Bank of America Boosts Stake in American Express

Bank of America Corp DE increased its stake in American Express Company (NYSE:AXP) by 8.4% during the second quarter, according to a recent SEC filing. The investment firm now owns approximately 7,969,555 shares of AXP's stock after purchasing an additional 614,981 shares.

The value of Bank of America Corp DE's holdings in American Express is around $2,695,702,000, accounting for about 1.18% of the company's outstanding shares. This move by Bank of America Corp DE is part of a larger trend of institutional investors increasing their stakes in American Express.

Other notable institutions that have recently acquired new positions in AXP include Port Capital LLC, Freestone Grove Partners LP, Caisse de depot et placement du Quebec, Gallagher Fiduciary Advisors LLC, and Pointe Capital Management LLC. These firms collectively own approximately 84.33% of American Express's stock.

Wall Street analysts have been bullish on American Express, with several institutions issuing upgrades and price target increases in recent months. JPMorgan Chase & Co. upgraded AXP from 'neutral' to 'overweight', while Benchmark began coverage with a 'buy' rating. Piper Sandler also boosted its price objective for the company.