American Express Attracts New Investors Amid Earnings Beat
American Express Company (NYSE: AXP) has attracted new investment from several institutional investors. Flputnam Investment Management Co. purchased a new stake in American Express shares during the second quarter, buying approximately $12,879,000 worth of stock.
The fund acquired 38,076 shares of the payment services company's stock. This is not an isolated event, as other hedge funds have also modified their holdings of American Express. Norges Bank and Bank of New York Mellon Corp each acquired new stakes in the company during the fourth and second quarters, respectively.
The investment in American Express comes amidst a strong earnings beat by the company, with quarterly revenue up 10% compared to the same period last year. The company's net margin stood at 15.07%, with a return on equity of 34.12%. Analysts forecast that American Express will post $17.67 earnings per share for the current fiscal year.