Ameriprise Financial (NYSE:AMP) Price Target Raised to $620.00

Ameriprise Financial (NYSE:AMP) had its price target increased by Jefferies Financial Group from $600.00 to $620.00 in a report issued on Monday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $484.00 to $485.00 and gave the stock an “underweight” rating in a research note on Monday, December 22nd. Royal Bank Of Canada lowered their price objective on Ameriprise Financial from $601.00 to $550.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. Piper Sandler raised shares of Ameriprise Financial from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $434.00 to $530.00 in a report on Friday, January 30th. Evercore ISI decreased their price target on Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating on the stock in a research report on Thursday, October 9th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $555.67.

Ameriprise Financial Stock Up 2.7%

Shares of AMP stock opened at $544.61 on Monday. Ameriprise Financial has a twelve month low of $396.14 and a twelve month high of $552.43. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.68 and a current ratio of 0.68. The stock’s 50 day simple moving average is $496.25 and its 200 day simple moving average is $491.95. The company has a market capitalization of $50.60 billion, a price-to-earnings ratio of 14.98, a PEG ratio of 1.24 and a beta of 1.26.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, topping analysts’ consensus estimates of $10.33 by $0.50. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. Ameriprise Financial’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $9.54 earnings per share. As a group, research analysts predict that Ameriprise Financial will post 38.64 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Monday, February 9th will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, February 9th. Ameriprise Financial’s dividend payout ratio (DPR) is currently 17.60%.

Insider Transactions at Ameriprise Financial

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $450.94, for a total value of $676,410.00. Following the completion of the sale, the director directly owned 7,500 shares in the company, valued at $3,382,050. This represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Ameriprise Financial by 0.9% in the second quarter. Vanguard Group Inc. now owns 12,432,261 shares of the financial services provider’s stock valued at $6,635,471,000 after purchasing an additional 111,386 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Ameriprise Financial by 7.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,270,995 shares of the financial services provider’s stock worth $3,347,019,000 after purchasing an additional 446,080 shares in the last quarter. State Street Corp lifted its stake in Ameriprise Financial by 0.4% in 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 acquiring an additional 18,879 shares during the last quarter. Geode Capital Management LLC lifted its stake in Ameriprise Financial by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,818,428 shares of the financial services provider’s stock valued at $1,500,115,000 after purchasing an additional 47,584 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Ameriprise Financial in the second quarter valued at approximately $693,736,000. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

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.