One of Warren Buffett’s largest stock assets, which he has held onto for over two decades, has recently witnessed impressive price increases, culminating with a new all-time high (ATH) and promising massive profits for the renowned investor and Berkshire Hathaway (NYSE: BRK.A) CEO.
Specifically, American Express (NYSE: AXP) is among Buffett’s stocks that have recorded positive gains throughout 2023, having advanced by 27.3% over the year and has more recently broken its own price record, hitting $203.88 on January 26, according to the information on January 30.
Indeed, the famous investor bought the credit card behemoth’s shares in 1991 in what has proven to be a wise decision time and time again, posting more than triple the returns of Coca-Cola (NYSE: KO) over the same period and justifying his reputation among stock traders as one of the best in the field.
American Express stock price analysis
With its newest success, the American Express stock has raced 8.08% across the previous seven days, adding up to the 6.66% gain in the last month, recording a cumulative advance of 16.33% in the past year, and currently changing hands at the price of $200.86.
Notably, this sudden price coincides with the credit card and financial services company posting strong guidance and boosting its dividend despite lower-than-expected quarterly results, expecting full-year earnings per share (EPS) in a range between $12.65 and $13.15 in 2024, exceeding estimates.
As for its prospects for the future, American Express looks promising, with both positive trends in the short and long term, still trading near its 52-week high after reaching the ATH and witnessing a considerably higher volume in the past couple of days, indicative of a strong upward movement.
On top of that, it is doing better than 85% of all other stocks in terms of their yearly performance, albeit being only an average performer in the consumer finance industry, outperforming 64% of the 52 stocks in the same sector, as per data retrieved on January 30.
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Source: https://finbold.com/this-warren-buffett-stock-just-reached-its-all-time-high/