Ameriprise Financial (NYSE:AMP) Hits New 12-Month High – Here’s Why

Ameriprise Financial, Inc. (NYSE:AMP) shares reached a new 52-week high on Tuesday . The stock traded as high as $551.99 and last traded at $549.9870, with a volume of 134520 shares trading hands. The stock had previously closed at $538.01.

Analyst Ratings Changes

Several analysts have commented on AMP shares. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday, July 10th. Weiss Ratings upgraded Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Piper Sandler lifted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a report on Monday, July 13th. BMO Capital Markets boosted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Finally, Keefe, Bruyette & Woods increased their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $555.33.

Ameriprise Financial Trading Up 1.8%

The company has a market cap of $49.25 billion, a PE ratio of 13.21, a P/E/G ratio of 0.94 and a beta of 1.16. The stock’s 50 day moving average is $477.51 and its 200-day moving average is $474.98. The company has a quick ratio of 0.66, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

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, topping analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the company posted $9.11 EPS. The business’s revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Ameriprise Financial, Inc. will post 43.92 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 3rd will be given a $1.70 dividend. The ex-dividend date is Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 16.40%.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the sale, the director directly owned 6,300 shares in the company, valued at $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the transaction, the executive vice president owned 6,103 shares of the company’s stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AMP. State Street Corp grew its stake in shares of Ameriprise Financial by 0.4% during the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock valued at $2,171,360,000 after buying an additional 18,879 shares during the last quarter. Norges Bank purchased a new position in Ameriprise Financial in the 4th quarter worth about $742,438,000. Boston Partners increased its stake in Ameriprise Financial by 1.1% in the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock worth $586,083,000 after buying an additional 13,172 shares during the period. AQR Capital Management LLC lifted its holdings in Ameriprise Financial by 84.2% during the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock valued at $532,455,000 after buying an additional 496,319 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Ameriprise Financial by 2.0% during the 1st 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. Institutional investors own 83.95% of the company’s stock.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.