OLD National Bancorp IN Grows Holdings in American Express Company $AXP

Key Points

• OLD National Bancorp IN increased its holdings in American Express by 397.1% during the second quarter, acquiring an additional 23,478 shares, bringing its total to 29,390 shares valued at approximately $9.37 million.
• American Express recently declared a quarterly dividend of $0.82 per share, which will be paid on November 10th, representing an annualized yield of 1.0%.
• Analysts have issued varying ratings for American Express, with price targets ranging from $297.00 to $375.00, while consensus remains at a "Hold" rating and an average price target of $319.95.

OLD National Bancorp IN lifted its position in shares of American Express Company (NYSE:AXP) by 397.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,390 shares of the payment services company's stock after buying an additional 23,478 shares during the quarter. OLD National Bancorp IN's holdings in American Express were worth $9,375,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AXP. Vanguard Group Inc. boosted its stake in American Express by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 45,843,893 shares of the payment services company's stock worth $12,334,299,000 after purchasing an additional 605,900 shares during the period. Wellington Management Group LLP boosted its stake in American Express by 13.7% in the 1st quarter. Wellington Management Group LLP now owns 18,025,562 shares of the payment services company's stock worth $4,849,777,000 after purchasing an additional 2,168,445 shares during the period. Nuveen LLC bought a new position in American Express in the 1st quarter worth approximately $1,454,667,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in American Express by 1.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,093,807 shares of the payment services company's stock worth $1,370,489,000 after purchasing an additional 78,538 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in American Express by 25.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,752,690 shares of the payment services company's stock worth $1,278,711,000 after purchasing an additional 965,221 shares during the period. Hedge funds and other institutional investors own 84.33% of the company's stock.

Insider Buying and Selling at American Express

In other news, insider Glenda G. Mcneal sold 50,000 shares of American Express stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $309.50, for a total transaction of $15,475,000.00. Following the completion of the sale, the insider directly owned 10,957 shares in the company, valued at approximately $3,391,191.50. This trade represents a 82.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anna Marrs sold 5,500 shares of American Express stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $310.77, for a total value of $1,709,235.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 269,996 shares of company stock valued at $85,261,270. 0.20% of the stock is owned by company insiders.

Analyst Ratings Changes

AXP has been the subject of several recent analyst reports. Barclays upped their price target on American Express from $249.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of American Express in a research report on Saturday, September 27th. Truist Financial increased their target price on American Express from $348.00 to $375.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Deutsche Bank Aktiengesellschaft increased their target price on American Express from $371.00 to $375.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Finally, Morgan Stanley increased their target price on American Express from $311.00 to $362.00 and gave the company an "equal weight" rating in a research report on Monday, September 29th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $319.95.

American Express Stock Down 0.1%

Shares of AXP opened at $330.10 on Friday. The company has a market cap of $229.71 billion, a PE ratio of 23.17, a P/E/G ratio of 1.75 and a beta of 1.29. The business has a fifty day moving average of $320.01 and a 200 day moving average of $298.43. American Express Company has a 52-week low of $220.43 and a 52-week high of $349.19. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 1.80.

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

American Express Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Friday, October 10th will be given a $0.82 dividend. The ex-dividend date is Friday, October 10th. 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%.

American Express Company Profile

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.

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