Traders Buy Shares of American Express Co. (AXP) on Weakness
Investors bought shares of American Express Co. (NYSE:AXP) on weakness during trading on Thursday. $57.35 million flowed into the stock on the tick-up and $30.12 million flowed out of the stock on the tick-down, for a money net flow of $27.23 million into the stock. Of all companies tracked, American Express had the 42nd highest net in-flow for the day. American Express traded down ($0.72) for the day and closed at $64.86
A number of brokerages have issued reports on AXP. JPMorgan Chase & Co. reissued a “hold” rating and issued a $68.00 price target on shares of American Express in a report on Thursday, June 9th. Vetr raised shares of American Express from a “sell” rating to a “hold” rating and set a $64.60 price target on the stock in a report on Wednesday, June 8th. Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $67.00 price target (up previously from $62.00) on shares of American Express in a report on Tuesday, June 7th. Citigroup Inc. reissued a “buy” rating on shares of American Express in a report on Wednesday, August 10th. Finally, Bank of America Corp. reissued a “sell” rating on shares of American Express in a report on Friday, June 10th. Six equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and nine have assigned a buy rating to the stock. American Express currently has a consensus rating of “Hold” and an average target price of $70.40.
The stock’s 50 day moving average price is $64.81 and its 200-day moving average price is $62.39. The firm has a market cap of $59.92 billion and a P/E ratio of 11.47.
American Express (NYSE:AXP) last posted its quarterly earnings results on Wednesday, July 20th. The payment services company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.15. The business had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.33 billion. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.42 earnings per share. On average, analysts forecast that American Express Co. will post $5.50 EPS for the current year.
Several institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. raised its position in American Express by 3.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,370,987 shares of the payment services company’s stock valued at $164,903,000 after buying an additional 86,986 shares during the period. American International Group Inc. raised its position in American Express by 2.6% in the fourth quarter. American International Group Inc. now owns 379,408 shares of the payment services company’s stock valued at $26,387,000 after buying an additional 9,560 shares during the period. Finally, Stephens Inc. AR raised its position in American Express by 10.5% in the fourth quarter. Stephens Inc. AR now owns 51,675 shares of the payment services company’s stock valued at $3,594,000 after buying an additional 4,924 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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