Connor Clark & Lunn Buys $153 Million Stake in American Express

Connor Clark & Lunn Investment Management Ltd., a financial institution, acquired a significant new stake in American Express Company (NYSE: AXP) during the second quarter. The company purchased approximately 452,876 shares of American Express stock, valued at about $153 million.

This investment is one of many recent additions to American Express' shareholder base, with other notable investors including BlackRock Inc., Norges Bank, and Capital World Investors, who collectively own around 84% of the company's outstanding shares. As a result, American Express has seen significant institutional ownership in recent quarters.

In related news, analysts have been busy revising their price targets for American Express. JPMorgan Chase & Co., for example, upgraded its rating from 'neutral' to 'overweight' and increased its target price to $400 per share after the company's second-quarter earnings report. Other firms, such as Benchmark and Guggenheim, also initiated coverage with positive ratings.