Ameriprise Financial (NYSE:AMP) Price Target Raised to $442.00

Ameriprise Financial (NYSE:AMP) had its price target raised by Piper Sandler from $415.00 to $442.00 in a report published on Friday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the financial services provider’s stock.

Several other research firms have also recently commented on AMP. Keefe, Bruyette & Woods decreased their price target on shares of Ameriprise Financial from $565.00 to $560.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Morgan Stanley upped their price target on shares of Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. UBS Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $580.00 to $570.00 in a research report on Monday, January 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Ameriprise Financial in a research report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $509.33.

Ameriprise Financial Trading Down 0.9 %

Shares of AMP stock opened at $542.83 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.99. The stock has a 50-day simple moving average of $547.55 and a 200 day simple moving average of $498.01. Ameriprise Financial has a fifty-two week low of $378.05 and a fifty-two week high of $582.05. The stock has a market capitalization of $52.66 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.87 and a beta of 1.36.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.46% and a net margin of 19.70%. On average, sell-side analysts expect that Ameriprise Financial will post 39.04 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 10th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Monday, February 10th. Ameriprise Financial’s payout ratio is presently 17.91%.

Insider Activity

In other news, CFO Walter Stanley Berman sold 8,655 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $564.16, for a total value of $4,882,804.80. Following the completion of the sale, the chief financial officer now directly owns 6,409 shares in the company, valued at approximately $3,615,701.44. This trade represents a 57.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Joseph Edward Sweeney sold 10,735 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $549.68, for a total transaction of $5,900,814.80. Following the transaction, the insider now owns 5,811 shares in the company, valued at approximately $3,194,190.48. This trade represents a 64.88 % decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ameriprise Financial

Institutional investors have recently modified their holdings of the stock. Wingate Wealth Advisors Inc. acquired a new position in Ameriprise Financial in the fourth quarter valued at about $30,000. Oakworth Capital Inc. bought a new position in shares of Ameriprise Financial during the third quarter worth $31,000. Sound Income Strategies LLC acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $36,000. Country Trust Bank raised its stake in Ameriprise Financial by 213.6% during the 3rd quarter. Country Trust Bank now owns 69 shares of the financial services provider’s stock worth $32,000 after buying an additional 47 shares during the period. Finally, Golden State Wealth Management LLC acquired a new stake in Ameriprise Financial during the 4th quarter worth $38,000. 83.95% of the stock is owned by institutional investors.

About Ameriprise Financial

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.