Swedbank AB Grows Stock Holdings in American Express (NYSE:AXP)

2 min read | November 25, 2024 04:06 AM PST | By Team Kalkine Media

Swedbank AB Grows Stock Holdings in American Express (NYSE:AXP) — Image source: Shutterstock

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Swedbank AB raised its position in American Express (NYSE:AXP) by 1.4% in the third quarter, according to the latest filing with the Securities and Exchange Commission (SEC). The institutional entity now holds 408,679 shares, having acquired an additional 5,827 shares during the quarter. This increase in holdings brings Swedbank's stake to approximately 0.06% of the total shares outstanding in American Express, valued at over $110 million. Other institutional entities have also adjusted their stakes, further reflecting the ongoing interest in the payment services company.

In a separate development, there was notable insider activity at American Express, with several executives reducing their stakes in the company. Vice Chairman Douglas E. Buckminster sold 13,111 shares in late October, and Anre D. Williams, an insider, sold 77,887 shares around the same time. These transactions suggest a shift in insider sentiment, as both individuals decreased their respective holdings.

American Express continues to demonstrate strong financial performance, with the company’s latest quarterly earnings report highlighting a 15.32% net margin and a revenue of $16.64 billion. This performance marked an 8.2% increase in revenue compared to the previous year, exceeding analyst expectations. The company reported earnings of $3.49 per share, surpassing consensus estimates by $0.22. Despite beating earnings expectations, the revenue was slightly below analyst forecasts, reflecting a mix of challenges in meeting top-line growth projections.

The company also announced a quarterly dividend of $0.70 per share, reflecting a commitment to returning capital to shareholders. As of now, American Express maintains a market capitalization of over $212 billion, with its stock price continuing to demonstrate strong performance, reflecting investor confidence in the company's ability to maintain profitability and growth.

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