Ameriprise Financial (NYSE:AMP) Price Target Raised to $535.00

Ameriprise Financial (NYSE:AMP) had its price objective lifted by Royal Bank of Canada from $500.00 to $535.00 in a report issued on Friday, Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

AMP has been the subject of several other reports. The Goldman Sachs Group cut shares of Ameriprise Financial from a buy rating to a neutral rating and decreased their price target for the stock from $485.00 to $476.00 in a report on Thursday, September 26th. Piper Sandler decreased their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an underweight rating for the company in a research note on Friday, June 28th. Morgan Stanley dropped their price target on shares of Ameriprise Financial from $444.00 to $440.00 and set an equal weight rating on the stock in a research note on Monday, July 29th. Keefe, Bruyette & Woods reduced their price objective on Ameriprise Financial from $470.00 to $460.00 and set a market perform rating for the company in a research report on Tuesday, July 30th. Finally, UBS Group upped their target price on Ameriprise Financial from $490.00 to $555.00 and gave the stock a buy rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $473.56.

Ameriprise Financial Trading Up 0.4 %

NYSE AMP opened at $504.53 on Friday. The firm’s 50 day moving average price is $448.00 and its two-hundred day moving average price is $434.91. The stock has a market cap of $50.11 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 0.81 and a beta of 1.35. Ameriprise Financial has a twelve month low of $306.63 and a twelve month high of $504.82. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The business had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company posted $7.44 earnings per share. Ameriprise Financial’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities analysts anticipate that Ameriprise Financial will post 34.92 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Monday, August 5th. Ameriprise Financial’s payout ratio is 20.15%.

Insider Buying and Selling

In other Ameriprise Financial news, VP William Davies sold 8,700 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the transaction, the vice president now owns 13,199 shares in the company, valued at $5,834,881.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Retirement Group LLC bought a new position in Ameriprise Financial during the first quarter worth $25,000. DiNuzzo Private Wealth Inc. raised its position in shares of Ameriprise Financial by 268.8% during the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after buying an additional 43 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in shares of Ameriprise Financial during the second quarter valued at about $26,000. Redmont Wealth Advisors LLC acquired a new stake in Ameriprise Financial during the first quarter worth about $28,000. Finally, Mascoma Wealth Management LLC increased its stake in Ameriprise Financial by 153.8% during the second quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 40 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

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.