Ameriprise Financial (NYSE:AMP) Stock Gets Price Target Trim from Morgan Stanley

by · The Markets Daily

Ameriprise Financial (NYSE:AMP – Free Report) had its target price reduced by Morgan Stanley from $489.00 to $483.00 in a report released on Friday,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods increased their price objective 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. Bank of America restated a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a research report on Monday, October 5th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 3rd. Zacks Research downgraded shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. Finally, Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $558.00.

Check Out Our Latest Stock Analysis on Ameriprise Financial

Ameriprise Financial Stock Up 0.0%

AMP opened at $500.56 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market cap of $45.00 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.03 and a beta of 1.16. Ameriprise Financial has a one year low of $422.37 and a one year high of $572.56. The business’s fifty day moving average is $539.41 and its two-hundred day moving average is $495.88.

Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $9.11 earnings per share. Analysts anticipate that Ameriprise Financial will post 46.17 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

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

Ameriprise Financial announced that its board has approved a share repurchase program on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

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

Institutional Trading of Ameriprise Financial

A number of hedge funds have recently added to or reduced their stakes in AMP. HF Advisory Group LLC purchased a new position in shares of Ameriprise Financial in the third quarter valued at $35,758,000. Armstrong Advisory Group Inc. grew its holdings in Ameriprise Financial by 277.9% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 873 shares of the financial services provider’s stock valued at $430,000 after purchasing an additional 642 shares in the last quarter. Marquette Asset Management LLC increased its stake in Ameriprise Financial by 2,650.0% during the 3rd quarter. Marquette Asset Management LLC now owns 165 shares of the financial services provider’s stock worth $81,000 after buying an additional 159 shares during the period. Gilpin Wealth Management LLC purchased a new stake in Ameriprise Financial during the 3rd quarter worth $1,643,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI increased its stake in Ameriprise Financial by 47,616.2% during the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 250,510 shares of the financial services provider’s stock worth $123,339,000 after buying an additional 249,985 shares during the period. 83.95% of the stock is owned by institutional investors and hedge funds.

About Ameriprise Financial

(Get Free Report)

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.

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