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American Express Raises Dividend By 17% As Outlook Improves

Credit card giant American Express (AXP) has announced that it is raising its quarterly dividend payment to shareholders by 17% as its 2024 outlook improves.

Going forward, American Express will pay a dividend of $0.70 U.S. per share, up 17% from $0.60 U.S. a share previously.

The increased dividend payout will begin with the first quarter 2024 dividend declaration, the company said.

The increase brings American Express’ annual dividend yield to 1.50% and lifts its annual payout to $2.80 U.S. per share.

The dividend increase was announced along with the credit card issuer’s latest financial results.

For the fourth and final quarter of 2023, American Express reported earnings per share (EPS) of $2.62 U.S. That missed Wall Street forecasts of $2.64 U.S., according to data from FactSet.

Q4 revenue of $15.80 billion U.S. was also below estimates that called for $16 billion U.S. in sales.

However, the earnings miss was due almost entirely to total provisions set aside for credit losses of $1.44 billion U.S. in Q4, up from $1.03 billion U.S. a year earlier.

In terms of guidance, American Express offered a sunny outlook for 2024, saying that it expects revenue growth of 9% to 11% and EPS of $12.65 U.S. to $13.15 U.S.

The guidance was better than the earnings of $12.38 U.S. a share expected on Wall Street for all of this year.

The credit card company said that it foresees consumer spending remaining strong throughout 2024, and possibly even strengthening in the year ahead.

Over the last 12 months, American Express’ stock has gained 20% to trade at $188.07 U.S. per share.