American Express Company (AXP) Rating Reiterated by Jefferies Group LLC
American Express Company (NYSE:AXP)‘s stock had its “in-line” rating reaffirmed by research analysts at Jefferies Group LLC in a research report issued on Thursday. They currently have a $93.00 price target on the payment services company’s stock, up from their previous price target of $85.00. Jefferies Group LLC’s price objective would suggest a potential upside of 0.99% from the company’s previous close. Jefferies Group also issued estimates for American Express’ FY2017 earnings at $5.86 EPS and FY2018 earnings at $6.64 EPS.
A number of other analysts have also recently weighed in on the company. Morgan Stanley lowered their price target on American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Friday, September 8th. Zacks Investment Research cut American Express from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Credit Suisse Group restated a “sell” rating on shares of American Express in a report on Wednesday, July 19th. BidaskClub cut American Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. 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 report on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $90.66.
American Express (NYSE:AXP) opened at 92.09 on Thursday. The stock’s 50 day moving average is $89.20 and its 200 day moving average is $83.54. American Express has a one year low of $65.03 and a one year high of $93.29. The firm has a market cap of $81.41 billion, a P/E ratio of 18.89 and a beta of 1.21.
American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.03. American Express had a return on equity of 22.75% and a net margin of 14.48%. The firm had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.31 billion. During the same period in the prior year, the business posted $1.24 earnings per share. The business’s revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts expect that American Express will post $5.84 earnings per share for the current year.
American Express announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $4.40 billion in outstanding shares. This buyback authorization allows the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Susan Sobbott sold 6,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $84.39, for a total transaction of $506,340.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James Peter Bush sold 10,230 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $90.55, for a total value of $926,326.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 953,636 shares of company stock worth $80,863,777. 0.67% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of American Express by 1.5% during the second quarter. Vanguard Group Inc. now owns 50,233,957 shares of the payment services company’s stock worth $4,231,710,000 after purchasing an additional 731,428 shares during the period. BlackRock Inc. raised its position in shares of American Express by 1.1% during the second quarter. BlackRock Inc. now owns 44,685,897 shares of the payment services company’s stock worth $3,764,339,000 after purchasing an additional 508,030 shares during the period. State Street Corp raised its position in shares of American Express by 1.8% during the first quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock worth $3,196,011,000 after purchasing an additional 731,315 shares during the period. Wellington Management Group LLP raised its position in shares of American Express by 21.7% during 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 purchasing an additional 3,071,573 shares during the period. Finally, First Eagle Investment Management LLC raised its position in shares of American Express by 0.6% during the second quarter. First Eagle Investment Management LLC now owns 16,342,822 shares of the payment services company’s stock worth $1,376,719,000 after purchasing an additional 103,546 shares during the period. 82.77% of the stock is currently owned by 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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