Allstate Corp Purchases Shares of 16,925 American Express (NYSE:AXP)

Allstate Corp acquired a new position in shares of American Express (NYSE:AXP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,925 shares of the payment services company’s stock, valued at approximately $5,023,000.

Several other hedge funds also recently modified their holdings of AXP. True Wealth Design LLC grew its holdings in American Express by 332.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the payment services company’s stock worth $29,000 after purchasing an additional 83 shares during the period. Sellwood Investment Partners LLC acquired a new stake in shares of American Express in the 4th quarter valued at about $33,000. Murphy & Mullick Capital Management Corp bought a new stake in American Express in the 4th quarter valued at about $33,000. Curio Wealth LLC acquired a new position in American Express during the 4th quarter worth approximately $37,000. Finally, Financial Life Planners bought a new position in American Express in the fourth quarter worth approximately $38,000. Institutional investors own 84.33% of the company’s stock.

Wall Street Analyst Weigh In

AXP has been the topic of a number of research reports. The Goldman Sachs Group lowered their target price on American Express from $367.00 to $330.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Citigroup lowered their price objective on shares of American Express from $320.00 to $300.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. William Blair reiterated an “outperform” rating on shares of American Express in a report on Monday, January 27th. JPMorgan Chase & Co. upped their target price on shares of American Express from $301.00 to $307.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Wells Fargo & Company boosted their price objective on American Express from $355.00 to $370.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $302.57.

American Express Stock Performance

NYSE AXP opened at $265.16 on Friday. The firm has a market cap of $186.28 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 1.41 and a beta of 1.21. 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’s 50 day moving average is $295.02 and its 200-day moving average is $289.13. American Express has a 12-month low of $214.51 and a 12-month high of $326.28.

American Express (NYSE:AXP) last issued its earnings results on Friday, January 24th. The payment services company reported $3.04 earnings per share (EPS) 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%. Sell-side analysts predict that American Express will post 15.33 earnings per share for the current year.

American Express Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 4th will be given a dividend of $0.82 per share. The ex-dividend date is Friday, April 4th. This is a boost from American Express’s previous quarterly dividend of $0.70. This represents a $3.28 annualized dividend and a dividend yield of 1.24%. American Express’s dividend payout ratio is currently 23.41%.

Insider Transactions at American Express

In related news, insider Raymond Joabar sold 15,179 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $313.94, for a total value of $4,765,295.26. Following the sale, the insider now owns 23,866 shares in the company, valued at approximately $7,492,492.04. This trade represents a 38.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael J. Angelakis bought 3,700 shares of American Express stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $269.89 per share, with a total value of $998,593.00. Following the completion of the transaction, the director now owns 3,700 shares of the company’s stock, valued at $998,593. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.12% of the company’s stock.

American Express 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.