Mn Services Increases Stake in American Express Amid Market Activity

Mn Services Vermogensbeheer B.V. has increased its investment in American Express Company (NYSE: AXP) by 1.7% during the third quarter of 2023. According to its recent Form 13F filing with the Securities and Exchange Commission, the investment firm now owns a total of 213,312 shares after acquiring an additional 3,600 shares. As of the last filing, these holdings are valued at approximately $70.85 million.

Several other institutional investors have also adjusted their positions in American Express. Notably, Vanguard Group Inc. increased its stake by 1.3% in the second quarter, bringing its total to 46,425,262 shares, valued at $14.81 billion. Geode Capital Management LLC made a more significant move, boosting its holdings by 11.1% to own 13,487,316 shares, worth nearly $4.28 billion.

Norges Bank entered a new position in American Express during the same quarter, valued at approximately $1.90 billion. Additionally, Artisan Partners Limited Partnership raised its stake by 3.0%, now holding 4,620,873 shares worth around $1.47 billion. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main also increased its shares by 13.9%, totaling 4,342,556 shares valued at about $1.39 billion. Currently, institutional investors and hedge funds own 84.33% of American Express stock.

American Express Stock Performance and Dividends

As of the market close on Friday, American Express shares opened at $361.76. The company has a 50-day moving average price of $368.05 and a 200-day moving average price of $342.30. Financial metrics indicate a debt-to-equity ratio of 1.78, a current ratio of 1.61, and a quick ratio of 1.59. American Express boasts a market capitalization of $249.20 billion with a price-to-earnings ratio of 24.28.

Additionally, the company has declared a quarterly dividend of $0.82, set to be paid on February 10, 2024, to shareholders on record as of January 2, 2024. This results in an annualized dividend of $3.28 and a yield of 0.9%, with a dividend payout ratio currently at 22.01%.

Analyst Ratings and Insider Activity

Recent analyst reports have been varied regarding American Express. Weiss Ratings upgraded the stock from a “hold (C+)” to a “buy (B-)” rating on December 29, 2023. TD Cowen maintained a “hold” rating, while Barclays raised its price target from $355.00 to $367.00 with an “equal weight” rating. Wolfe Research initiated coverage with a “peer perform” rating. Truist Financial also increased its target price from $395.00 to $420.00, classifying the stock as a “buy.” Overall, nine analysts rate the stock as a “buy,” fifteen as a “hold,” and one as a “sell.” According to MarketBeat.com, the average rating stands at “hold” with a target price of $353.95.

In related news, Chief Marketing Officer Elizabeth Rutledge sold 50,000 shares of American Express stock on October 31, 2023, at an average price of $360.21. The total transaction value reached approximately $18.01 million, resulting in a 36.88% reduction in her position. Following this sale, Rutledge retains 85,577 shares valued at around $30.83 million. Company insiders currently own 0.20% of American Express stock.

American Express, founded in 1850, has transformed from an express mail business into a global financial services entity known for its payment card products and travel services. The company issues a variety of consumer and corporate charge and credit cards, and operates a wide-ranging merchant network.