After Forming Ascending Triangle Chart Pattern, Is American Express Company (AXP)’s Near-Term Analysis Negative?

July 13, 2018 - By Patrick Harkless

American Express Company (NYSE:AXP) Logo

Investors sentiment decreased to 0.81 in Q1 2018. Its down 0.08, from 0.89 in 2017Q4. It is negative, as 52 investors sold American Express Company shares while 462 reduced holdings. 99 funds opened positions while 318 raised stakes. 695.82 million shares or 0.87% less from 701.90 million shares in 2017Q4 were reported.
Tru Department Mb Fin State Bank N A accumulated 0% or 300 shares. Epoch Invest Partners stated it has 0.02% in American Express Company (NYSE:AXP). Susquehanna Grp Incorporated Limited Liability Partnership reported 508,214 shares. Moreover, Bnp Paribas Arbitrage Sa has 0% invested in American Express Company (NYSE:AXP). Robecosam Ag owns 72,541 shares for 0.31% of their portfolio. Norman Fields Gottscho Mgmt Ltd Limited Liability Company holds 41,202 shares. Eagle Ridge Invest Management holds 0.07% of its portfolio in American Express Company (NYSE:AXP) for 5,199 shares. Pioneer National Bank & Trust N A Or reported 3,270 shares or 0.16% of all its holdings. Parnassus Ca reported 7.73 million shares. Private Asset Mngmt Inc holds 0.25% or 15,800 shares. Mechanics National Bank & Trust Trust Department reported 6,710 shares stake. Goelzer Inv Mngmt Inc stated it has 0.52% of its portfolio in American Express Company (NYSE:AXP). The New York-based Family Mgmt Corp has invested 2.52% in American Express Company (NYSE:AXP). Proshare Ltd Liability Corp invested in 460,930 shares. Founders Mngmt Ltd Liability Co reported 78,383 shares.

Since February 1, 2018, it had 0 insider buys, and 7 selling transactions for $10.78 million activity. $1.32M worth of American Express Company (NYSE:AXP) was sold by Bush James Peter on Thursday, February 1. Squeri Stephen J sold $1.23 million worth of stock. Shares for $882,406 were sold by CAMPBELL JEFFREY C on Tuesday, May 1. 3,804 American Express Company (NYSE:AXP) shares with value of $376,710 were sold by Buckminster Douglas E.. Shares for $1.02 million were sold by Petrino Richard on Tuesday, May 22.

The stock of American Express Company (AXP) formed an ascending triangle with $96.16 target or 4.00 % below today’s $100.17 share price. The 7 months triangle pattern indicates high risk for the $86.18 billion company. If the $96.16 price target is reached, the company will be worth $3.45 billion less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

The stock decreased 0.97% or $0.98 during the last trading session, reaching $100.17. About 1.75M shares traded. American Express Company (NYSE:AXP) has risen 30.55% since July 13, 2017 and is uptrending. It has outperformed by 17.98% the S&P500.

Analysts await American Express Company (NYSE:AXP) to report earnings on July, 18 after the close. They expect $1.83 earnings per share, up 24.49 % or $0.36 from last year’s $1.47 per share. AXP’s profit will be $1.57 billion for 13.68 P/E if the $1.83 EPS becomes a reality. After $1.86 actual earnings per share reported by American Express Company for the previous quarter, Wall Street now forecasts -1.61 % negative EPS growth.

American Express Company (NYSE:AXP) Ratings Coverage

Among 18 analysts covering American Express (NYSE:AXP), 10 have Buy rating, 2 Sell and 6 Hold. Therefore 56% are positive. American Express had 27 analyst reports since January 16, 2018 according to SRatingsIntel. The firm has “Buy” rating by Sandler O’Neill given on Thursday, March 15. As per Wednesday, April 18, the company rating was maintained by Oppenheimer. The company was maintained on Thursday, April 19 by Buckingham Research. Buckingham Research upgraded American Express Company (NYSE:AXP) on Friday, June 29 to “Buy” rating. On Thursday, April 19 the stock rating was maintained by RBC Capital Markets with “Sell”. The firm has “Buy” rating given on Wednesday, January 17 by Guggenheim. The company was maintained on Thursday, April 12 by Oppenheimer. The stock has “Sell” rating by Credit Suisse on Wednesday, January 17. Wells Fargo maintained the stock with “Buy” rating in Friday, January 19 report. RBC Capital Markets maintained the shares of AXP in report on Friday, January 19 with “Sell” rating.

More recent American Express Company (NYSE:AXP) news were published by: Fool.com which released: “Why American Express Is Pulling the Plug on This Rewards Program” on June 25, 2018. Also 247Wallst.com published the news titled: “Oppenheimer Positive on Banks Into Earnings: 4 to Buy Now” on July 13, 2018. Seekingalpha.com‘s news article titled: “China Blinked – Cramer’s Mad Money (7/12/18)” with publication date: July 13, 2018 was also an interesting one.

American Express Company, together with its subsidiaries, provides charge and credit payment card products and travel-related services to clients and businesses worldwide. The company has market cap of $86.18 billion. It operates through four divisions: U.S. It has a 29.1 P/E ratio. Consumer Services, International Consumer and Network Services, Global Commercial Services, and Global Merchant Services.

American Express Company (NYSE:AXP) Institutional Positions Chart

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