Granite Bay Wealth Management LLC Makes New $1.53 Million Investment in American Express (NYSE:AXP)

Granite Bay Wealth Management LLC purchased a new stake in American Express (NYSE:AXP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,615 shares of the payment services company’s stock, valued at approximately $1,532,000.

Several other institutional investors have also modified their holdings of the business. Scarborough Advisors LLC acquired a new position in American Express during the 4th quarter worth $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of American Express during the fourth quarter worth about $29,000. Game Plan Financial Advisors LLC increased its stake in shares of American Express by 62.5% during the first quarter. Game Plan Financial Advisors LLC now owns 130 shares of the payment services company’s stock worth $30,000 after buying an additional 50 shares during the period. Creekmur Asset Management LLC acquired a new stake in American Express in the fourth quarter valued at approximately $32,000. Finally, Transcendent Capital Group LLC purchased a new position in American Express in the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 84.33% of the company’s stock.

American Express Price Performance

Shares of AXP opened at $271.17 on Tuesday. The firm has a market capitalization of $195.05 billion, a PE ratio of 22.34, a P/E/G ratio of 1.48 and a beta of 1.21. The stock’s 50 day moving average is $251.70 and its two-hundred day moving average is $239.19. American Express has a twelve month low of $140.91 and a twelve month high of $272.68. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.74.

American Express (NYSE:AXP) last announced its quarterly earnings data on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.23. The firm had revenue of $16.33 billion for the quarter, compared to analyst estimates of $16.60 billion. American Express had a return on equity of 32.94% and a net margin of 15.53%. American Express’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.89 earnings per share. Research analysts anticipate that American Express will post 13.13 earnings per share for the current year.

American Express Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, October 4th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Friday, October 4th. American Express’s dividend payout ratio is currently 23.06%.

Analyst Ratings Changes

A number of brokerages have commented on AXP. William Blair reissued an “outperform” rating on shares of American Express in a research report on Monday, June 3rd. Barclays lifted their price target on American Express from $221.00 to $223.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 9th. BTIG Research initiated coverage on American Express in a report on Friday, June 7th. They issued a “neutral” rating on the stock. Wells Fargo & Company boosted their target price on American Express from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods increased their price target on shares of American Express from $265.00 to $280.00 and gave the company an “outperform” rating in a research note on Monday, July 8th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, American Express presently has an average rating of “Hold” and a consensus price target of $231.43.

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.