Rhumbline Advisers reduced its stake in American Express Company (AXP) by 1.1% during the third quarter, divesting 11,296 shares. This adjustment comes as institutional investors and hedge funds collectively hold a substantial 84.33% of AXP stock. Notably, this minor reduction by Rhumbline contrasts with the broader trend, as numerous other institutional investors actually increased their positions in American Express during the same period. Despite Rhumbline's slight divestment, the high overall institutional ownership suggests continued confidence in the financial services giant. The transaction is not expected to signal a significant shift in market sentiment towards AXP.
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