American Express Attracts Institutional Investors with Higher Earnings
American Express Company (NYSE: AXP) has attracted significant investment interest from institutional investors. Davis Asset Management L.P. recently acquired a new stake in the company, purchasing approximately 63,000 shares valued at $21,310,000 during the second quarter.
According to its latest 13F filing with the SEC, Davis Asset Management L.P. reported that this acquisition is their first investment in American Express stock. Several other institutional investors also increased or initiated their stakes in American Express, including Brighton Jones LLC and Sivia Capital Partners LLC.
The payment services company has seen a boost in its earnings per share for the quarter, surpassing analyst estimates with $4.53 EPS compared to the predicted $4.41. The company's revenue was up 10% from the same period last year, reaching $19.64 billion. American Express also recently disclosed a quarterly dividend of $0.95 per share.