Ameriprise Financial, Inc. (NYSE:AMP) Stock Has Consensus Price Target of $557.00

Shares of Ameriprise Financial, Inc. (NYSE:AMP) have been given a consensus rating of “Hold” by the twelve analysts that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $557.00.

Several equities analysts have recently commented on the stock. Jefferies Financial Group lowered their target price on shares of Ameriprise Financial from $645.00 to $638.00 in a report on Monday, October 12th. Argus raised their target price on shares of Ameriprise Financial from $534.00 to $590.00 and gave the company a “buy” rating in a research note on Friday, July 31st. The Goldman Sachs Group cut their target price on shares of Ameriprise Financial from $562.00 to $524.00 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Bank of America downgraded shares of Ameriprise Financial from a “buy” rating to an “underperform” rating and reduced their price target for the company from $570.00 to $445.00 in a report on Monday, October 19th. Finally, Piper Sandler boosted their price target on shares of Ameriprise Financial from $518.00 to $561.00 in a research note on Thursday, July 23rd.

Ameriprise Financial Price Performance

AMP traded up $6.02 on Friday, hitting $519.50. 448,008 shares of the company’s stock traded hands, compared to its average volume of 610,517. The company’s 50 day simple moving average is $511.05 and its 200-day simple moving average is $493.59. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.13. Ameriprise Financial has a one year low of $422.37 and a one year high of $572.56. The firm has a market cap of $45.10 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 1.09 and a beta of 1.13.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Thursday, October 29th. The financial services provider reported $11.26 earnings per share for the quarter, missing the consensus estimate of $11.77 by ($0.51). Ameriprise Financial had a return on equity of 69.94% and a net margin of 20.99%. The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.10 billion. During the same quarter in the previous year, the company earned $9.92 earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts anticipate that Ameriprise Financial will post 46.43 EPS for the current year.

Ameriprise Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 29th that permits the company to buy back $5.50 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Monday, November 9th will be given a dividend of $1.70 per share. The ex-dividend date is Monday, November 9th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.3%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 15.30%.

Institutional Investors Weigh In On Ameriprise Financial

Hedge funds have recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in shares of Ameriprise Financial during the third quarter worth about $196,770,000. Neville Rodie & Shaw Inc. raised its position in shares of Ameriprise Financial by 4,524.8% in the 3rd quarter. Neville Rodie & Shaw Inc. now owns 32,651 shares of the financial services provider’s stock valued at $16,076,000 after purchasing an additional 31,945 shares during the last quarter. Canandaigua National Bank & Trust Co. purchased a new position in shares of Ameriprise Financial in the 3rd quarter valued at approximately $4,162,000. Ballew Advisors Inc acquired a new stake in Ameriprise Financial in the 3rd quarter worth approximately $4,112,000. Finally, EP Wealth Advisors LLC acquired a new stake in Ameriprise Financial in the 2nd quarter worth approximately $1,704,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Company Profile

Ameriprise Financial is a financial services company focused on helping individuals and institutions plan for and manage their finances. Its offerings include financial planning and investment advice, brokerage services, asset management, insurance and annuity products. The company traces its roots to Investors Syndicate, founded in Minneapolis in 1894. It became an independent public company in 2005 after separating from American Express, and remains headquartered in Minneapolis. Ameriprise serves clients primarily in the United States through its network of financial advisors.