American Express Co. (AXP) Shares Down 2%
Shares of American Express Co. (NYSE:AXP) dropped 2% during trading on Thursday . The stock traded as low as $62.88 and last traded at $63.16, with a volume of 5,707,944 shares changing hands. The stock had previously closed at $64.48.
AXP has been the topic of several analyst reports. Vetr upgraded shares of American Express from a “buy” rating to a “strong-buy” rating and set a $67.47 price target on the stock in a research report on Monday, June 27th. Goldman Sachs Group Inc. restated a “neutral” rating and set a $67.00 price target (up previously from $62.00) on shares of American Express in a research report on Tuesday, June 7th. Wells Fargo & Co. restated a “hold” rating and set a $65.00 price target on shares of American Express in a research report on Sunday, July 10th. Compass Point increased their price objective on shares of American Express from $69.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, April 21st. Finally, Credit Suisse Group AG reaffirmed a “sell” rating and set a $62.00 price objective on shares of American Express in a report on Thursday, July 14th. Six investment analysts have rated the stock with a sell rating, twenty have given a hold rating and nine have issued a buy rating to the company. American Express has a consensus rating of “Hold” and an average target price of $70.40.
The company has a market capitalization of $60.29 billion and a price-to-earnings ratio of 11.37. The firm has a 50 day moving average of $62.48 and a 200 day moving average of $60.95.
American Express (NYSE:AXP) last announced its quarterly earnings data on Wednesday, July 20th. The payment services company reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.95 by $0.15. The company had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.33 billion. The company’s revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 earnings per share. Analysts expect that American Express Co. will post $5.50 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 10th. Stockholders of record on Friday, July 1st will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $1.16 annualized dividend and a dividend yield of 1.80%.
In related news, insider Susan Sobbott sold 14,682 shares of the stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $65.50, for a total transaction of $961,671.00. Following the completion of the sale, the insider now owns 51,552 shares of the company’s stock, valued at approximately $3,376,656. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kenneth I. Chenault sold 838,968 shares of the stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $62.65, for a total transaction of $52,561,345.20. Following the sale, the chief executive officer now directly owns 1,444,572 shares of the company’s stock, valued at approximately $90,502,435.80. The disclosure for this sale can be found here.
A number of hedge funds have bought and sold shares of the company. GAM Holding AG increased its stake in American Express by 1.9% in the fourth quarter. GAM Holding AG now owns 111,693 shares of the payment services company’s stock worth $7,768,000 after buying an additional 2,100 shares during the period. Boston Partners acquired a new stake in American Express during the fourth quarter worth about $5,154,000. Robeco Institutional Asset Management B.V. increased its stake in American Express by 24.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 41,027 shares of the payment services company’s stock worth $2,854,000 after buying an additional 8,192 shares during the period. Markston International LLC increased its stake in American Express by 0.5% in the fourth quarter. Markston International LLC now owns 412,588 shares of the payment services company’s stock worth $28,695,000 after buying an additional 2,215 shares during the period. Finally, Clarkston Capital Partners LLC increased its stake in American Express by 18.0% in the fourth quarter. Clarkston Capital Partners LLC now owns 233,882 shares of the payment services company’s stock worth $16,266,000 after buying an additional 35,728 shares during the period.
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS).
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