NewEdge Advisors Cuts American Express Stake by 9.2%

Financial services company American Express Company (NYSE:AXP) has seen its stock holdings decrease by NewEdge Advisors LLC, according to a recent Form 13F filing with the Securities and Exchange Commission. The institutional investor sold 10,819 shares in the first quarter, reducing their stake in the payment services company by 9.2%. This change resulted in NewEdge Advisors LLC owning 106,328 shares of American Express' stock, valued at $32,162,000.

The recent sale is not an isolated incident; other hedge funds have also made changes to their positions in American Express. Invenio Wealth Partners LLC increased its position by 3.9% in the third quarter and now owns 776 shares of American Express' stock valued at $258,000. Gilliland Jeter Wealth Management LLC and Cornerstone Advisory LLC each raised their holdings by a percentage point or two in the fourth quarter.

American Express has seen its stock price fluctuate over time, with a current price of $340.96 per share. The company's 50-day simple moving average is $338.12, while its 200-day simple moving average is $328.26. American Express' market cap stands at $230.25 billion, with a PE ratio of 20.69 and a beta of 1.04.