Fairtree Takes New Stake in American Express Worth Over $2 Million

Fairtree Asset Management Pty Ltd has taken a new stake in American Express Company (NYSE: AXP) worth approximately $2,197,000. The firm purchased 6,494 shares of American Express stock during the second quarter. This represents 0.8% of Fairtree Asset Management's portfolio and makes American Express its 28th largest holding.

Other institutional investors have also recently added to or reduced their stakes in American Express. BlackRock Inc. acquired a new stake in shares of American Express during the second quarter worth approximately $14,208,662,000. Norges Bank acquired a new position in American Express in the fourth quarter valued at approximately $2,464,215,000.

American Express has seen its stock trading down 2.3% with a market cap of $224.20 billion and a price-to-earnings ratio of 20.15. The company's quarterly revenue was up 10.0% on a year-over-year basis, with earnings per share (EPS) beating analysts' consensus estimates by $0.12.