BMO Capital Markets Cuts Ameriprise Financial (NYSE:AMP) Price Target to $520.00

Ameriprise Financial (NYSE:AMP) had its target price reduced by BMO Capital Markets from $560.00 to $520.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other research firms also recently weighed in on AMP. Piper Sandler lifted their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Bank of America reiterated a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a report on Monday. Weiss Ratings raised shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a report on Friday, July 10th. Finally, Jefferies Financial Group upped their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ameriprise Financial currently has a consensus rating of “Moderate Buy” and an average target price of $558.67.

Ameriprise Financial Stock Up 1.7%

Shares of NYSE:AMP opened at $498.80 on Tuesday. Ameriprise Financial has a 52-week low of $422.37 and a 52-week high of $572.56. The stock has a market cap of $44.84 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. The business’s 50 day moving average is $540.34 and its 200 day moving average is $495.47. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period last year, the business posted $9.11 EPS. Ameriprise Financial’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts predict that Ameriprise Financial will post 46.14 EPS for the current year.

Ameriprise Financial declared that its board has initiated a stock repurchase plan on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 16.40%.

Insider Activity

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider directly owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Dawn Brockman sold 472 shares of Ameriprise Financial stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the transaction, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. The trade was a 39.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 29,988 shares of company stock valued at $16,316,497. Company insiders own 0.60% of the company’s stock.

Institutional Trading of Ameriprise Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. SouthState Bank Corp increased its position in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares in the last quarter. Twin Lakes Capital Management LLC acquired a new stake in Ameriprise Financial in the second quarter worth about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Ameriprise Financial during the second quarter worth about $28,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Ameriprise Financial during the first quarter valued at about $28,000. Finally, Fiduciary Financial Advisors purchased a new position in shares of Ameriprise Financial in the 2nd quarter valued at approximately $30,000. Hedge funds and other 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 company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.