Bank of America Corporation Reiterates Buy Rating for American Express Company (AXP)

American Express Company (NYSE:AXP)‘s stock had its “buy” rating reiterated by investment analysts at Bank of America Corporation in a research note issued on Monday. They presently have a $102.00 price objective on the payment services company’s stock. Bank of America Corporation’s target price would suggest a potential upside of 11.00% from the company’s previous close.

A number of other research analysts have also weighed in on AXP. Buckingham Research assumed coverage on American Express in a report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 target price on the stock. Credit Suisse Group restated a “sell” rating and issued a $79.00 target price on shares of American Express in a report on Wednesday, October 4th. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the company a “buy” rating in a report on Saturday, August 19th. BidaskClub lowered American Express from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Instinet restated an “underperform” rating and issued a $80.00 target price on shares of American Express in a report on Thursday, June 29th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.65.

Shares of American Express (NYSE:AXP) opened at 91.89 on Monday. American Express has a 12 month low of $59.50 and a 12 month high of $92.34. The company has a 50-day moving average price of $87.71 and a 200-day moving average price of $82.84. The firm has a market cap of $81.23 billion, a price-to-earnings ratio of 18.85 and a beta of 1.21.

American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for 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 quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.10 earnings per share. Analysts forecast that American Express will post $5.74 earnings per share for the current fiscal year.

American Express declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

COPYRIGHT VIOLATION NOTICE: “Bank of America Corporation Reiterates Buy Rating for American Express Company (AXP)” was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright law. The original version of this story can be read at https://ledgergazette.com/2017/10/11/bank-of-america-corporation-reiterates-buy-rating-for-american-express-company-axp.html.

In related news, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 959,617 shares of company stock valued at $81,377,425. 0.67% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Amarillo National Bank bought a new stake in American Express during the third quarter valued at $209,000. Eqis Capital Management Inc. boosted its stake in American Express by 8.4% during the third quarter. Eqis Capital Management Inc. now owns 14,752 shares of the payment services company’s stock valued at $1,334,000 after buying an additional 1,138 shares during the period. Park National Corp OH boosted its stake in American Express by 18.3% during the third quarter. Park National Corp OH now owns 183,688 shares of the payment services company’s stock valued at $16,617,000 after buying an additional 28,432 shares during the period. Cacti Asset Management LLC boosted its stake in American Express by 2.4% during the third quarter. Cacti Asset Management LLC now owns 571,507 shares of the payment services company’s stock valued at $51,144,000 after buying an additional 13,155 shares during the period. Finally, Intl Fcstone Inc. bought a new stake in American Express dur

A number of other research analysts have also weighed in on AXP. Buckingham Research assumed coverage on American Express in a report on Monday, October 2nd. They issued a “neutral” rating and a $92.00 target price on the stock. Credit Suisse Group restated a “sell” rating and issued a $79.00 target price on shares of American Express in a report on Wednesday, October 4th. Keefe, Bruyette & Woods set a $95.00 target price on American Express and gave the company a “buy” rating in a report on Saturday, August 19th. BidaskClub lowered American Express from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Instinet restated an “underperform” rating and issued a $80.00 target price on shares of American Express in a report on Thursday, June 29th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.65.

Shares of American Express (NYSE:AXP) opened at 91.89 on Monday. American Express has a 12 month low of $59.50 and a 12 month high of $92.34. The company has a 50-day moving average price of $87.71 and a 200-day moving average price of $82.84. The firm has a market cap of $81.23 billion, a price-to-earnings ratio of 18.85 and a beta of 1.21.

American Express (NYSE:AXP) last announced its quarterly earnings results on Wednesday, July 19th. The payment services company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.03. The business had revenue of $8.31 billion for 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 quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.10 earnings per share. Analysts forecast that American Express will post $5.74 earnings per share for the current fiscal year.

American Express declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $4.40 billion in shares. This repurchase authorization authorizes the payment services company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

COPYRIGHT VIOLATION NOTICE: “Bank of America Corporation Reiterates Buy Rating for American Express Company (AXP)” was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this story on another publication, it was copied illegally and reposted in violation of U.S. and international trademark and copyright law. The original version of this story can be read at https://ledgergazette.com/2017/10/11/bank-of-america-corporation-reiterates-buy-rating-for-american-express-company-axp.html.

In related news, insider Paul D. Fabara sold 5,981 shares of American Express stock in a transaction on Friday, July 21st. The stock was sold at an average price of $85.88, for a total transaction of $513,648.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Susan Sobbott sold 6,000 shares of American Express stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $84.39, for a total value of $506,340.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 959,617 shares of company stock valued at $81,377,425. 0.67% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Amarillo National Bank bought a new stake in American Express during the third quarter valued at $209,000. Eqis Capital Management Inc. boosted its stake in American Express by 8.4% during the third quarter. Eqis Capital Management Inc. now owns 14,752 shares of the payment services company’s stock valued at $1,334,000 after buying an additional 1,138 shares during the period. Park National Corp OH boosted its stake in American Express by 18.3% during the third quarter. Park National Corp OH now owns 183,688 shares of the payment services company’s stock valued at $16,617,000 after buying an additional 28,432 shares during the period. Cacti Asset Management LLC boosted its stake in American Express by 2.4% during the third quarter. Cacti Asset Management LLC now owns 571,507 shares of the payment services company’s stock valued at $51,144,000 after buying an additional 13,155 shares during the period. Finally, Intl Fcstone Inc. bought a new stake in American Express during the second quarter valued at $625,000. 82.78% of the stock is owned by institutional investors.

About American Express

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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