Citigroup Cuts American Express (NYSE:AXP) Price Target to $340.00

American Express (NYSE:AXP) had its target price reduced by Citigroup from $355.00 to $340.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a neutral rating on the payment services company’s stock.

Other analysts also recently issued reports about the company. Guggenheim began coverage on American Express in a research report on Monday, July 13th. They set a “buy” rating for the company. Jefferies Financial Group upgraded shares of American Express from a “hold” rating to a “buy” rating in a report on Monday, July 13th. JPMorgan Chase & Co. raised shares of American Express from a “neutral” rating to an “overweight” rating and upped their target price for the company from $328.00 to $400.00 in a research report on Monday, July 13th. Benchmark initiated coverage on shares of American Express in a research note on Monday, July 13th. They set a “buy” rating for the company. Finally, The Goldman Sachs Group lifted their price target on shares of American Express from $400.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, sixteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $366.96.

American Express Trading Up 0.2%

AXP opened at $302.76 on Wednesday. The stock has a market capitalization of $204.46 billion, a PE ratio of 18.37, a P/E/G ratio of 1.28 and a beta of 1.08. American Express has a one year low of $290.97 and a one year high of $387.49. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.54 and a current ratio of 1.55. The business’s 50 day moving average price is $327.48 and its 200 day moving average price is $324.55.

American Express (NYSE:AXP) last posted its earnings results on Friday, July 24th. The payment services company reported $4.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.41 by $0.12. American Express had a return on equity of 34.12% and a net margin of 15.07%.The company had revenue of $14.99 billion during the quarter, compared to analysts’ expectations of $19.70 billion. During the same quarter last year, the firm earned $4.08 earnings per share. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. American Express has set its FY 2026 guidance at 17.300-17.900 EPS. As a group, equities research analysts expect that American Express will post 17.68 EPS for the current year.

American Express Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Friday, October 9th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, October 9th. American Express’s payout ratio is currently 23.06%.

Hedge Funds Weigh In On American Express

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in American Express during the second quarter worth about $14,208,662,000. State Street Corp grew its holdings in American Express by 40.2% in the 2nd quarter. State Street Corp now owns 40,967,262 shares of the payment services company’s stock valued at $13,857,176,000 after buying an additional 11,739,541 shares during the period. Corient Private Wealth LP purchased a new stake in American Express in the 2nd quarter valued at about $253,945,000. Bank of New York Mellon Corp acquired a new position in shares of American Express during the 2nd quarter valued at about $1,263,787,000. Finally, Legal & General Group Plc acquired a new position in shares of American Express during the 2nd quarter valued at about $1,138,054,000. 84.33% of the stock is currently owned by hedge funds and other institutional investors.

About American Express

American Express Company (NYSE: AXP) is a global financial services company that provides payment, lending, travel and related products to consumers, small businesses and corporate customers. Its offerings include consumer and business charge and credit cards, payment solutions, commercial financing, deposit products and rewards programs.

American Express also operates a worldwide merchant network and provides businesses with payment acceptance services, transaction-processing capabilities and data-driven marketing solutions.