Ameriprise Financial, Inc. (NYSE:AMP) Receives $555.33 Consensus Target Price from Brokerages

Shares of Ameriprise Financial, Inc. (NYSE:AMP) have been assigned an average rating of “Hold” from the eleven brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $555.3333.

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Finally, Piper Sandler lifted their price objective on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th.

Insider Buying and Selling

In related news, CFO Walter Berman sold 11,012 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the transaction, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

Several institutional investors have recently modified their holdings of AMP. QRG Capital Management Inc. lifted its holdings in Ameriprise Financial by 2,253.5% during the second quarter. QRG Capital Management Inc. now owns 172,603 shares of the financial services provider’s stock worth $79,183,000 after acquiring an additional 165,269 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Ameriprise Financial by 1,634.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 48,378 shares of the financial services provider’s stock worth $22,194,000 after buying an additional 45,588 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after acquiring an additional 3,036,128 shares during the period. Andra AP fonden raised its position in Ameriprise Financial by 804.1% in the second quarter. Andra AP fonden now owns 70,518 shares of the financial services provider’s stock worth $32,351,000 after acquiring an additional 62,718 shares during the period. Finally, State Street Corp boosted its stake in Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after acquiring an additional 58,772,775 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $502.90 on Friday. The firm has a market capitalization of $45.21 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.92 and a beta of 1.14. The firm’s 50-day moving average price is $549.04 and its 200-day moving average price is $491.70. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial has a 1-year low of $422.37 and a 1-year high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The business had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the prior year, the business earned $9.11 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities research analysts anticipate that Ameriprise Financial will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were paid a dividend of $1.70 per share. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s payout ratio is 16.40%.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.