American Express Sees Stake Reduced by Major Investor Amid Positive Sentiment

Insight Wealth Strategies LLC has significantly reduced its stake in American Express Company (NYSE: AXP) by 95.6% during the second quarter, according to a recent filing with the Securities & Exchange Commission.

The institutional investor now owns just 1,029 shares of the payment services company's stock after selling 22,105 shares during the period. The value of its holdings in American Express is around $358,000 as of its most recent SEC filing.

Meanwhile, other hedge funds and institutional investors have also adjusted their stakes in the company. Brighton Jones LLC increased its stake by 24.4% in the fourth quarter, while Sivia Capital Partners LLC lifted its holdings by 13.0% during the second quarter.

American Express has recently made headlines with several positive developments. Piper Sandler raised its price target to $405 from $396 and reiterated an 'overweight' rating, citing confidence in the company's earnings outlook and long-term growth. The shares have returned about 120% over five years but remain below an excess-returns valuation estimate, according to a Yahoo Finance commentary.