Ameriprise Financial (NYSE:AMP) PT Raised to $480.00

Ameriprise Financial (NYSE:AMP) had its target price upped by equities research analysts at Royal Bank of Canada from $470.00 to $480.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 16.89% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. UBS Group boosted their price objective on shares of Ameriprise Financial from $440.00 to $445.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $400.00 to $437.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Raymond James assumed coverage on shares of Ameriprise Financial in a report on Thursday, March 21st. They issued a “market perform” rating for the company. Piper Sandler boosted their price objective on shares of Ameriprise Financial from $360.00 to $392.00 and gave the company an “underweight” rating in a report on Friday, April 5th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Ameriprise Financial from $420.00 to $460.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of “Hold” and an average price target of $449.57.

Ameriprise Financial Stock Performance

Shares of AMP stock opened at $410.64 on Wednesday. The company has a market capitalization of $41.14 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 0.67 and a beta of 1.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.56 and a current ratio of 0.56. The company has a 50-day simple moving average of $418.41 and a 200 day simple moving average of $380.19. Ameriprise Financial has a 52 week low of $279.85 and a 52 week high of $440.67.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, topping the consensus estimate of $8.10 by $0.29. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. Ameriprise Financial’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.25 EPS. On average, sell-side analysts predict that Ameriprise Financial will post 34.43 earnings per share for the current year.

Insider Activity

In related news, Director Robert Francis Sharpe, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $386.60, for a total transaction of $1,546,400.00. Following the completion of the transaction, the director now directly owns 12,500 shares in the company, valued at approximately $4,832,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Joseph Edward Sweeney sold 5,146 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $389.47, for a total transaction of $2,004,212.62. Following the completion of the transaction, the insider now directly owns 9,421 shares in the company, valued at approximately $3,669,196.87. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $386.60, for a total transaction of $1,546,400.00. Following the transaction, the director now owns 12,500 shares of the company’s stock, valued at $4,832,500. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,472 shares of company stock worth $31,779,805. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ameriprise Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMP. OFI Invest Asset Management acquired a new position in Ameriprise Financial in the 3rd quarter valued at approximately $25,000. Redmont Wealth Advisors LLC acquired a new position in Ameriprise Financial in the 1st quarter valued at approximately $28,000. Carmel Capital Partners LLC acquired a new position in Ameriprise Financial in the 3rd quarter valued at approximately $30,000. Sound Income Strategies LLC acquired a new position in Ameriprise Financial in the 1st quarter valued at approximately $32,000. Finally, Annapolis Financial Services LLC increased its position in Ameriprise Financial by 928.6% in the 1st quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 65 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.