Central Pacific Bank Cuts Stake in American Express by 21% in Q3

Central Pacific Bank Trust Division reduced its stake in American Express Company (NYSE: AXP) by 21.1% during the third quarter, according to its latest 13F filing with the SEC. The fund sold 3,448 shares, leaving it with 12,925 shares valued at $3,930,000.

Other institutional investors made significant moves in American Express shares. BlackRock Inc. acquired a new stake worth $14.2 billion in the second quarter, while State Street Corp increased its holdings by 40.2%, now owning 40.9 million shares valued at $13.9 billion. Bank of America Corp DE boosted its stake by 8.4%, holding 7.9 million shares worth $2.7 billion. Nuveen LLC and UBS Asset Management also increased their positions in the fourth quarter.

Analysts have mixed views on American Express. Jefferies Financial Group upgraded the stock to a "buy" rating, while Truist Financial, UBS Group, Barclays, and Citigroup lowered their price targets. Currently, the stock has an average "hold" rating with a target price of $364.62. American Express stock opened at $304.16 on Tuesday, with a 52-week range of $290.97 to $387.49.

The company reported earnings of $4.53 per share for the second quarter, exceeding estimates by $0.12, and announced a quarterly dividend of $0.95 per share, payable on November 10th. American Express has a market cap of $205.4 billion, a P/E ratio of 18.46, and a dividend yield of 1.2%. Institutional investors own 84.33% of the company's stock.