1ST Source Bank Acquires New Stake in American Express

1ST Source Bank has acquired a new stake in shares of American Express Company (NYSE: AXP), purchasing 26,791 shares valued at approximately $9,062,000. This investment represents about 0.4% of the bank's portfolio and makes American Express its 25th largest holding.

The purchase is part of a larger trend in which institutional investors are increasingly investing in American Express stock. According to MarketBeat.com, 84.33% of the company's stock is owned by institutional investors. This week, several analysts have expressed positive sentiment towards American Express, citing its expanded virtual-card capabilities and premium travel ecosystem.

American Express has been making headlines with various announcements this week, including the expansion of its virtual cards for US commercial customers and the addition of 350 luxury hotels to the Platinum Card travel program. Additionally, the company's recent earnings beat and continued revenue growth have caught the attention of analysts, with Piper Sandler forecasting meaningful appreciation potential for AXP shares.