American Express Company (NYSE:AXP) Given “Sell” Rating at Credit Suisse Group
American Express Company (NYSE:AXP)‘s stock had its “sell” rating reissued by investment analysts at Credit Suisse Group in a research report issued on Wednesday.
AXP has been the topic of several other research reports. Tigress Financial reissued a “neutral” rating on shares of American Express in a research note on Friday, March 24th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $91.00 price objective on shares of American Express in a research note on Monday, April 10th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $87.00 price objective on shares of American Express in a research note on Thursday, April 20th. Jefferies Group LLC reissued a “hold” rating and issued a $75.00 price objective on shares of American Express in a research note on Saturday, April 22nd. Finally, Piper Jaffray Companies reissued a “neutral” rating and issued a $83.00 price objective (up previously from $82.00) on shares of American Express in a research note on Saturday, April 22nd. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. American Express currently has an average rating of “Hold” and an average target price of $84.77.
American Express (AXP) traded up 0.28% during midday trading on Wednesday, reaching $85.59. The company had a trading volume of 3,570,375 shares. The stock’s 50 day moving average is $82.61 and its 200 day moving average is $79.25. American Express has a one year low of $59.50 and a one year high of $86.28. The company has a market capitalization of $75.75 billion, a PE ratio of 15.39 and a beta of 1.18.
American Express (NYSE:AXP) last posted its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.03. The firm had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.94%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.10 earnings per share. Equities research analysts forecast that American Express will post $5.73 earnings per share for the current fiscal year.
American Express announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization permits the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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In other American Express news, insider Paul D. Fabara sold 5,981 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $85.88, for a total value of $513,648.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Douglas E. Buckminster sold 46,950 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $80.78, for a total transaction of $3,792,621.00. Following the completion of the sale, the insider now owns 103,676 shares in the company, valued at $8,374,947.28. The disclosure for this sale can be found here. Insiders sold a total of 60,831 shares of company stock worth $4,921,191 over the last quarter. Corporate insiders own 0.67% of the company’s stock.
A number of hedge funds have recently bought and sold shares of AXP. Vanguard Group Inc. boosted its stake in American Express by 1.5% in the first quarter. Vanguard Group Inc. now owns 49,502,529 shares of the payment services company’s stock valued at $3,916,145,000 after buying an additional 722,235 shares in the last quarter. BlackRock Inc. boosted its stake in American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock valued at $3,494,913,000 after buying an additional 42,592,136 shares in the last quarter. State Street Corp boosted its stake in American Express by 1.8% in the first quarter. State Street Corp now owns 40,399,620 shares of the payment services company’s stock valued at $3,196,011,000 after buying an additional 731,315 shares in the last quarter. Dodge & Cox purchased a new stake in American Express during the fourth quarter valued at about $2,128,667,000. Finally, Wellington Management Group LLP boosted its stake in 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 valued at $1,360,596,000 after buying an additional 3,071,573 shares in the last quarter. Institutional investors and hedge funds own 82.60% of the company’s stock.
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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