Traders Buy Shares of American Express Co. (AXP) on Weakness
Traders purchased shares of American Express Co. (NYSE:AXP) on weakness during trading on Friday. $68.85 million flowed into the stock on the tick-up and $31.15 million flowed out of the stock on the tick-down, for a money net flow of $37.70 million into the stock. Of all stocks tracked, American Express had the 30th highest net in-flow for the day. American Express traded down ($0.33) for the day and closed at $64.46
AXP has been the topic of a number of recent analyst reports. Vetr raised American Express from a “buy” rating to a “strong-buy” rating and set a $67.47 target price on the stock in a research report on Monday, June 27th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $67.00 target price (up from $62.00) on shares of American Express in a research report on Tuesday, June 7th. Wells Fargo & Co. reaffirmed a “hold” rating and issued a $65.00 target price on shares of American Express in a research report on Sunday, July 10th. Credit Suisse Group AG reaffirmed a “sell” rating and issued a $62.00 target price on shares of American Express in a research report on Thursday, July 14th. Finally, Compass Point upped their target price on American Express from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, April 21st. Six investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $70.40.
The firm has a 50-day moving average of $62.28 and a 200 day moving average of $60.95. The stock has a market cap of $59.55 billion and a P/E ratio of 11.40.
American Express (NYSE:AXP) last released its earnings results on Wednesday, July 20th. The payment services company reported $2.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.95 by $0.15. During the same period last year, the business posted $1.42 earnings per share. The firm earned $8.20 billion during the quarter, compared to analyst estimates of $8.33 billion. The firm’s quarterly revenue was down .6% on a year-over-year basis. On average, equities research analysts anticipate that American Express Co. will post $5.50 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 10th. Stockholders of record on Friday, July 1st will be paid a $0.29 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $1.16 annualized dividend and a dividend yield of 1.80%.
In other news, CEO Kenneth I. Chenault sold 838,968 shares of the firm’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $62.65, for a total value of $52,561,345.20. Following the transaction, the chief executive officer now directly owns 1,444,572 shares in the company, valued at approximately $90,502,435.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Susan Sobbott sold 14,682 shares of the firm’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $65.50, for a total value of $961,671.00. Following the completion of the transaction, the insider now owns 51,552 shares in the company, valued at $3,376,656. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the company. Cambridge Trust Co. raised its position in American Express by 18.9% in the fourth quarter. Cambridge Trust Co. now owns 15,862 shares of the payment services company’s stock valued at $1,104,000 after buying an additional 2,517 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in American Express by 0.3% in the fourth quarter. Ameritas Investment Partners Inc. now owns 16,164 shares of the payment services company’s stock valued at $1,124,000 after buying an additional 50 shares in the last quarter. Arcus Capital Partners LLC bought a new position in American Express during the fourth quarter valued at about $1,132,000. Matarin Capital Management LLC bought a new position in American Express during the fourth quarter valued at about $1,234,000. Finally, Levin Capital Strategies L.P. raised its position in American Express by 9.6% in the fourth quarter. Levin Capital Strategies L.P. now owns 21,696 shares of the payment services company’s stock valued at $1,509,000 after buying an additional 1,900 shares in the last quarter.
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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