AMG National Trust Bank Pours Millions into American Express

AMG National Trust Bank has invested $8.38 million in American Express Company (AXP).

The bank purchased 24,763 shares of AXP's stock during the second quarter, according to a recent disclosure with the Securities and Exchange Commission.

This is not an isolated incident, as several other institutional investors have also increased their stakes in AXP. Evolution Wealth Management Inc., for example, saw its holdings in AXP rise by 6,600% in the fourth quarter.

Despite this influx of investment, American Express has faced some challenges. The company's revenue fell short of expectations in the second quarter, and some analysts have expressed concerns about the payment services industry as a whole.