American Express Company (NYSE:AXP) had its target price decreased by Morgan Stanley from $90.00 to $89.00 in a research note published on Friday morning. Morgan Stanley currently has an equal weight rating on the payment services company’s stock.
Several other analysts have also recently issued reports on AXP. Keefe, Bruyette & Woods set a $95.00 target price on shares of American Express and gave the company a buy rating in a research report on Saturday, August 19th. BidaskClub cut shares of American Express from a hold rating to a sell rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) restated a neutral rating and set a $94.00 target price (up from $87.00) on shares of American Express in a research report on Saturday, July 22nd. Instinet restated an underperform rating and set a $80.00 target price on shares of American Express in a research report on Thursday, June 29th. Finally, Wells Fargo & Company restated a market perform rating and set a $80.00 target price on shares of American Express in a research report on Sunday, May 21st. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $86.29.
American Express (NYSE:AXP) opened at 85.69 on Friday. American Express has a 52 week low of $59.50 and a 52 week high of $87.78. The stock’s 50 day moving average price is $85.40 and its 200-day moving average price is $81.29. The company has a market capitalization of $75.75 billion, a PE ratio of 17.57 and a beta of 1.18.
American Express (NYSE:AXP) last announced its earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate 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 21.90%. The business’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.10 EPS. On average, equities research analysts predict that American Express will post $5.74 earnings per share for the current fiscal year.
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American Express declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $4.40 billion in outstanding shares. This buyback authorization allows the payment services company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, Vice Chairman Stephen J. Squeri sold 94,792 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $85.41, for a total transaction of $8,096,184.72. Following the transaction, the insider now directly owns 261,665 shares in the company, valued at $22,348,807.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Susan Sobbott sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total transaction of $506,340.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 949,387 shares of company stock worth $80,451,099. Insiders own 0.67% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intl Fcstone Inc. bought a new position in shares of American Express during the second quarter valued at approximately $625,000. Griffin Asset Management Inc. bought a new position in shares of American Express during the second quarter valued at approximately $6,686,000. RNC Capital Management LLC boosted its stake in shares of American Express by 3.0% during the second quarter. RNC Capital Management LLC now owns 70,285 shares of the payment services company’s stock valued at $5,921,000 after purchasing an additional 2,036 shares in the last quarter. Sentry Investment Management LLC boosted its stake in shares of American Express by 1.1% during the second quarter. Sentry Investment Management LLC now owns 60,659 shares of the payment services company’s stock valued at $5,110,000 after purchasing an additional 632 shares in the last quarter. Finally, WFG Advisors LP boosted its stake in shares of American Express by 38.8% during the second quarter. WFG Advisors LP now owns 1,568 shares of the payment services company’s stock valued at $132,000 after purchasing an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 82.80% 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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