Wells Fargo & Company assumed coverage on shares of American Express Company (NYSE:AXP) in a research note issued on Tuesday. The firm set an “outperform” rating on the payment services company’s stock.
A number of other equities research analysts have also issued reports on AXP. Buckingham Research began coverage on shares of American Express in a report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 price target on the stock. Credit Suisse Group reissued a “sell” rating and issued a $79.00 price target on shares of American Express in a report on Wednesday, October 4th. Bank of America Corporation reissued a “buy” rating and issued a $102.00 price target on shares of American Express in a report on Monday. Keefe, Bruyette & Woods set a $95.00 price target on shares of American Express and gave the stock a “buy” rating in a report on Saturday, August 19th. Finally, BidaskClub lowered shares of American Express from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the company. American Express has an average rating of “Hold” and an average price target of $86.65.
American Express (AXP) traded up 0.22% during trading on Tuesday, reaching $91.89. 2,247,195 shares of the company traded hands. The firm has a market capitalization of $81.23 billion, a price-to-earnings ratio of 18.85 and a beta of 1.21. The firm’s 50 day moving average price is $87.71 and its 200 day moving average price is $82.84. American Express has a 12-month low of $59.50 and a 12-month high of $92.34.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The business had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $2.10 EPS. Equities research analysts expect that American Express will post $5.74 earnings per share for the current year.
American Express announced that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to buyback $4.40 billion in shares. This buyback authorization permits the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
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In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the completion of the sale, the insider now directly owns 261,665 shares in the company, valued at approximately $22,348,807.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the sale, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 959,617 shares of company stock valued at $81,377,425. 0.67% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in AXP. BlackRock Inc. increased its stake in American Express by 2,686.0% during the 1st quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after purchasing an additional 42,592,136 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of American Express by 21.7% in the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after acquiring an additional 3,071,573 shares during the period. Tesco Pension Investment Ltd bought a new stake in shares of American Express in the first quarter worth approximately $137,325,000. Veritas Asset Management LLP grew its stake in shares of American Express by 15.2% in the second quarter. Veritas Asset Management LLP now owns 10,303,201 shares of the payment services company’s stock worth $867,942,000 after acquiring an additional 1,358,474 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of American Express in the second quarter worth approximately $101,526,000. Institutional investors and hedge funds own 82.78% of the company’s stock.
American Express Company Profile
American Express Company, together with its subsidiaries, is a global services company. The Company’s principal products and services are charge and credit card products, and travel-related services, which are offered to consumers and businesses around the world. Its segments include the U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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