Piper Sandler Forecasts Strong Price Appreciation for Ameriprise Financial (NYSE:AMP) Stock

Ameriprise Financial (NYSE:AMP) had its price target raised by Piper Sandler from $471.00 to $518.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 2.03% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Keefe, Bruyette & Woods began coverage on Ameriprise Financial in a research report on Friday, April 10th. They set a “hold” rating for the company. Jefferies Financial Group raised their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday. Morgan Stanley lifted their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research report on Friday. Finally, BMO Capital Markets boosted their price target on shares of Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Ameriprise Financial presently has an average rating of “Hold” and a consensus price target of $553.67.

Ameriprise Financial Stock Performance

Shares of AMP opened at $507.69 on Monday. The stock’s 50-day simple moving average is $464.92 and its 200 day simple moving average is $472.81. The stock has a market capitalization of $45.64 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. Ameriprise Financial has a 52-week low of $422.37 and a 52-week high of $550.18.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the previous year, the firm earned $9.50 EPS. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. Research analysts forecast that Ameriprise Financial will post 43.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares of the company’s stock, valued at $2,934,729. This represents a 16.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the sale, the executive vice president owned 6,103 shares of the company’s stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC boosted its stake in shares of Ameriprise Financial by 14.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 73,833 shares of the financial services provider’s stock valued at $33,872,000 after purchasing an additional 9,307 shares in the last quarter. Accel Wealth Management raised its stake in Ameriprise Financial by 8.8% in the second quarter. Accel Wealth Management now owns 1,574 shares of the financial services provider’s stock worth $722,000 after buying an additional 127 shares in the last quarter. Tema ETFs LLC lifted its holdings in Ameriprise Financial by 9.8% in the second quarter. Tema ETFs LLC now owns 1,623 shares of the financial services provider’s stock worth $745,000 after buying an additional 145 shares during the period. Fiduciary Financial Group LLC purchased a new stake in Ameriprise Financial in the second quarter worth about $232,000. Finally, Generali Investments Management Co LLC boosted its position in Ameriprise Financial by 134.8% during the 2nd quarter. Generali Investments Management Co LLC now owns 425 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 244 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

About Ameriprise Financial

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.