Ameriprise Financial, Inc. to Post Q2 2024 Earnings of $8.58 Per Share, William Blair Forecasts (NYSE:AMP)

Ameriprise Financial, Inc. (NYSE:AMP) – Stock analysts at William Blair cut their Q2 2024 earnings per share (EPS) estimates for Ameriprise Financial in a report released on Wednesday, July 10th. William Blair analyst J. Schmitt now expects that the financial services provider will post earnings of $8.58 per share for the quarter, down from their prior forecast of $8.64. The consensus estimate for Ameriprise Financial’s current full-year earnings is $34.92 per share. William Blair also issued estimates for Ameriprise Financial’s Q3 2024 earnings at $8.79 EPS, Q4 2024 earnings at $9.10 EPS, FY2024 earnings at $34.85 EPS and FY2025 earnings at $38.45 EPS.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $460.00 to $470.00 and gave the stock a “market perform” rating in a research note on Monday. Raymond James initiated coverage on Ameriprise Financial in a report on Thursday, March 21st. They issued a “market perform” rating for the company. Jefferies Financial Group increased their price objective on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Piper Sandler lowered their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. Finally, UBS Group cut their price target on shares of Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Hold” and a consensus price target of $462.89.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $439.83 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $43.69 billion, a PE ratio of 14.97, a P/E/G ratio of 0.73 and a beta of 1.37. The firm has a 50 day simple moving average of $432.29 and a 200-day simple moving average of $413.93. Ameriprise Financial has a 1-year low of $306.63 and a 1-year high of $446.32.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter in the previous year, the company posted $7.25 EPS. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were given a $1.48 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $5.92 annualized dividend and a dividend yield of 1.35%. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Insider Activity

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $438.07, for a total transaction of $657,105.00. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Retirement Group LLC purchased a new stake in shares of Ameriprise Financial during the first quarter valued at approximately $25,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial during the 1st quarter worth $28,000. Bank & Trust Co acquired a new position in Ameriprise Financial in the 2nd quarter worth $29,000. Sound Income Strategies LLC purchased a new position in Ameriprise Financial in the 1st quarter valued at about $32,000. Finally, Annapolis Financial Services LLC grew its stake in shares of Ameriprise Financial by 928.6% during the first quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.