American Express Company (AXP) Expected to Announce Quarterly Sales of $8.32 Billion
Equities analysts forecast that American Express Company (NYSE:AXP) will report sales of $8.32 billion for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for American Express’ earnings, with the lowest sales estimate coming in at $8.21 billion and the highest estimate coming in at $8.49 billion. American Express posted sales of $7.77 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 7.1%. The firm is expected to issue its next earnings results on Wednesday, October 18th.
On average, analysts expect that American Express will report full year sales of $8.32 billion for the current year, with estimates ranging from $32.89 billion to $33.56 billion. For the next fiscal year, analysts anticipate that the business will report sales of $35.00 billion per share, with estimates ranging from $34.54 billion to $35.76 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover American Express.
American Express (NYSE:AXP) last issued its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.03. The company had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.20 billion. American Express had a net margin of 14.11% and a return on equity of 21.90%. American Express’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 EPS.
A number of research analysts have weighed in on the stock. Barclays PLC reaffirmed a “buy” rating and set a $83.00 price target on shares of American Express in a research report on Thursday, July 20th. Credit Suisse Group reaffirmed a “sell” rating on shares of American Express in a research report on Wednesday, July 19th. BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research cut shares of American Express from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $85.00 price target on shares of American Express in a research report on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company. American Express has a consensus rating of “Hold” and an average target price of $86.29.
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In other American Express news, Vice Chairman Stephen J. Squeri sold 94,792 shares of American Express stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total value of $8,096,184.72. Following the completion of the transaction, the insider now owns 261,665 shares of the company’s stock, valued at $22,348,807.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 949,387 shares of company stock valued at $80,451,099. 0.67% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. MCF Advisors LLC boosted its holdings in American Express by 0.3% in the second quarter. MCF Advisors LLC now owns 1,286 shares of the payment services company’s stock worth $108,000 after purchasing an additional 4 shares during the period. Appleton Partners Inc. MA boosted its holdings in American Express by 0.3% in the second quarter. Appleton Partners Inc. MA now owns 2,658 shares of the payment services company’s stock worth $224,000 after purchasing an additional 8 shares during the period. Westside Investment Management Inc. boosted its holdings in American Express by 0.5% in the second quarter. Westside Investment Management Inc. now owns 1,536 shares of the payment services company’s stock worth $129,000 after purchasing an additional 8 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its holdings in American Express by 0.4% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,641 shares of the payment services company’s stock worth $209,000 after purchasing an additional 10 shares during the period. Finally, Bath Savings Trust Co boosted its holdings in American Express by 0.3% in the second quarter. Bath Savings Trust Co now owns 4,388 shares of the payment services company’s stock worth $369,000 after purchasing an additional 14 shares during the period. 82.80% of the stock is owned by hedge funds and other institutional investors.
Shares of American Express (AXP) traded up 0.93% on Friday, reaching $86.99. 7,791,555 shares of the company traded hands. The stock has a market capitalization of $76.90 billion, a price-to-earnings ratio of 17.84 and a beta of 1.18. The company has a 50-day moving average of $85.61 and a 200-day moving average of $81.49. American Express has a 1-year low of $59.50 and a 1-year high of $87.78.
American Express declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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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