American Express’ (AXP) Sell Rating Reiterated at Credit Suisse Group
American Express Company (NYSE:AXP)‘s stock had its “sell” rating reiterated by Credit Suisse Group in a research report issued on Wednesday. They presently have a $79.00 price objective on the payment services company’s stock. Credit Suisse Group’s price objective suggests a potential downside of 13.20% from the company’s current price.
A number of other analysts also recently weighed in on AXP. BidaskClub raised shares of American Express from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Stephens raised shares of American Express from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $70.00 to $82.00 in a research report on Tuesday, June 20th. Instinet reaffirmed an “underperform” rating and issued a $80.00 target price on shares of American Express in a research report on Thursday, June 29th. William Blair reaffirmed an “outperform” rating on shares of American Express in a research report on Tuesday, July 18th. Finally, Barclays PLC reaffirmed a “buy” rating and issued a $83.00 target price on shares of American Express in a research report on Thursday, July 20th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $86.48.
Shares of American Express (AXP) traded down 0.46% on Wednesday, hitting $91.01. 3,091,679 shares of the stock were exchanged. The company has a 50-day moving average price of $87.08 and a 200 day moving average price of $82.41. American Express has a 12 month low of $59.50 and a 12 month high of $91.64. The company has a market cap of $80.45 billion, a PE ratio of 18.66 and a beta of 1.21.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The firm had revenue of $8.31 billion for 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%. The company’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.10 EPS. Equities analysts forecast that American Express will post $5.74 EPS for the current fiscal year.
American Express declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $4.40 billion in outstanding shares. This repurchase authorization allows the payment services company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
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In other 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Kenneth I. Chenault sold 789,503 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was 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 in the company, valued at approximately $75,297,922.32. The disclosure for this sale can be found here. Insiders sold a total of 959,617 shares of company stock worth $81,377,425 in the last quarter. Company insiders own 0.67% of the company’s stock.
Several large investors have recently modified their holdings of AXP. Waldron LP bought a new position in shares of American Express in the 1st quarter worth approximately $246,000. Heartland Advisors Inc. raised its stake in American Express by 0.4% during the 1st quarter. Heartland Advisors Inc. now owns 159,555 shares of the payment services company’s stock worth $12,622,000 after acquiring an additional 559 shares during the period. Klingenstein Fields & Co. LLC raised its stake in American Express by 9.1% during the 1st quarter. Klingenstein Fields & Co. LLC now owns 372,299 shares of the payment services company’s stock worth $29,452,000 after acquiring an additional 31,130 shares during the period. Hussman Strategic Advisors Inc. raised its stake in American Express by 3,846.2% during the 1st quarter. Hussman Strategic Advisors Inc. now owns 51,300 shares of the payment services company’s stock worth $4,058,000 after acquiring an additional 50,000 shares during the period. Finally, Parnassus Investments CA raised its stake in American Express by 20.0% during the 1st quarter. Parnassus Investments CA now owns 2,100,000 shares of the payment services company’s stock worth $166,131,000 after acquiring an additional 350,000 shares during the period. Hedge funds and other institutional investors own 82.78% 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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