State Street Corp Boosts Stakes in American Express with Massive Share Purchase
State Street Corp has significantly increased its holdings in American Express Company (NYSE:AXP), purchasing an additional 11,739,541 shares during the second quarter. This represents a 40.2% increase in State Street's stake in AXP.
The institutional investor now owns approximately 6.07% of American Express' stock, valued at $13,857,176,000 as of its most recent SEC filing. Other large investors have also made significant changes to their positions in the company, with Evolution Wealth Management Inc. growing its holdings by 6,600.0% during the fourth quarter.
Despite this growth, American Express shares traded down 2.1% on Tuesday, reaching a price of $307.13 per share. The company's market cap stands at $207.41 billion, with a price-to-earnings ratio of 18.66 and a beta of 1.05.