American Express Company (AXP) Earns Underperform Rating from Credit Suisse Group
Credit Suisse Group reissued their underperform rating on shares of American Express Company (NYSE:AXP) in a research note released on Thursday morning. They currently have a $84.00 target price on the payment services company’s stock, up from their previous target price of $79.00.
AXP has been the subject of a number of other research reports. Morgan Stanley decreased their target price on shares of American Express from $90.00 to $89.00 and set an equal weight rating for the company in a research report on Friday, September 8th. Bank of America Corporation reissued a buy rating and set a $102.00 target price on shares of American Express in a research report on Monday, October 9th. BidaskClub downgraded shares of American Express from a buy rating to a hold rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded shares of American Express from a buy rating to a hold rating in a research report on Wednesday, August 30th. Finally, Buckingham Research started coverage on shares of American Express in a research report on Monday, October 2nd. They set a neutral rating and a $92.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $90.66.
American Express (AXP) opened at 92.09 on Thursday. The company has a market cap of $81.41 billion, a price-to-earnings ratio of 18.89 and a beta of 1.21. American Express has a 52 week low of $65.03 and a 52 week high of $93.35. The firm has a 50-day moving average of $89.20 and a 200-day moving average of $83.54.
American Express (NYSE:AXP) last released its 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. The business had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.31 billion. American Express had a net margin of 14.48% and a return on equity of 22.75%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.24 EPS. Equities analysts forecast that American Express will post $5.84 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.52%. This is a boost from American Express’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, October 5th. American Express’s payout ratio is presently 26.97%.
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 purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction on 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Peter Bush sold 10,230 shares of American Express stock in a transaction on 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. Insiders have sold a total of 953,636 shares of company stock worth $80,863,777 over the last quarter. Company insiders own 0.67% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AXP. Waldron LP bought a new stake in shares of American Express during the 1st quarter worth $246,000. Clean Yield Group bought a new stake in shares of American Express during the 1st quarter worth $175,000. Trust Co. of Vermont raised its stake in shares of American Express by 5.0% during the 1st quarter. Trust Co. of Vermont now owns 17,289 shares of the payment services company’s stock worth $1,367,000 after purchasing an additional 819 shares during the period. Xact Kapitalforvaltning AB raised its stake in shares of American Express by 3.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 128,719 shares of the payment services company’s stock worth $10,183,000 after purchasing an additional 3,887 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in shares of American Express by 228.6% during the 1st quarter. Handelsbanken Fonder AB now owns 115,000 shares of the payment services company’s stock worth $9,098,000 after purchasing an additional 80,000 shares during the period. Institutional investors own 82.77% 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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