American Express (NYSE:AXP) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $12.65-13.15 for the period, compared to the consensus earnings per share estimate of $12.38. The company issued revenue guidance of ~$65.96-67.17 billion, compared to the consensus revenue estimate of $66.27 billion. American Express also updated its FY 2024 guidance to 12.650-13.150 EPS.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group upped their price target on shares of American Express from $186.00 to $205.00 and gave the company a buy rating in a report on Monday, December 18th. HSBC began coverage on American Express in a report on Friday, October 13th. They issued a buy rating and a $181.00 target price on the stock. Piper Sandler Companies raised American Express to a neutral rating and set a $151.00 price target for the company in a research note on Tuesday, October 24th. Piper Sandler raised American Express from an underweight rating to a neutral rating and boosted their price target for the company from $150.00 to $151.00 in a research note on Tuesday, October 24th. Finally, Morgan Stanley lowered their price target on American Express from $185.00 to $175.00 and set an overweight rating for the company in a research note on Monday, October 23rd. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $178.21.
American Express Stock Performance
American Express (NYSE:AXP – Get Free Report) last posted its earnings results on Friday, January 26th. The payment services company reported $2.62 EPS for the quarter, missing the consensus estimate of $2.64 by ($0.02). American Express had a return on equity of 30.60% and a net margin of 13.61%. The business had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $16 billion. During the same quarter in the previous year, the firm earned $2.07 earnings per share. American Express’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts forecast that American Express will post 11.23 earnings per share for the current year.
American Express Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, January 5th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, January 4th. American Express’s payout ratio is 22.51%.
Insider Buying and Selling at American Express
In other news, Vice Chairman Jeffrey C. Campbell sold 21,008 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $168.33, for a total value of $3,536,276.64. Following the completion of the transaction, the insider now owns 125,646 shares of the company’s stock, valued at approximately $21,149,991.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Vice Chairman Douglas E. Buckminster sold 11,344 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $158.87, for a total value of $1,802,221.28. Following the sale, the insider now owns 88,376 shares in the company, valued at approximately $14,040,295.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Jeffrey C. Campbell sold 21,008 shares of the stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $168.33, for a total value of $3,536,276.64. Following the sale, the insider now owns 125,646 shares in the company, valued at $21,149,991.18. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On American Express
Several hedge funds and other institutional investors have recently modified their holdings of the company. Virginia Retirement Systems ET AL bought a new position in American Express in the 2nd quarter worth $448,000. Coppell Advisory Solutions LLC bought a new stake in American Express during the second quarter valued at about $104,000. Resources Management Corp CT ADV grew its position in shares of American Express by 715.8% during the second quarter. Resources Management Corp CT ADV now owns 4,895 shares of the payment services company’s stock valued at $853,000 after purchasing an additional 4,295 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of American Express by 9.1% during the second quarter. Sunbelt Securities Inc. now owns 1,295 shares of the payment services company’s stock valued at $226,000 after purchasing an additional 108 shares in the last quarter. Finally, West Family Investments Inc. purchased a new position in shares of American Express during the second quarter valued at about $264,000. 83.08% of the stock is owned by institutional investors.
American Express Company Profile
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services.
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