Credit Suisse Group AG Reiterates Sell Rating for American Express Company (AXP)
American Express Company (NYSE:AXP)‘s stock had its “sell” rating reaffirmed by Credit Suisse Group AG in a report released on Wednesday. They presently have a $79.00 price objective on the payment services company’s stock. Credit Suisse Group AG’s target price points to a potential downside of 13.34% from the company’s current price.
A number of other brokerages have also commented on AXP. Buckingham Research assumed coverage on shares of American Express in a research note on Monday. They issued a “neutral” rating and a $92.00 price target on the stock. Barclays PLC restated a “buy” rating and set a $83.00 target price on shares of American Express in a research report on Thursday, July 20th. BidaskClub upgraded shares of American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research lowered shares of American Express from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Finally, Guggenheim restated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of American Express in a research report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the stock. American Express presently has an average rating of “Hold” and a consensus target price of $86.48.
Shares of American Express (AXP) opened at 91.16 on Wednesday. The firm has a market capitalization of $80.58 billion, a P/E ratio of 18.70 and a beta of 1.21. The company’s 50-day moving average price is $87.18 and its 200-day moving average price is $82.47. American Express has a 52-week low of $59.50 and a 52-week high of $91.64.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.03. American Express had a net margin of 14.11% and a return on equity of 21.90%. The business had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same quarter in the prior year, the business earned $2.10 EPS. American Express’s quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts expect that American Express will post $5.74 EPS for the current fiscal year.
American Express declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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In other news, CEO Kenneth I. Chenault sold 789,503 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Susan Sobbott sold 6,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. In the last three months, insiders sold 959,617 shares of company stock valued at $81,377,425. 0.67% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in AXP. MCF Advisors LLC raised its stake in shares of American Express by 0.5% during the first quarter. MCF Advisors LLC now owns 1,282 shares of the payment services company’s stock valued at $101,000 after acquiring an additional 6 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of American Express by 30.4% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,288 shares of the payment services company’s stock valued at $109,000 after acquiring an additional 300 shares during the last quarter. SpiderRock Advisors LLC bought a new position in shares of American Express during the first quarter valued at $112,000. Capital Analysts LLC bought a new position in shares of American Express during the second quarter valued at $115,000. Finally, SRS Capital Advisors Inc. raised its stake in shares of American Express by 10.3% during the first quarter. SRS Capital Advisors Inc. now owns 1,476 shares of the payment services company’s stock valued at $116,000 after acquiring an additional 138 shares during the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.
About American Express
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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