Billionaire Mario Gabelli’s Top 15 Stock Picks

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6. American Express Company (NYSE:AXP)

Number of Hedge Fund Holders: 62

GAMCO Investors’ Stake: $148.5 million

American Express Company (NYSE:AXP) provides payments and travel-related services. The following key aspects make this company a standout investment. To start with, in the third quarter of 2024, total card member spending increased by 6%, and card fee revenue growth accelerated to 18%. The company continued to attract large numbers of new premium card members with 3.3 million new card acquisitions while maintaining high retention rates, excellent credit performance, and expense discipline. Secondly, the company has introduced new initiatives to support low-carbon communities, including the expansion of its carbon footprint tool for select corporate clients. Moreover, the company has announced new product updates and analytics enhancements to its digital cash flow management hub, American Express Business Blueprint, which would help small business card members understand their cash flow trends in a better way.

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