Representative Lisa C. McClain (R-Michigan) recently sold shares of American Express Company (NYSE: AXP). In a filing made public on November 21, 2023, McClain reported the sale of stock valued between $1,001 and $15,000 on October 31. This transaction took place within her “CHARLES SCHWAB 401K > SCHWAB 893” account.
During midday trading on the same day, American Express shares increased by $1.62, reaching $364.26. Approximately 1,666,371 shares changed hands, falling short of the average daily trading volume of 2,830,923. The company’s financial metrics include a current ratio of 1.61, a quick ratio of 1.59, and a debt-to-equity ratio of 1.78. American Express has experienced a 52-week trading range with a low of $220.43 and a high of $377.23.
Dividend Announcement and Analyst Ratings
American Express has also declared a quarterly dividend, which was paid out on November 10, 2023. Shareholders on record as of October 10 received a dividend of $0.82, translating to an annualized dividend of $3.28 and a yield of 0.9%. The company’s dividend payout ratio stands at 22.01%.
Several analysts have recently updated their ratings on American Express. BTIG Research raised its price target from $277.00 to $307.00 while maintaining a “sell” rating. Meanwhile, Wells Fargo & Company increased their price target from $375.00 to $400.00, assigning an “overweight” rating. Other firms, including UBS Group and Morgan Stanley, also adjusted their price targets, reflecting a range of insights on the stock’s performance. Currently, nine analysts recommend buying the stock, fourteen suggest holding it, and one advises selling, leading to a consensus rating of “Hold” with an average target price of $332.65.
Insider Trading Activity
In related news, American Express CEO Stephen J. Squeri sold 112,272 shares on September 4 at an average price of $329.86, resulting in total proceeds of approximately $37,034,041.92. Following this sale, Squeri retained 92,810 shares valued at around $30,614,306.60, marking a significant decrease of 54.74% in his ownership. Additionally, insider Denise Pickett sold 5,000 shares on October 22 for approximately $1,753,650.00. In total, insiders have sold 193,292 shares worth about $65,363,878 over the past three months.
Institutional investors play a crucial role in American Express’s stock landscape. Recent transactions include Norges Bank acquiring a stake valued at approximately $1.9 billion in the second quarter, while Wellington Management Group LLP increased its position by 13.7%, now holding 18,025,562 shares worth $4.85 billion. Collectively, institutional investors and hedge funds own 84.33% of the company’s stock.
About Representative McClain
Lisa McClain has represented Michigan’s 9th Congressional District since January 3, 2023, and her current term is set to conclude on January 3, 2027. She has announced her candidacy for re-election in the upcoming 2026 elections. McClain holds a bachelor’s degree in business administration from Northwood University and has a background in founding and leading the North End Support Team.
American Express operates globally as an integrated payments company, with segments that include U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. The company continues to be a significant player in the financial services sector across various regions, including Europe, the Middle East, Africa, and Asia.
