Ameriprise Financial (NYSE:AMP) Given New $520.00 Price Target at BMO Capital Markets

Ameriprise Financial (NYSE:AMP) had its price target cut by BMO Capital Markets from $560.00 to $520.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on the company. Bank of America restated a “buy” rating and issued a $570.00 price objective on shares of Ameriprise Financial in a report on Monday. Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Zacks Research downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Finally, Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $559.80.

Ameriprise Financial Stock Up 0.2%

Shares of NYSE AMP opened at $495.88 on Tuesday. The company has a 50 day simple moving average of $542.29 and a 200 day simple moving average of $494.64. 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 has a 1 year low of $422.37 and a 1 year high of $572.56. The firm has a market cap of $44.58 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 0.89 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.81 by $0.26. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $9.11 earnings per share. On average, research analysts forecast that Ameriprise Financial will post 46.19 EPS for the current year.

Ameriprise Financial Announces Dividend

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

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

Insider Activity at Ameriprise Financial

In related news, SVP Dawn M. Brockman sold 472 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the transaction, the senior vice president directly owned 713 shares of the company’s stock, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the completion of the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock worth $16,316,497 over the last quarter. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

A number of institutional investors have recently modified their holdings of AMP. State Street Corp increased 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 valued at $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. lifted 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 valued at $1,537,817,000 after buying an additional 3,036,128 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ameriprise Financial by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after buying an additional 19,731 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Ameriprise Financial by 18.7% during the first quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock valued at $436,888,000 after buying an additional 154,659 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Ameriprise Financial by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider’s stock valued at $374,920,000 after buying an additional 22,819 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

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.