Should You Buy American Express While It's Below $250?
Known for its premium credit card offerings, American Express (NYSE: AXP) is a powerhouse in the financial services sector. And if you have any doubts about this being a quality enterprise, it's worth noting that Warren Buffett-led Berkshire Hathaway is a major investor, owning more than 21% of the business.
American Express is taking a hit in the past few days. Should investors buy this financial stock while it trades well below $250 per share?
The company's stellar performance is extremely encouraging. During the three-month period that ended June 30, American Express reported revenue (net of interest expense) of $16.3 billion, which was up 8% year over year. This was driven by higher payment volume and 3.3 million new active cards. Moreover, Amex is seeing strong cross-border payments activity.
Source Fool.com
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