Mon Sep 30 23:28:02 UTC 2024: ## Legal & General Increases Stake in American Express

**Sioux Falls, SD** – Legal & General Group Plc, a major institutional investor, has increased its holdings in American Express (AXP) by 0.2% during the second quarter. The company now owns 5,137,139 shares of the payment services giant, representing a stake worth approximately $1.19 billion.

This move by Legal & General comes amidst a flurry of activity from other hedge funds regarding AXP. Price T Rowe Associates Inc. MD, TD Asset Management Inc, Boston Partners, and Alphinity Investment Management Pty Ltd all increased their holdings in the company during the first quarter. Nordea Investment Management AB also grew its stake in the first quarter.

Analysts have been mixed on American Express, with some expressing cautious optimism and others holding a more neutral stance. Barclays, Monness Crespi & Hardt, and Jefferies Financial Group have all raised their target prices on AXP in recent reports, while BTIG Research initiated coverage with a “neutral” rating. Overall, analysts have assigned an average “hold” rating to the stock.

American Express recently exceeded analysts’ expectations for the second quarter, reporting earnings per share of $3.49, up from $2.89 in the same quarter last year. The company also announced a quarterly dividend of $0.70 per share, representing a 1.03% dividend yield.

AXP shares traded up $2.88 on Friday, closing at $271.03. The company currently has a market capitalization of $192.68 billion.

While analysts have been mixed on AXP, investors are closely watching the company’s performance in the evolving payments landscape.

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