Oppenheimer Asset Management Bets Big on American Express
American Express Company (NYSE:AXP) has attracted a new investor in Oppenheimer Asset Management Inc., which bought 15,377 shares of the payment services company's stock during the second quarter. The purchase valued at approximately $5,201,000. This is just one of several large institutional investors that have recently increased their stakes in American Express.
According to MarketBeat.com, State Street Corp, Fisher Asset Management LLC, Bank of America Corp DE, and Capital World Investors have all boosted their positions in the company over the past few quarters. These investors now own a combined total of 33,105,342 shares of American Express stock, valued at approximately $12,444,610,000.
American Express has recently made several announcements that are expected to enhance its premium offerings and increase revenue. The company's expanded virtual-card capabilities will provide U.S. corporate customers with adjustable spending limits, enhanced fraud protection, and easier expense management. Additionally, American Express added 350 luxury hotels across 116 countries to the Platinum Card travel program.