Ameriprise Financial (NYSE:AMP) Sets New 12-Month High – Still a Buy?

Ameriprise Financial, Inc. (NYSE:AMP)’s share price reached a new 52-week high on Monday . The stock traded as high as $553.82 and last traded at $547.9550, with a volume of 53898 shares changing hands. The stock had previously closed at $545.84.

Wall Street Analyst Weigh In

AMP has been the subject of several recent research reports. Zacks Research raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods boosted their price target on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Finally, Piper Sandler raised their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $555.33.

Ameriprise Financial Stock Performance

The stock has a market capitalization of $49.74 billion, a P/E ratio of 13.34, a PEG ratio of 0.74 and a beta of 1.14. The stock’s 50-day simple moving average is $488.54 and its 200 day simple moving average is $476.83. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.66.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. Ameriprise Financial’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.11 EPS. Research analysts expect that Ameriprise Financial, Inc. will post 46.12 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 3rd will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, August 3rd. Ameriprise Financial’s payout ratio is currently 16.40%.

Insider Transactions at Ameriprise Financial

In related news, EVP Gerard P. Smyth sold 6,255 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the sale, the executive vice president directly owned 6,103 shares in the company, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Walter Stanley Berman sold 11,012 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total value of $6,045,037.40. Following the completion of the transaction, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This represents a 66.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 34,571 shares of company stock worth $18,227,419 over the last three months. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

A number of hedge funds and other institutional investors have recently modified their holdings of AMP. State Street Corp increased its position in Ameriprise Financial by 0.4% during the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock worth $2,171,360,000 after acquiring an additional 18,879 shares during the period. Norges Bank acquired a new position in shares of Ameriprise Financial during the 4th quarter worth approximately $742,438,000. Boston Partners grew its position in shares of Ameriprise Financial by 1.1% during the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock worth $586,083,000 after purchasing an additional 13,172 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Ameriprise Financial by 84.2% during the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock worth $532,455,000 after purchasing an additional 496,319 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Ameriprise Financial by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after purchasing an additional 19,731 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.