American Express (NYSE:AXP) Issues FY24 Earnings Guidance

American Express (NYSE:AXP) issued an update on its FY24 earnings guidance on Friday morning. The company provided EPS guidance of $12.65-$13.15 for the period, compared to the consensus EPS 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 $218.21 on Friday. The company has a fifty day simple moving average of $219.68 and a 200 day simple moving average of $187.79. American Express has a 12-month low of $140.91 and a 12-month high of $231.69. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.71. The company has a market cap of $157.96 billion, a P/E ratio of 19.40, a PEG ratio of 1.25 and a beta of 1.23.

American Express (NYSE:AXP) last posted its quarterly earnings results on Friday, April 19th. The payment services company reported $3.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.32. American Express had a net margin of 13.84% and a return on equity of 30.99%. The business had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $15.79 billion. During the same quarter last year, the firm posted $2.40 EPS. American Express’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that American Express will post 12.83 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 issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date of this dividend is Thursday, April 4th. American Express’s dividend payout ratio is 24.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Stephens upgraded American Express from an underweight rating to an equal weight rating and lifted their target price for the stock from $148.00 to $193.00 in a research note on Tuesday, January 2nd. Wells Fargo & Company upped their price target on American Express from $220.00 to $250.00 and gave the company an overweight rating in a research report on Wednesday, April 10th. Morgan Stanley cut American Express from an overweight rating to an equal weight rating and upped their price target for the company from $212.00 to $222.00 in a research report on Thursday, February 8th. Monness Crespi & Hardt upgraded American Express from a neutral rating to a buy rating and set a $245.00 price target on the stock in a research report on Friday, April 5th. Finally, StockNews.com cut American Express from a buy rating to a hold rating in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $201.62.

Insiders Place Their Bets

In other American Express news, insider Monique Herena sold 11,242 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $208.41, for a total value of $2,342,945.22. Following the completion of the transaction, the insider now owns 13,874 shares in the company, valued at $2,891,480.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Monique Herena sold 11,242 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $208.41, for a total value of $2,342,945.22. Following the sale, the insider now directly owns 13,874 shares of the company’s stock, valued at $2,891,480.34. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Laureen Seeger sold 84,420 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $212.98, for a total value of $17,979,771.60. Following the sale, the insider now directly owns 57,512 shares in the company, valued at $12,248,905.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 172,047 shares of company stock worth $36,528,388. 0.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Tyler Stone Wealth Management bought a new position in shares of American Express in the second quarter worth about $27,000. Main Street Group LTD bought a new position in shares of American Express in the fourth quarter worth about $32,000. Almanack Investment Partners LLC. bought a new position in shares of American Express in the third quarter worth about $53,000. Castleview Partners LLC bought a new position in shares of American Express in the first quarter worth about $63,000. Finally, Financial Freedom LLC bought a new stake in American Express during the 4th quarter valued at approximately $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.