American Express (NYSE:AXP) Updates FY 2024 Earnings Guidance

American Express (NYSE:AXP) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 13.300-13.800 for the period, compared to the consensus estimate of 12.970. The company issued revenue guidance of $66.0 billion-$67.2 billion, compared to the consensus revenue estimate of $66.4 billion. American Express also updated its FY24 guidance to $13.30-13.80 EPS.

American Express Stock Down 2.7 %

Shares of NYSE AXP opened at $242.38 on Monday. The business has a 50-day moving average price of $235.94 and a 200 day moving average price of $222.21. The stock has a market cap of $174.34 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 1.39 and a beta of 1.21. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.70. American Express has a 52-week low of $140.91 and a 52-week high of $253.73.

American Express (NYSE:AXP) last posted its quarterly earnings data on Friday, July 19th. The payment services company reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.26 by $0.23. The business had revenue of $16.33 billion during the quarter, compared to the consensus estimate of $16.60 billion. American Express had a return on equity of 32.46% and a net margin of 14.50%. The company’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.89 earnings per share. Equities research analysts forecast that American Express will post 13.11 earnings per share for the current year.

American Express Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, July 5th. This is an increase from American Express’s previous quarterly dividend of $0.10. This represents a $2.80 annualized dividend and a dividend yield of 1.16%. American Express’s dividend payout ratio (DPR) is currently 23.06%.

Analyst Ratings Changes

AXP has been the subject of a number of analyst reports. HSBC upped their price objective on shares of American Express from $232.00 to $239.00 and gave the stock a buy rating in a research report on Thursday, April 11th. Wells Fargo & Company lifted their price objective on American Express from $275.00 to $285.00 and gave the company an overweight rating in a report on Tuesday, July 9th. Royal Bank of Canada boosted their target price on American Express from $253.00 to $263.00 and gave the stock an outperform rating in a research report on Wednesday, May 1st. StockNews.com upgraded American Express from a hold rating to a buy rating in a research note on Tuesday, April 23rd. Finally, Oppenheimer reaffirmed an outperform rating on shares of American Express in a report on Friday, April 5th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $227.65.

Insider Buying and Selling

In other American Express news, insider Jennifer Skyler sold 14,802 shares of American Express stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $241.73, for a total value of $3,578,087.46. Following the completion of the sale, the insider now owns 16,371 shares in the company, valued at approximately $3,957,361.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other American Express news, insider Jennifer Skyler sold 14,802 shares of American Express stock in a transaction on Friday, May 10th. The shares were sold at an average price of $241.73, for a total value of $3,578,087.46. Following the transaction, the insider now owns 16,371 shares in the company, valued at approximately $3,957,361.83. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Stephen J. Squeri sold 38,873 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $238.63, for a total value of $9,276,263.99. Following the sale, the chief executive officer now owns 76,310 shares of the company’s stock, valued at approximately $18,209,855.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 177,717 shares of company stock worth $41,680,999. 0.12% of the stock is owned by company insiders.

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.