Private Management Group Sells Most AXP Shares

Private Management Group Inc. reduced its position in American Express (NYSE: AXP) by 91.4% during the third quarter, selling 61,002 shares and retaining only 5,760 shares valued at $1.56 million. This move reflects shifting investor sentiment towards the payment services company. Multiple analysts recently adjusted their ratings on American Express, with a mixed outlook and an average rating of “Hold.” Institutional investors currently own 84.33% of the company, indicating substantial institutional involvement despite recent divestments.