Osborne Partners Capital Management LLC has expanded its holdings in American Express Company (NYSE: AXP) by 30.4% during the third quarter of 2023, as detailed in its latest 13F filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 2,360 shares, the institutional investor now owns a total of 10,125 shares, valued at approximately $3.36 million.
Several other large investors have also recently adjusted their positions in American Express. Notably, Rakuten Investment Management Inc. entered the market with a new stake valued at $28.95 million. Similarly, Cornerstone Wealth Group LLC increased its holdings by 2.4%, owning 3,250 shares worth $1.08 million after acquiring an additional 76 shares. Chicago Partners Investment Group LLC and Huntleigh Advisors Inc. also increased their stakes by 5.3% and 4.7%, respectively, now holding shares valued at $2.46 million and $2.35 million. Vest Financial LLC boosted its holdings by 5.2%, amassing 156,253 shares valued at $51.90 million. Currently, institutional investors and hedge funds own an impressive 84.33% of American Express’s stock.
American Express’s stock performance has been notable, opening at $352.02 on Wednesday. The company’s shares have fluctuated between a 52-week low of $220.43 and a high of $387.49. The firm maintains a market capitalization of $242.49 billion, with a price-to-earnings (P/E) ratio of 23.63 and a beta of 1.15.
In addition to shareholder movements, American Express recently announced a quarterly dividend of $0.82 per share, set to be paid on February 10, 2024. Shareholders of record on January 2, 2024, will receive this dividend, marking an annualized total of $3.28 and a dividend yield of 0.9%. The company’s current dividend payout ratio stands at 22.01%.
Equity analysts have varied opinions on American Express stock. BTIG Research has maintained a “sell” rating, setting a price objective of $328.00. Conversely, TD Cowen has increased its price target from $350.00 to $375.00, rating it as a “hold.” Compass Point has reiterated a “neutral” stance with a price target of $324.00. Additionally, DZ Bank raised its position from “sell” to “hold,” establishing a price target of $340.00. Weiss Ratings upgraded American Express from a “hold (c+)” to a “buy (b-)” rating. Overall, nine analysts have rated the stock as a Buy, seventeen as Hold, and one as Sell. The consensus rating remains “Hold,” with a price target of $353.95.
In corporate insider activity, Chief Marketing Officer Elizabeth Rutledge sold 50,000 shares on October 31, 2023, at an average price of $360.21, totaling around $18.01 million. Following the sale, her direct ownership fell to 85,577 shares, valued at about $30.83 million, representing a 36.88% decrease in her position. Another insider, Douglas Tabish, also sold 2,515 shares on October 23, 2023, for approximately $894,359.15, leading to a 50.00% drop in his holdings.
American Express, established in 1850, is a global financial services company renowned for its payment card products, travel services, and robust merchant network. The company continues to evolve, focusing on consumer and commercial charge and credit cards, alongside travel-related services and customer loyalty programs.
