Cullen Capital Management Bets Big on American Express

Cullen Capital Management LLC made its first investment in American Express Company during the second quarter, according to a recent SEC filing. The firm bought approximately $5.04 million worth of AXP shares.

This is not Cullen Capital's only move in the market, as several other hedge funds have also increased their stakes in American Express. Evolution Wealth Management Inc., for example, boosted its position by 6,600% in the fourth quarter and now owns $25,000 worth of AXP shares.

American Express recently reported its quarterly earnings, beating analyst estimates with $4.53 EPS. The company's revenue was up 10% year-over-year, driven by a strong performance in its payment services business.