Morgan Stanley Cuts Ameriprise Financial (NYSE:AMP) Price Target to $484.00

Ameriprise Financial (NYSE:AMP) had its price target cut by Morgan Stanley from $530.00 to $484.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

Other equities research analysts have also issued reports about the stock. Piper Sandler boosted their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an “underweight” rating in a research report on Thursday, July 3rd. William Blair lowered shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday, July 25th. Raymond James Financial lifted their price target on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods lifted their price target on Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada lifted their price target on Ameriprise Financial from $595.00 to $601.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $535.14.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $491.67 on Wednesday. The firm has a market capitalization of $46.35 billion, a P/E ratio of 15.30, a PEG ratio of 1.11 and a beta of 1.26. Ameriprise Financial has a one year low of $396.14 and a one year high of $582.05. The company’s fifty day moving average is $502.93 and its two-hundred day moving average is $502.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $9.00 by $0.11. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $8.72 EPS. Analysts forecast that Ameriprise Financial will post 38.64 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 4th were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 annualized dividend and a yield of 1.3%. Ameriprise Financial’s payout ratio is presently 19.91%.

Insider Activity

In related news, CEO William F. Truscott sold 9,929 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the transaction, the chief executive officer owned 11,047 shares of the company’s stock, valued at approximately $5,599,613.83. The trade was a 47.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Heather J. Melloh sold 1,500 shares of the business’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the transaction, the executive vice president directly owned 2,562 shares of the company’s stock, valued at $1,312,615.08. The trade was a 36.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Jackson Wealth Management LLC raised its stake in Ameriprise Financial by 4.3% in the 3rd quarter. Jackson Wealth Management LLC now owns 8,921 shares of the financial services provider’s stock valued at $4,382,000 after purchasing an additional 370 shares during the last quarter. Aaron Wealth Advisors LLC increased its stake in shares of Ameriprise Financial by 24.5% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 1,188 shares of the financial services provider’s stock valued at $584,000 after acquiring an additional 234 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Ameriprise Financial by 2.8% during the 3rd quarter. GAMMA Investing LLC now owns 4,848 shares of the financial services provider’s stock valued at $2,382,000 after acquiring an additional 131 shares during the last quarter. Neville Rodie & Shaw Inc. acquired a new position in shares of Ameriprise Financial during the 3rd quarter valued at about $1,281,000. Finally, Caldwell Trust Co acquired a new position in shares of Ameriprise Financial during the 2nd quarter valued at about $2,212,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

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.