Ameriprise Financial (NYSE:AMP) PT Raised to $550.00 at Royal Bank of Canada

Ameriprise Financial (NYSE:AMP) had its price objective increased by Royal Bank of Canada from $535.00 to $550.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 9.02% from the company’s current price.

Several other brokerages have also commented on AMP. The Goldman Sachs Group lowered 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 research note on Thursday, September 26th. UBS Group boosted 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. Jefferies Financial Group upped their target price on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a report on Friday, June 28th. Keefe, Bruyette & Woods raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Piper Sandler lowered their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $482.11.

Ameriprise Financial Trading Up 0.1 %

NYSE:AMP opened at $504.48 on Friday. The stock has a market capitalization 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 1 year low of $307.57 and a 1 year high of $524.89. The stock has a fifty day moving average price of $467.23 and a two-hundred day moving average price of $439.99. 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 announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, beating the consensus estimate of $8.53 by $0.19. The firm had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the business earned $7.44 earnings per share. As a group, sell-side analysts anticipate that Ameriprise Financial will post 34.92 earnings per share for the current fiscal year.

Insider Activity

In other Ameriprise Financial news, VP William Davies sold 8,700 shares of the stock in a transaction 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 of the company’s stock, valued at $5,834,881.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in shares of Ameriprise Financial by 18.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock valued at $1,685,436,000 after buying an additional 603,267 shares during the period. Dimensional Fund Advisors LP grew its position in Ameriprise Financial by 10.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,129,632 shares of the financial services provider’s stock valued at $482,588,000 after acquiring an additional 110,319 shares during the period. Legal & General Group Plc increased its stake in Ameriprise Financial by 1.4% during the second quarter. Legal & General Group Plc now owns 823,249 shares of the financial services provider’s stock worth $351,685,000 after acquiring an additional 11,060 shares during the last quarter. TD Asset Management Inc increased its stake in Ameriprise Financial by 18.8% during the first quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after acquiring an additional 111,973 shares during the last quarter. Finally, AGF Management Ltd. raised its holdings in shares of Ameriprise Financial by 35.4% in the 2nd quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock worth $215,584,000 after purchasing an additional 131,844 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

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.