Cookson Peirce & Co. Inc. has reduced its ownership stake in American Express Company (NYSE: AXP) by 1.7% during the second quarter of 2023. This adjustment was detailed in the firm’s latest 13F filing with the Securities & Exchange Commission. Following the sale of 3,138 shares, the investment firm now holds 181,712 shares of American Express, which accounts for 2.6% of its overall portfolio, making it the firm’s sixth largest investment.
As of the most recent filing, Cookson Peirce & Co. Inc.’s holdings in American Express were valued at approximately $57,962,000. This move reflects a broader trend among institutional investors and hedge funds, many of which have also adjusted their positions in the company.
Institutional Activity and Recent Changes
Several institutional investors have increased their stakes in American Express. For instance, Capital Asset Advisory Services LLC raised its position by 2.8% during the second quarter, acquiring 1,191 shares worth about $384,000 after purchasing an additional 32 shares. Similarly, DLK Investment Management LLC boosted its holdings by 3.8%, now owning 869 shares valued at $277,000.
Financial Engines Advisors L.L.C. increased its stake by 4.7% in the first quarter, now holding 772 shares worth $208,000. Additionally, Modern Wealth Management LLC and Greenfield Savings Bank also reported slight increases in their respective positions. Collectively, institutional investors and hedge funds own approximately 84.33% of American Express’s stock.
Insider Transactions and Analyst Insights
In related news, insider Glenda G. Mcneal sold 50,000 shares of American Express on July 29, 2023, at an average price of $309.50, resulting in a total transaction value of $15,475,000. After this transaction, Mcneal’s remaining shares total 10,957, valued at around $3,391,191.50, marking an 82.03% decrease in her position.
Another insider, Laureen Seeger, sold 61,721 shares on August 5, 2023, for approximately $18,360,145.87. Following this sale, Seeger holds 9,001 shares, valued at about $2,677,527.47, representing an 87.27% reduction in her stake. In total, insiders sold 269,996 shares worth $85,261,270 over the past three months. Corporate insiders now hold 0.20% of the company’s stock.
Wall Street analysts have responded positively to American Express’s recent performance. The company’s stock opened at $355.76 on Wednesday, exhibiting a 1.8% increase. American Express has reported a debt-to-equity ratio of 1.78 and a market capitalization of $245.06 billion. The stock has fluctuated between a low of $220.43 and a high of $356.67 over the past year.
On October 17, 2023, American Express announced its quarterly earnings, reporting $4.14 earnings per share (EPS), surpassing analyst expectations of $3.98 by $0.16. The company’s revenue for the quarter was $18.43 billion, exceeding forecasts of $18.03 billion and reflecting an increase of 11.0% year-over-year.
Looking ahead, American Express has set its fiscal year 2025 guidance at $15.200 to $15.500 EPS, with analysts predicting an average of $15.33 for the current year.
In addition, American Express announced a quarterly dividend of $0.82, payable on November 10, 2023. The record date for investors is set for October 10, 2023, leading to an annualized dividend yield of 0.9%. The company’s dividend payout ratio currently stands at 22.01%.
American Express operates as an integrated payments company across various regions, including the United States, Europe, and Asia-Pacific, among others. The firm functions through four key segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.
