Bank of Nova Scotia Snaps Up New Stake in American Express

Bank of Nova Scotia, a major financial institution, has purchased a new stake in American Express Company (NYSE:AXP). According to its most recent Form 13F filing with the Securities and Exchange Commission, Bank of Nova Scotia acquired 211,834 shares of American Express's stock during the second quarter. The total value of this purchase is approximately $71,653,000.

This acquisition is not an isolated incident, as several other institutional investors and hedge funds have also recently added to or reduced their stakes in AXP. Evolution Wealth Management Inc., for instance, raised its stake by 6,600.0% in the fourth quarter, while Joseph Group Capital Management acquired a new position in shares of American Express during the same period.

As of now, institutional investors and hedge funds own approximately 84.33% of AXP's stock. Several brokerages have recently issued reports on American Express, with Guggenheim initiating coverage and issuing a 'buy' rating. However, UBS Group reduced its target price from $386.00 to $384.00 and set a 'neutral' rating for the company.