Representative Lisa C. McClain (R-Michigan) recently divested a portion of her shares in American Express Company (NYSE:AXP). In a filing disclosed on November 21, 2023, McClain reported the sale of stock valued between $1,001 and $15,000 on October 31, 2023, conducted through her retirement account.
The recent sale is part of a broader context as American Express stock demonstrated notable activity. During midday trading on the same day McClain’s transaction was disclosed, AXP shares increased by $1.62 to reach $364.26. The trading volume for the day was 1,666,371 shares, which is below the average volume of 2,830,923 shares. As of this latest trading session, the company boasts a market capitalization of $250.92 billion.
American Express Financial Overview
American Express has exhibited a range of performance metrics that may interest investors. The company currently holds a current ratio of 1.61, a quick ratio of 1.59, and a debt-to-equity ratio of 1.78. The stock has fluctuated significantly over the past year, with a 52-week low of $220.43 and a high of $377.23. The price-to-earnings (P/E) ratio stands at 24.45, while the price-to-earnings growth (PEG) ratio is at 1.90.
In an announcement regarding dividends, American Express disclosed that a quarterly dividend of $0.82 was paid on November 10, 2023. This dividend, which translates to an annualized payout of $3.28, reflects a dividend yield of 0.9%. The company’s dividend payout ratio is currently 22.01%.
Analyst Ratings and Insider Activity
The stock has recently been the subject of multiple research reports. Notably, BTIG Research adjusted its price target from $277.00 to $307.00 while maintaining a “sell” rating on October 17, 2023. Conversely, Wells Fargo & Company raised its target from $375.00 to $400.00, rating the stock as “overweight” in a report on October 20, 2023. A consensus among analysts indicates a “Hold” rating with an average target price of $332.65.
In related insider trading news, Stephen J. Squeri, CEO of American Express, sold 112,272 shares on September 4, 2023, at an average price of $329.86, amounting to a total of approximately $37 million. Following this sale, Squeri retained ownership of 92,810 shares valued at about $30.6 million.
In addition, insider Denise Pickett sold 5,000 shares on October 22, 2023, for a total of $1.75 million. Overall, insiders have sold 193,292 shares totaling approximately $65 million over the past three months, with insiders currently holding 0.20% of the company’s stock.
Institutional investors have also been active in adjusting their holdings. Norges Bank acquired a new stake in American Express valued at around $1.9 billion in the second quarter. Other notable institutional movements include Nuveen LLC and Wellington Management Group LLP, which significantly increased their stakes during the year.
As the financial landscape continues to evolve, the activities surrounding American Express, both from individual representatives like McClain and institutional investors, signal ongoing interest and potential shifts in ownership dynamics within the company.
