NEW YORK (TheStreet) -- American Express (AXP) hit a one-year high of $93.62 on Friday after it reported that profits doubled in the fourth quarter.
The stock rose 3.63% to $90.97 at the close of the trading day, up $3.19 from its previous close of $87.78. It had a volume of 14,820,478, more than four times its average of 3,642,550. It hit a high of $93.62 and a low of $90.55 for the day and has a one-year low of $58.70.
AmEx reported that fourth-quarter net income totaled $1.3 billion, or $1.21 a share, up from $637 million, or 56 cents a share, in the same period one year earlier. Worldwide card spending rose to $254 billion and revenue jumped 5%.
"Fourth quarter results reflected a healthy increase in billed business in the U.S. and internationally," said Chairman and CEO Kenneth Chenault in the company's report. "We ended the year on a strong note, with Card Member spending up 8 percent despite mixed reports during the holiday shopping season. Credit quality indicators are at historically strong levels and, while many consumers are still cautious about taking on additional debt, we again saw a modest increase in Card Member loans this quarter."
Sanford C. Bernstein also raised its target price to $90 from $82. The firm also raised its earnings-per-share estimate for 2014 to $5.40, a 10 cent increase, and its estimate for 2015 to $6, a 15 cent increase.
TheStreet Ratings team rates AMERICAN EXPRESS CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: