Envestnet Boosts Stake in American Express by Over 60%

Envestnet Asset Management Inc., a significant investor in American Express Company (NYSE: AXP), has increased its stake in the payment services company. According to the most recent SEC filing, Envestnet purchased an additional 470,791 shares of AXP during the 2nd quarter, bringing its total holdings to 1,219,787 shares.

This represents a 62.9% increase in Envestnet's stake in American Express. As a result of this purchase, Envestnet now owns approximately 0.18% of AXP's outstanding stock, valued at $412,593,000.