American Express (NYSE:AXP) Releases FY24 Earnings Guidance

American Express (NYSE:AXP) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $12.65-$13.15 for the period, compared to the consensus estimate of $12.84. The company issued revenue guidance of $65.79-$67.0 billion, compared to the consensus revenue estimate of $66.24 billion. American Express also updated its FY 2024 guidance to 12.650-13.150 EPS.

American Express Stock Performance

NYSE:AXP opened at $231.04 on Monday. American Express has a 12-month low of $140.91 and a 12-month high of $231.69. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.71. The firm has a market capitalization of $167.24 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 1.33 and a beta of 1.23. The firm has a 50-day moving average price of $220.06 and a 200 day moving average price of $188.95.

American Express (NYSE:AXP) last issued its quarterly earnings data on Friday, April 19th. The payment services company reported $3.33 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.36. The firm had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $15.79 billion. American Express had a net margin of 13.84% and a return on equity of 30.99%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.40 earnings per share. Research analysts anticipate that American Express will post 12.92 earnings per share for the current fiscal year.

American Express Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 5th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.40 annualized dividend and a yield of 0.17%. American Express’s dividend payout ratio is 23.06%.

Analyst Ratings Changes

Several research firms have recently commented on AXP. JPMorgan Chase & Co. increased their price target on shares of American Express from $214.00 to $240.00 and gave the company an overweight rating in a research note on Wednesday, April 3rd. UBS Group increased their price target on shares of American Express from $188.00 to $206.00 and gave the company a neutral rating in a research note on Monday, January 29th. Barclays reissued an equal weight rating and set a $221.00 price target (up from $220.00) on shares of American Express in a research note on Tuesday, April 9th. Robert W. Baird cut shares of American Express from a neutral rating to an underperform rating and set a $190.00 price target on the stock. in a research note on Monday, January 8th. Finally, Oppenheimer reissued an outperform rating on shares of American Express in a research note on Friday, April 5th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, American Express presently has a consensus rating of Hold and an average target price of $201.62.

Insider Buying and Selling

In related news, insider Howard Grosfield sold 7,029 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $203.65, for a total transaction of $1,431,455.85. Following the sale, the insider now directly owns 12,388 shares in the company, valued at $2,522,816.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Howard Grosfield sold 7,029 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $203.65, for a total transaction of $1,431,455.85. Following the sale, the insider now directly owns 12,388 shares in the company, valued at $2,522,816.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Stephen J. Squeri sold 69,356 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $213.02, for a total transaction of $14,774,215.12. Following the completion of the transaction, the chief executive officer now directly owns 122,158 shares of the company’s stock, valued at approximately $26,022,097.16. The disclosure for this sale can be found here. Insiders have sold a total of 172,047 shares of company stock worth $36,528,388 over the last ninety days. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AXP. Tyler Stone Wealth Management bought a new position in shares of American Express in the 2nd quarter valued at about $27,000. Main Street Group LTD acquired a new stake in American Express in the 4th quarter worth about $32,000. Almanack Investment Partners LLC. acquired a new stake in American Express in the 3rd quarter worth about $53,000. Castleview Partners LLC acquired a new stake in American Express in the 1st quarter worth about $63,000. Finally, Financial Freedom LLC acquired a new stake in American Express in the 4th quarter worth about $65,000. Institutional investors own 84.33% of the company’s stock.

About American Express

American Express Company, together with its subsidiaries, operates as integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and Internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.