CoreCap Reduces Stake in American Express Amid Market Shifts

CoreCap Advisors LLC has reduced its stake in American Express Company by nearly 39% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm sold 5,997 shares during the quarter, leaving it with a total of 9,434 shares worth $3.19 million as of its latest filing. This move comes amidst changes in the market and shifts in investor sentiment.

Several other large investors have also made adjustments to their holdings in American Express. State Street Corp boosted its position in the payment services company by 1.3% during the fourth quarter, while Fisher Asset Management LLC increased its stake by 1.6%. Bank of America Corp DE raised its holding by 7.7%, and Capital World Investors added 46.7% more shares to its portfolio.

American Express has seen significant price movements in recent months, with its stock opening at $348.94 on Thursday. The company's revenue was up 10.0% compared to the same quarter last year, while earnings per share were $4.53, beating analyst estimates of $4.41.

Wall Street analysts have maintained a Moderate Buy rating for American Express, with an average target price of $372.84. Top-rated analysts recommend considering other stocks, however, citing better growth prospects and higher dividend yields.