Associated Banc Corp has acquired a new position in American Express Company (NYSE: AXP), purchasing 7,691 shares valued at approximately $2,339,000 during the third quarter, as disclosed in its recent Form 13F filing with the Securities & Exchange Commission. Other large investors have also adjusted their stakes in American Express. Archer Investment Corp initiated a new stake worth $25,000 in the second quarter, while Elevation Wealth Partners LLC increased its position by 78.8% during the third quarter, now holding 93 shares valued at $28,000. John Boyer Inc. also purchased a new position valued at $29,000 during the third quarter. Institutional investors currently own 84.33% of the stock.
Analysts have recently updated their price targets for American Express. JPMorgan Chase & Co. raised its target from $360.00 to $365.00 with an "overweight" rating, while Evercore set a $330.00 target. Royal Bank of Canada decreased its target from $415.00 to $400.00 with an "outperform" rating, and TD Cowen lowered its target from $338.00 to $335.00 with a "hold" rating. Benchmark initiated coverage with a "buy" rating. The consensus rating is "Moderate Buy" with a target price of $365.22.
Key news stories impacting American Express include UBS raising its price target, a partnership with Airbnb bringing over one million listings to Amex Travel, and expanded NBA, WNBA, and USA Basketball partnerships internationally. However, Bill Ackman warned about competition from Ramp, and two insiders, Anna Marrs and Laureen Seeger, made substantial share sales on November 2, reducing their holdings by 68.65% and 88.59% respectively.
American Express stock opened at $332.78 on Thursday, with a market cap of $223.15 billion. The company reported quarterly earnings of $4.68 EPS, beating estimates of $4.50, and announced a quarterly dividend of $0.95, payable on November 10th. The company's revenue for the quarter was $20.06 billion, up 8.9% year-over-year.