Cacti Asset Management buys $32 Million stake in American Express Company (AXP)

American Express Company (AXP) : Cacti Asset Management scooped up 42,980 additional shares in American Express Company during the most recent quarter end , according to a recent disclosure to the SEC on Apr 1, 2016. The investment management firm now holds a total of 522,927 shares of American Express Company which is valued at $32 Million.American Express Company makes up approximately 3.44% of Cacti Asset Management’s portfolio.

Other Hedge Funds, Including , Beacon Financial Group boosted its stake in AXP in the latest quarter, The investment management firm added 234 additional shares and now holds a total of 10,749 shares of American Express Company which is valued at $656,764. American Express Company makes up approx 0.14% of Beacon Financial Group’s portfolio.

On the company’s financial health, American Express Company reported $1.23 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Jan 21, 2016. Analyst had a consensus of $1.13. The company had revenue of $8391.00 million for the quarter, compared to analysts expectations of $8399.38 million. The company’s revenue was down -7.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.39 EPS.

Many Wall Street Analysts have commented on American Express Company. Shares were Reiterated by Barclays on Mar 11, 2016 to “Equal Weight” and Lowered the Price Target to $ 63 from a previous price target of $77 .Shares were Reiterated by Deutsche Bank on Feb 9, 2016 to “Buy” and Lowered the Price Target to $ 66 from a previous price target of $90 .American Express Company was Downgraded by Morgan Stanley to ” Equal-Weight” on Jan 25, 2016.

American Express Company opened for trading at $59.67 and hit $60.08 on the upside on Monday, eventually ending the session at $59.8, with a gain of 0.50% or 0.3 points. The heightened volatility saw the trading volume jump to 40,33,398 shares. Company has a market cap of $57,650 M.

American Express Company is a global services company. The Company’s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Card Services International Card Services Global Commercial Services and Global Network & Merchant Services. The Company’s United States banking subsidiaries Centurion Bank and AEBFSB issue a range of Card products and services. It also issues its charge and credit Cards around the world either on its own or as cobrands with partnering institutions. The Company provides expense management and travel services to companies and organizations through its Global Corporate Payments and Global Business Travel businesses. The Global Network & Merchant Services (GNMS) segment operates a global payments network that processes and settles card transactions.

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