Ameriprise Financial’s (AMP) Underperform Rating Reiterated at Bank of America

Bank of America reaffirmed their underperform rating on shares of Ameriprise Financial (NYSE:AMP) in a report published on Monday, MarketBeat reports. The firm currently has a $445.00 price target on the financial services provider’s stock, down from their previous price target of $570.00.

Several other equities research analysts have also commented on AMP. Raymond James Financial upped their price target on shares of Ameriprise Financial from $582.00 to $638.00 and gave the company a “strong-buy” rating in a report on Friday, August 21st. Zacks Research lowered Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Jefferies Financial Group reduced their price objective on Ameriprise Financial from $645.00 to $638.00 in a research note on Monday, October 12th. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, Evercore reduced their price target on Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $557.00.

Ameriprise Financial Stock Performance

Shares of NYSE AMP opened at $490.62 on Monday. The company has a 50 day simple moving average of $529.17 and a two-hundred day simple moving average of $498.79. The stock has a market cap of $44.11 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.05 and a beta of 1.16. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial has a 12 month low of $422.37 and a 12 month high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business earned $9.11 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts predict that Ameriprise Financial will post 46.13 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 29th that allows the company to buy back $5.50 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Share repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, SVP Dawn M. Brockman sold 472 shares of Ameriprise Financial stock in a transaction on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the sale, the senior vice president owned 713 shares of the company’s stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction on 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 in the company, valued at $3,656,793. This represents a 54.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,988 shares of company stock valued at $16,316,497 over the last ninety days. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ameriprise Financial

A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its position in shares of Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Ameriprise Financial by 980.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,069,740 shares of the financial services provider’s stock valued at $1,019,036,000 after buying an additional 1,878,244 shares in the last quarter. Artemis Investment Management LLP purchased a new position in Ameriprise Financial in the 3rd quarter valued at about $925,211,000. Finally, Douglas Lane & Associates LLC purchased a new position in Ameriprise Financial in the 3rd quarter valued at about $575,767,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.