American Express Company (NYSE:AXP) Upgraded by BidaskClub to “Buy”

American Express Company (NYSE:AXP) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, June 30th.

A number of other equities analysts have also weighed in on the company. BMO Capital Markets reiterated a “hold” rating and set a $84.00 price objective on shares of American Express in a research note on Thursday, June 1st. Tigress Financial reiterated a “neutral” rating on shares of American Express in a research note on Friday, March 24th. Instinet restated a “reduce” rating and issued a $63.00 price target on shares of American Express in a research note on Saturday, March 11th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $87.00 price objective on shares of American Express in a report on Thursday, April 20th. Finally, Jefferies Group LLC restated a “hold” rating and set a $75.00 target price on shares of American Express in a report on Saturday, April 22nd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $84.77.

American Express (NYSE AXP) traded up 1.13% during midday trading on Friday, reaching $84.80. The company’s stock had a trading volume of 3,321,176 shares. American Express has a 12-month low of $59.50 and a 12-month high of $86.28. The company has a market cap of $75.05 billion, a P/E ratio of 17.39 and a beta of 1.18. The firm has a 50 day moving average price of $83.49 and a 200-day moving average price of $79.56.

American Express (NYSE:AXP) last released its quarterly earnings data on Wednesday, July 19th. The payment services company reported $1.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.20 billion. American Express had a return on equity of 21.90% and a net margin of 14.11%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business posted $2.10 EPS. On average, equities research analysts predict that American Express will post $5.74 earnings per share for the current fiscal year.

American Express announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $4.40 billion in outstanding shares. This buyback authorization authorizes the payment services company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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In other news, CEO Kenneth I. Chenault sold 789,503 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $84.62, for a total transaction of $66,807,743.86. Following the sale, the chief executive officer now owns 889,836 shares of the company’s stock, valued at $75,297,922.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Stephen J. Squeri sold 94,792 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.41, for a total value of $8,096,184.72. Following the sale, the insider now directly owns 261,665 shares in the company, valued at approximately $22,348,807.65. The disclosure for this sale can be found here. Insiders have sold 895,176 shares of company stock worth $75,794,779 in the last ninety days. Corporate insiders own 0.67% of the company’s stock.

Several hedge funds have recently bought and sold shares of AXP. BlackRock Inc. raised its stake in American Express by 2,686.0% in the first quarter. BlackRock Inc. now owns 44,177,867 shares of the payment services company’s stock worth $3,494,913,000 after buying an additional 42,592,136 shares in the last quarter. Dodge & Cox purchased a new position in shares of American Express during the fourth quarter worth approximately $2,128,667,000. Norges Bank purchased a new position in shares of American Express during the fourth quarter worth approximately $616,804,000. Wellington Management Group LLP increased its position in shares of American Express by 21.7% in the first quarter. Wellington Management Group LLP now owns 17,198,787 shares of the payment services company’s stock worth $1,360,596,000 after buying an additional 3,071,573 shares during the last quarter. Finally, Tesco Pension Investment Ltd purchased a new position in shares of American Express during the first quarter worth approximately $137,325,000. 82.76% of the stock is currently owned by institutional investors and hedge funds.

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).

Analyst Recommendations for American Express (NYSE:AXP)

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