Jefferies Group LLC Raises American Express Company (AXP) Price Target to $93.35
American Express Company (NYSE:AXP) had its price objective upped by research analysts at Jefferies Group LLC from $64.75 to $93.35 in a research note issued on Friday. The firm currently has a “hold” rating on the payment services company’s stock. Jefferies Group LLC’s target price indicates a potential upside of 1.37% from the stock’s current price. Jefferies Group also issued estimates for American Express’ Q4 2017 earnings at $1.55 EPS, FY2017 earnings at $5.86 EPS, Q1 2018 earnings at $1.57 EPS, Q2 2018 earnings at $1.71 EPS, Q4 2018 earnings at $1.63 EPS and FY2018 earnings at $6.64 EPS.
AXP has been the subject of a number of other reports. Barclays PLC set a $93.00 price target on American Express and gave the company a “hold” rating in a research report on Thursday. Bank of America Corporation increased their price target on American Express from $102.00 to $106.00 and gave the company a “buy” rating in a research report on Thursday. BidaskClub raised American Express from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Buckingham Research assumed coverage on American Express in a research report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 price target for the company. Finally, Zacks Investment Research raised American Express from a “hold” rating to a “buy” rating and set a $96.00 price target for the company in a research report on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. American Express currently has a consensus rating of “Hold” and a consensus price target of $90.66.
Shares of American Express (AXP) traded up 0.21% during trading on Friday, reaching $92.09. 4,442,193 shares of the company were exchanged. The firm’s 50 day moving average price is $89.20 and its 200 day moving average price is $83.54. The company has a market capitalization of $81.41 billion, a PE ratio of 18.89 and a beta of 1.21. American Express has a one year low of $65.03 and a one year high of $93.35.
American Express (NYSE:AXP) last released its quarterly earnings results on Wednesday, October 18th. The payment services company reported $1.50 EPS 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 analyst estimates of $8.31 billion. American Express had a return on equity of 22.75% and a net margin of 14.48%. American Express’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 EPS. Equities research analysts forecast that American Express will post $5.84 earnings per share for the current fiscal year.
American Express announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $4.40 billion in shares. This buyback authorization allows the payment services company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
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In other 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 transaction of $506,340.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anre D. Williams sold 53,111 shares of American Express stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $85.24, for a total value of $4,527,181.64. Following the sale, the insider now owns 79,614 shares of the company’s stock, valued at approximately $6,786,297.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 953,636 shares of company stock valued at $80,863,777. Corporate insiders own 0.67% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in AXP. Waldron LP purchased a new position in shares of American Express during the 1st quarter valued at about $246,000. Trust Co. of Vermont raised its holdings 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 valued at $1,367,000 after buying an additional 819 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings 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 valued at $10,183,000 after buying an additional 3,887 shares in the last quarter. Handelsbanken Fonder AB raised its holdings 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 valued at $9,098,000 after buying an additional 80,000 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its holdings in shares of American Express by 9.4% during the 1st quarter. Pictet Asset Management Ltd. now owns 677,221 shares of the payment services company’s stock valued at $53,575,000 after buying an additional 58,300 shares in the last quarter. 82.77% of the stock is currently owned by institutional investors.
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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