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American Express Company (NYSE:AXP) shares soared to an all-time high this week, reaching a remarkable price level of $324.17. With a robust market capitalization of $227 billion and an overall "GREAT" financial health score according to InvestingPro, the company's valuation appears to be running slightly ahead of its Fair Value. This milestone underscores the company's robust performance and investor confidence, reflecting a significant 73.42% surge in stock value over the past year. The financial services giant has outperformed market expectations, with this new peak in share price marking a period of exceptional growth for the company. Notable achievements include maintaining dividend payments for 55 consecutive years and commanding a P/E ratio of 23.7. Investors are closely monitoring American Express's trajectory as it continues to navigate the competitive landscape of the financial industry. For deeper insights and 14 additional ProTips about AXP, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, American Express has reached a settlement of approximately $230 million with the U.S. Department of Justice and the Federal Reserve Board over past sales practices. The company has stated that these costs were largely accounted for in previous periods and will not affect its financial guidance for 2024. In addition to the settlement, American Express has disclosed its loan performance statistics, indicating a consistent rate of loans being 30 days past due and slight fluctuations in the net write-off rate for principal only.
On the analyst front, RBC Capital has upgraded its stock target for American Express to $330, citing the company's robust revenue durability and growth prospects. In contrast, Compass Point revised its price target down from $325 to $315, maintaining a neutral stance. Meanwhile, Truist Securities initiated coverage with a Buy rating, highlighting the company's dedicated customer base and international operations.
The company recently reported third-quarter earnings, with an EPS of $3.49 and revenues totaling $16.6 billion, an 8% year-over-year increase. All these developments underline the ongoing story of American Express, as it navigates regulatory settlements, financial performance disclosures, and analyst revisions.
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