Ameriprise Financial, Inc. (NYSE:AMP) Stock Has Consensus Price Target of $572.55

Ameriprise Financial, Inc. (NYSE:AMP) has been given an average recommendation of “Moderate Buy” by the twelve research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $572.55.

A number of analysts have recently commented on the stock. Zacks Research cut shares of Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 21st. BMO Capital Markets dropped their target price on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 6th. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Royal Bank Of Canada boosted their price target on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Finally, The Goldman Sachs Group lowered their price target on Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd.

Ameriprise Financial Stock Down 0.3%

Shares of NYSE AMP opened at $500.91 on Wednesday. The business’s fifty day moving average price is $533.72 and its 200-day moving average price is $497.36. The stock has a market capitalization of $45.03 billion, a PE ratio of 11.67, a P/E/G 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 company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the previous year, the company earned $9.11 earnings per share. Ameriprise Financial’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts anticipate that Ameriprise Financial will post 46.14 EPS for the current year.

Ameriprise Financial Dividend Announcement

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

Ameriprise Financial declared that its board has authorized a stock repurchase plan on Tuesday, September 29th that permits the company to buy back $5.50 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Share buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the sale, the senior vice president directly owned 713 shares in the company, valued at $398,517.09. This represents a 39.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider William Williams sold 8,210 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock valued at $16,316,497 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in Ameriprise Financial by 1,279.7% during the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after acquiring an additional 3,036,128 shares during the period. Assenagon Asset Management S.A. lifted its stake in Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock worth $1,019,036,000 after purchasing an additional 1,878,244 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in Ameriprise Financial in the 3rd quarter worth $925,211,000. Finally, Douglas Lane & Associates LLC bought a new position in shares of Ameriprise Financial during the 3rd quarter valued at about $575,767,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Company Profile

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.