Cornerstone Advisors LLC Has $7.36 Million Stock Position in American Express (NYSE:AXP)

Cornerstone Advisors LLC lessened its holdings in American Express (NYSE:AXP) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,800 shares of the payment services company’s stock after selling 2,800 shares during the period. Cornerstone Advisors LLC’s holdings in American Express were worth $7,363,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Sawgrass Asset Management LLC boosted its stake in shares of American Express by 0.4% during the 2nd quarter. Sawgrass Asset Management LLC now owns 10,384 shares of the payment services company’s stock worth $2,404,000 after acquiring an additional 41 shares in the last quarter. Ignite Planners LLC grew its holdings in American Express by 0.9% during the second quarter. Ignite Planners LLC now owns 4,682 shares of the payment services company’s stock valued at $1,103,000 after purchasing an additional 43 shares during the last quarter. Willner & Heller LLC boosted its holdings in shares of American Express by 4.1% during the 2nd quarter. Willner & Heller LLC now owns 1,087 shares of the payment services company’s stock worth $252,000 after buying an additional 43 shares during the period. Beacon Capital Management LLC grew its stake in American Express by 18.9% in the 2nd quarter. Beacon Capital Management LLC now owns 271 shares of the payment services company’s stock valued at $63,000 after buying an additional 43 shares during the last quarter. Finally, Capital Wealth Planning LLC raised its holdings in American Express by 4.0% in the 2nd quarter. Capital Wealth Planning LLC now owns 1,112 shares of the payment services company’s stock worth $257,000 after acquiring an additional 43 shares during the period. 84.33% of the stock is currently owned by institutional investors.

American Express Stock Up 1.5 %

Shares of NYSE:AXP opened at $259.00 on Monday. The company has a market capitalization of $186.30 billion, a PE ratio of 21.33, a P/E/G ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.66 and a current ratio of 1.66. The company’s fifty day moving average is $246.33 and its 200-day moving average is $235.60. American Express has a 52 week low of $140.91 and a 52 week high of $261.75.

American Express (NYSE:AXP) last issued its quarterly earnings data on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.23. American Express had a net margin of 15.53% and a return on equity of 32.94%. The firm had revenue of $16.33 billion for the quarter, compared to analysts’ expectations of $16.60 billion. During the same period in the prior year, the firm earned $2.89 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities research analysts predict that American Express will post 13.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group raised their price target on American Express from $225.00 to $235.00 and gave the company a “hold” rating in a research report on Tuesday, July 9th. William Blair reaffirmed an “outperform” rating on shares of American Express in a report on Monday, June 3rd. Royal Bank of Canada upped their price target on American Express from $265.00 to $267.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Wells Fargo & Company raised their price objective on shares of American Express from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, Compass Point initiated coverage on shares of American Express in a research report on Tuesday, July 16th. They set a “neutral” rating and a $260.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $230.70.

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.