Ameriprise Financial (NYSE:AMP) Reaches New 12-Month High Following Analyst Upgrade

Shares of Ameriprise Financial, Inc. (NYSE:AMP) hit a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $490.00 to $555.00. UBS Group currently has a buy rating on the stock. Ameriprise Financial traded as high as $490.77 and last traded at $490.76, with a volume of 44822 shares changing hands. The stock had previously closed at $483.74.

Other analysts have also recently issued reports about the stock. Piper Sandler reduced their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a research note on Friday, June 28th. Jefferies Financial Group raised their price target on Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a report on Friday, June 28th. The Goldman Sachs Group lowered Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $485.00 to $476.00 in a research note on Thursday, September 26th. Morgan Stanley decreased their target price on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average price target of $469.67.

Insider Activity

In other Ameriprise Financial news, VP William Davies sold 8,700 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the transaction, the vice president now owns 13,199 shares in the company, valued at $5,834,881.93. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

Hedge funds have recently added to or reduced their stakes in the stock. Tobam grew its position in shares of Ameriprise Financial by 34.1% during the 3rd quarter. Tobam now owns 173 shares of the financial services provider’s stock worth $81,000 after buying an additional 44 shares in the last quarter. UMB Bank n.a. grew its holdings in Ameriprise Financial by 20.8% during the 3rd quarter. UMB Bank n.a. now owns 3,006 shares of the financial services provider’s stock worth $1,412,000 after acquiring an additional 517 shares in the last quarter. Kelly Financial Services LLC increased its position in Ameriprise Financial by 25.6% during the 3rd quarter. Kelly Financial Services LLC now owns 574 shares of the financial services provider’s stock valued at $270,000 after purchasing an additional 117 shares during the period. Wedmont Private Capital raised its holdings in shares of Ameriprise Financial by 1.4% in the 3rd quarter. Wedmont Private Capital now owns 3,446 shares of the financial services provider’s stock valued at $1,656,000 after purchasing an additional 46 shares in the last quarter. Finally, Peddock Capital Advisors LLC lifted its position in shares of Ameriprise Financial by 1.5% in the 3rd quarter. Peddock Capital Advisors LLC now owns 4,803 shares of the financial services provider’s stock worth $2,257,000 after purchasing an additional 70 shares during the period. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Trading Up 1.5 %

The stock has a market capitalization of $48.74 billion, a P/E ratio of 16.47, a P/E/G ratio of 0.80 and a beta of 1.35. The stock’s 50 day moving average price is $441.01 and its 200-day moving average price is $433.11. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the company earned $7.44 earnings per share. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities research analysts expect that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a dividend of $1.48 per share. The ex-dividend date was Monday, August 5th. This represents a $5.92 annualized dividend and a yield of 1.21%. Ameriprise Financial’s dividend payout ratio (DPR) is 20.15%.

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.