In this article, we discuss 15 Dow stocks and their rank according to the 2022 hedge fund bullishness index. If you want to read our review of these stocks and the latest market situation, go directly to Dow 30 Stocks Listed and Ranked By 2022 Hedge Fund Bullishness Index.
15. American Express Company (NYSE:AXP)
Number of Hedge Fund Holders: 69
American Express Company (NYSE:AXP) is one of the largest financial services companies in the world, with a $108.6 billion market cap. It offers payment card and travel-related services around the globe. On June 6, American Express Company (NYSE:AXP) was upgraded to ‘Buy’ from ‘Hold by Edward Jones analyst Kyle Sanders, who noted that AXP’s recent initiatives to attract young customers have led to significant account growth for the firm.
69 hedge funds were stakeholders of American Express Company (NYSE:AXP) at the end of the first quarter of 2022, which included big names such as Fisher Asset Management, Arrowstreet Capital, and Berkshire Hathaway, the latter of which stood as the firm’s largest shareholder with a massive $28.4 billion position. In comparison, 64 hedge funds were bullish on American Express Company (NYSE:AXP) shares at the end of the fourth quarter, signifying growing investor confidence in the company.
Here is what ClearBridge Investments had to say about the performance and future prospects of American Express Company (NYSE:AXP) in its Q2 2021 investor letter:
“In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”