Bank of America Cuts American Express (NYSE:AXP) Price Target to $325.00

American Express (NYSE:AXP) had its target price cut by Bank of America from $326.00 to $325.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the payment services company’s stock.

A number of other brokerages also recently weighed in on AXP. Citigroup upped their price target on shares of American Express from $305.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Argus downgraded shares of American Express from a “strong-buy” rating to a “hold” rating in a report on Friday, March 14th. UBS Group upped their price target on shares of American Express from $283.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, January 13th. Baird R W raised shares of American Express from a “strong sell” rating to a “hold” rating in a report on Friday, March 14th. Finally, Truist Financial started coverage on shares of American Express in a report on Tuesday, January 7th. They set a “buy” rating and a $350.00 price target for the company. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, American Express has a consensus rating of “Hold” and a consensus price target of $303.52.

American Express Stock Performance

NYSE AXP opened at $270.80 on Tuesday. 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 market capitalization of $190.24 billion, a P/E ratio of 19.33, a P/E/G ratio of 1.41 and a beta of 1.21. American Express has a 12-month low of $214.51 and a 12-month high of $326.28. The firm has a 50-day moving average price of $298.77 and a two-hundred day moving average price of $288.23.

American Express (NYSE:AXP) last posted its quarterly earnings data 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%. Analysts anticipate that American Express will post 15.33 earnings per share for the current year.

American Express Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Investors 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 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, April 4th. American Express’s dividend payout ratio (DPR) is presently 23.41%.

Insider Activity at American Express

In related news, insider Raymond Joabar sold 15,179 shares of the firm’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 completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael J. Angelakis acquired 3,700 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $269.89 per share, with a total value of $998,593.00. Following the acquisition, the director now directly owns 3,700 shares of the company’s stock, valued at $998,593. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.12% of the stock is owned by insiders.

Institutional Trading of American Express

A number of large investors have recently added to or reduced their stakes in AXP. Empowered Funds LLC increased its holdings in American Express by 2.0% during the third quarter. Empowered Funds LLC now owns 14,291 shares of the payment services company’s stock worth $3,876,000 after buying an additional 281 shares during the last quarter. Drive Wealth Management LLC increased its holdings in American Express by 4.0% during the third quarter. Drive Wealth Management LLC now owns 1,429 shares of the payment services company’s stock worth $387,000 after buying an additional 55 shares during the last quarter. Cassaday & Co Wealth Management LLC increased its stake in shares of American Express by 9.0% in the third quarter. Cassaday & Co Wealth Management LLC now owns 1,833 shares of the payment services company’s stock worth $497,000 after purchasing an additional 152 shares in the last quarter. Baron Wealth Management LLC purchased a new position in shares of American Express in the third quarter worth about $212,000. Finally, Aviance Capital Partners LLC increased its stake in shares of American Express by 1.1% in the third quarter. Aviance Capital Partners LLC now owns 14,590 shares of the payment services company’s stock worth $3,956,000 after purchasing an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

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.