American Express Company (AXP) Receives New Coverage from Analysts at Wells Fargo & Company
Research analysts at Wells Fargo & Company began coverage on shares of American Express Company (NYSE:AXP) in a research note issued to investors on Tuesday, The Fly reports. The brokerage set an “outperform” rating on the payment services company’s stock.
Several other equities research analysts also recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of American Express from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Friday, September 8th. Zacks Investment Research downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Credit Suisse Group restated a “sell” rating on shares of American Express in a research note on Wednesday, July 19th. BidaskClub downgraded shares of American Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Guggenheim restated a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of American Express in a research note on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the stock. American Express presently has an average rating of “Hold” and an average price target of $86.65.
American Express (NYSE AXP) traded up 0.22% during mid-day trading on Tuesday, reaching $91.89. 2,247,195 shares of the company traded hands. The stock has a 50 day moving average price of $87.71 and a 200-day moving average price of $82.84. American Express has a 52-week low of $59.50 and a 52-week high of $92.34. The company has a market capitalization of $81.23 billion, a P/E ratio of 18.85 and a beta of 1.21.
American Express (NYSE:AXP) last announced its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.03. The business 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%. American Express’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the company posted $2.10 earnings per share. Analysts expect that American Express will post $5.74 EPS for the current fiscal year.
American Express declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $4.40 billion in shares. This repurchase authorization allows the payment services company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $84.39, for a total value of $506,340.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Peter Bush sold 10,230 shares of American Express stock in a transaction dated Monday, October 2nd. The shares were 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 sold 959,617 shares of company stock valued at $81,377,425 over the last ninety days. 0.67% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Matthew Goff Investment Advisor LLC bought a new position in shares of American Express in the first quarter valued at about $2,543,000. Vanguard Group Inc. increased its position 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 worth $3,916,145,000 after purchasing an additional 722,235 shares during the period. Rothschild Asset Management Inc. increased its position in American Express by 19.5% in the first quarter. Rothschild Asset Management Inc. now owns 641,409 shares of the payment services company’s stock worth $50,742,000 after purchasing an additional 104,647 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in American Express in the second quarter worth about $215,000. Finally, Trust Co. of Vermont increased its position in American Express by 5.0% in the first 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. 82.78% of the stock is owned by institutional investors and hedge funds.
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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