Cubic Asset Management Lowers stake in American Express Company (AXP)

American Express Company (AXP) : Cubic Asset Management reduced its stake in American Express Company by 1.12% during the most recent quarter end. The investment management company now holds a total of 66,048 shares of American Express Company which is valued at $4,318,218 after selling 750 shares in American Express Company , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.American Express Company makes up approximately 1.42% of Cubic Asset Management’s portfolio.

Other Hedge Funds, Including , Outfitter Advisors Ltd. reduced its stake in AXP by selling 350 shares or 3.35% in the most recent quarter. The Hedge Fund company now holds 10,108 shares of AXP which is valued at $660,861. American Express Company makes up approx 0.27% of Outfitter Advisors Ltd.’s portfolio.Montag A Associates Inc reduced its stake in AXP by selling 100 shares or 1.58% in the most recent quarter. The Hedge Fund company now holds 6,219 shares of AXP which is valued at $396,959. American Express Company makes up approx 0.05% of Montag A Associates Inc’s portfolio.

American Express Company opened for trading at $65.49 and hit $66.2 on the upside on Wednesday, eventually ending the session at $66.19, with a gain of 0.65% or 0.43 points. The heightened volatility saw the trading volume jump to 3,200,694 shares. Company has a market cap of $61,145 M.

On the company’s financial health, American Express Company reported $2.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.36 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $1.74. The company had revenue of $8235.00 million for the quarter, compared to analysts expectations of $8341.60 million. The company’s revenue was down -.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.42 EPS.

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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