Varma Invests $37.9 Million in American Express
A significant investment was made by Varma Mutual Pension Insurance Co in American Express Company (NYSE:AXP), according to recent SEC filings. The fund purchased a new stake of approximately $37,896,000 worth of AXP shares during the second quarter. Specifically, they acquired 112,035 shares.
This is not an isolated instance; several other institutional investors have also made significant changes to their positions in American Express during the same period. Evolution Wealth Management Inc., for example, boosted its stake by a massive 6,600% in the fourth quarter and now owns 67 shares valued at $25,000.
Wall Street analysts have been weighing in on AXP shares, with some upgrading their price targets after recent earnings reports. HSBC increased its target from $312 to $329, while Piper Sandler raised its target from $396 to $405 and gave the stock an 'overweight' rating.