Corebridge Financial Inc. Has $40.75 Million Stock Position in American Express Company $AXP

Key Points

• Corebridge Financial Inc. reduced its stake in American Express by 4.5%, selling 7,106 shares, bringing its ownership to 151,474 shares valued at approximately $40.75 million.
• Several large investors have increased their holdings in American Express, with Principal Financial Group raising its position by 5.5%, owning now 680,308 shares valued at $183 million.
• American Express reported strong earnings of $4.08 EPS for the last quarter, surpassing estimates, and has announced a quarterly dividend of $0.82 per share, yielding 1.0% annually.

Corebridge Financial Inc. lowered its position in shares of American Express Company (NYSE:AXP - Free Report) by 4.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 151,474 shares of the payment services company's stock after selling 7,106 shares during the quarter. Corebridge Financial Inc.'s holdings in American Express were worth $40,754,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AXP. Investment Management Corp VA ADV bought a new position in shares of American Express during the fourth quarter valued at approximately $29,000. MorganRosel Wealth Management LLC bought a new position in shares of American Express during the first quarter valued at approximately $29,000. Nexus Investment Management ULC bought a new position in shares of American Express during the first quarter valued at approximately $34,000. Hughes Financial Services LLC bought a new position in shares of American Express during the first quarter valued at approximately $35,000. Finally, IAG Wealth Partners LLC bought a new position in shares of American Express during the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 84.33% of the company's stock.

Insider Buying and Selling

In related news, insider Anna Marrs sold 5,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $310.77, for a total value of $1,709,235.00. Following the completion of the transaction, the insider owned 20,311 shares of the company's stock, valued at approximately $6,312,049.47. This trade represents a 21.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Laureen Seeger sold 61,721 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $297.47, for a total transaction of $18,360,145.87. Following the completion of the sale, the insider owned 9,001 shares of the company's stock, valued at approximately $2,677,527.47. The trade was a 87.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 134,219 shares of company stock valued at $40,555,901. Company insiders own 0.20% of the company's stock.

American Express Price Performance

American Express stock traded up $4.65 during mid-day trading on Thursday, hitting $327.11. The company's stock had a trading volume of 2,194,774 shares, compared to its average volume of 2,330,824. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $227.63 billion, a P/E ratio of 22.95, a P/E/G ratio of 1.71 and a beta of 1.28. American Express Company has a twelve month low of $220.43 and a twelve month high of $329.14. The stock's fifty day moving average price is $310.00 and its two-hundred day moving average price is $290.12.

American Express (NYSE:AXP - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The payment services company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.86 by $0.22. The firm had revenue of $17.86 billion for the quarter, compared to analyst estimates of $17.70 billion. American Express had a net margin of 14.78% and a return on equity of 32.87%. The firm's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.49 earnings per share. Research analysts forecast that American Express Company will post 15.33 earnings per share for the current year.

American Express Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Thursday, July 3rd were paid a $0.82 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $3.28 dividend on an annualized basis and a yield of 1.0%. American Express's dividend payout ratio (DPR) is currently 23.02%.

Analyst Ratings Changes

AXP has been the subject of a number of recent analyst reports. Truist Financial increased their price objective on American Express from $335.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. BTIG Research set a $277.00 price objective on American Express and gave the stock a "sell" rating in a report on Monday, July 14th. Deutsche Bank Aktiengesellschaft increased their price objective on American Express from $371.00 to $375.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Barclays increased their price objective on American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company set a $327.00 price objective on American Express in a report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $311.05.

About American Express

American Express Company, together with its subsidiaries, operates as integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and Internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.