American Express (NYSE:AXP) Stake Reduced by Gabelli Funds LLC

Gabelli Funds LLC cut its holdings in shares of American Express (NYSE:AXP) by 4.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 719,200 shares of the payment services company’s stock after selling 32,100 shares during the quarter. American Express comprises approximately 1.3% of Gabelli Funds LLC’s investment portfolio, making the stock its 7th biggest position. Gabelli Funds LLC owned 0.10% of American Express worth $166,531,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of AXP. Price T Rowe Associates Inc. MD lifted its stake in American Express by 8.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,447,441 shares of the payment services company’s stock worth $1,923,399,000 after purchasing an additional 662,382 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in shares of American Express by 11.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,855,211 shares of the payment services company’s stock worth $909,575,000 after purchasing an additional 496,153 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of American Express by 8.2% in the first quarter. TD Asset Management Inc now owns 2,595,370 shares of the payment services company’s stock valued at $590,940,000 after purchasing an additional 195,876 shares during the period. Boston Partners increased its stake in American Express by 22.2% during the 1st quarter. Boston Partners now owns 2,129,175 shares of the payment services company’s stock worth $485,525,000 after buying an additional 387,166 shares during the period. Finally, Alphinity Investment Management Pty Ltd purchased a new position in American Express in the 1st quarter valued at approximately $433,709,000. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AXP. Barclays increased their price objective on American Express from $221.00 to $223.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 9th. Jefferies Financial Group upped their target price on shares of American Express from $225.00 to $235.00 and gave the stock a “hold” rating in a research note on Tuesday, July 9th. BTIG Research began coverage on shares of American Express in a report on Friday, June 7th. They set a “neutral” rating for the company. Compass Point initiated coverage on shares of American Express in a report on Tuesday, July 16th. They issued a “neutral” rating and a $260.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price target on American Express from $240.00 to $268.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $230.78.

American Express Stock Performance

NYSE AXP opened at $268.99 on Friday. The firm has a market cap of $193.49 billion, a P/E ratio of 22.16, a P/E/G ratio of 1.42 and a beta of 1.21. American Express has a 52-week low of $140.91 and a 52-week high of $271.49. The business’s 50-day moving average price is $249.10 and its 200 day moving average price is $237.11. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.74.

American Express (NYSE:AXP) last announced its earnings results on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.26 by $0.23. American Express had a return on equity of 32.94% and a net margin of 15.53%. The company 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 company’s revenue was up 9.2% on a year-over-year basis. On average, equities research analysts expect that American Express will post 13.12 earnings per share for the current year.

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.