Baker Tilly Boosts American Express Stake by 112.6% in Q3

Baker Tilly Wealth Management LLC significantly increased its stake in American Express Company (NYSE: AXP) during the third quarter, boosting its holdings by 112.6%. According to the firm's latest 13F filing with the Securities & Exchange Commission, it now owns 6,435 shares of the payment services company, worth approximately $1,957,000. This move follows similar strategic adjustments by other institutional investors, including BlackRock Inc., State Street Corp, and Corient Private Wealth LP, which all expanded their positions in American Express during the second quarter.

American Express's stock recently traded up $0.40 to reach $303.18, with a trading volume of 947,023 shares. The company's financial health is robust, with a current ratio of 1.55, a quick ratio of 1.54, and a debt-to-equity ratio of 1.66. Over the past year, the stock has ranged from a low of $290.97 to a high of $387.49, with a market capitalization of $204.74 billion. The company's earnings per share (EPS) for the most recent quarter were $4.53, surpassing analysts' estimates of $4.41, while revenue grew 10% year-over-year to $14.99 billion.

The company has also announced a quarterly dividend of $0.95 per share, payable on November 10th, with an ex-dividend date of October 9th. This translates to an annualized dividend of $3.80 and a dividend yield of 1.3%. Analysts have mixed opinions on American Express, with some upgrading their ratings and price targets, while others remain cautious. For instance, Goldman Sachs raised its target price to $410.00, and JPMorgan Chase & Co. upgraded the stock to 'overweight' with a price target of $400.00. However, Royal Bank of Canada lowered its rating to 'hold'.

Overall, 84.33% of American Express's stock is owned by hedge funds and other institutional investors, reflecting strong institutional interest in the company. The average analyst rating for the stock is currently 'Hold', with an average target price of $364.62.