American Express CEO Squeri sells $37 million in AXP stock

American Express CEO Stephen Squeri sold 112,272 shares worth over $37 million on September 4, 2025, near AXP's 52-week high and above its estimated fair value, while simultaneously exercising options for an equivalent number of shares. Concurrently, AXP reported July 2025 U.S. consumer card loan delinquency at 1.3% and net write-off rates at 2.0%. Wells Fargo recently raised its price target to $375 with an Overweight rating, citing the U.S. Platinum card refresh, as the company also announced new strategic partnerships and board appointments.

Analysis

American Express (AXP) presents a multi-faceted profile with both bullish indicators and points of caution. The CEO's sale of $37 million in stock occurred near the 52-week high of $332.46 and at a level considered above fair value by an external analysis. However, this sale was executed concurrently with the exercise of options for an identical number of shares at a significantly lower price ($131.68), a structure typical of a pre-arranged plan to cover exercise costs and taxes rather than a bearish bet on the company's future. Fundamentally, the company's U.S. consumer loan portfolio of $93.7 billion showed a delinquency rate of 1.3% and a net write-off rate of 2.0% as of July 2025. Counterbalancing the valuation concerns, Wells Fargo upgraded its price target to $375, maintaining an Overweight rating and highlighting the U.S. Platinum card refresh as a key positive factor. This positive outlook is further supported by strategic momentum, including new multi-year partnerships with Hard Rock Stadium and an expanded global deal with AEG, alongside the appointment of two new members to the board.

Key Decisions for Investors

• Investors should view the CEO's $37M stock sale not as a straightforward bearish signal but in the context of the simultaneous option exercise, which is a common practice for executives to cover associated costs and taxes.
• The primary decision point involves weighing the stock's high valuation, trading near its 52-week peak, against strong bullish catalysts including a Wells Fargo price target increase to $375 and significant new brand partnerships.
• It is critical to monitor the company's reported credit metrics, particularly delinquency (last reported at 1.3%) and net write-off rates (2.0%), as these are direct indicators of the health of AXP's loan portfolio and the underlying consumer.
• Consider positioning based on the success of the U.S. Platinum card refresh, which analysts cite as a key growth driver, and watch for its impact on customer acquisition and spending in upcoming earnings reports.