Zacks Investment Research Upgrades Ameriprise Financial Services Inc. (AMP) to “Hold”
Ameriprise Financial Services Inc. (NYSE:AMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Estimates have been stable ahead of Ameriprise’s third-quarter 2016 earnings release. Notably, the company has a positive record of earnings surprises in recent quarters. Further, the company's modification of its product and service-offering capacity to keep pace with the dynamic market needs is expected to support the top line growth. Also, the company’s inorganic growth strategy will further aid its profitability in the near term. However, the company’s fixed interest costs and claims continue to remain at high levels and thus it needs to put in more efforts to offset the continued pressure on fee and asset growth. In addition, continued equity market volatility and outflows in the Asset Management segment as well as elevated expenses will likely hurt the company’s financials in the near term.”
A number of other research firms have also issued reports on AMP. Credit Suisse Group AG began coverage on Ameriprise Financial Services in a report on Friday, October 7th. They set a “neutral” rating and a $116.00 target price on the stock. Oppenheimer Holdings Inc. lowered Ameriprise Financial Services to an “underweight” rating in a report on Monday. RBC Capital Markets lowered Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $121.00 to $98.00 in a report on Monday, July 25th. Royal Bank Of Canada lowered Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $121.00 to $98.00 in a report on Monday, July 25th. Finally, Deutsche Bank AG lifted their target price on Ameriprise Financial Services from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $112.00.
Shares of Ameriprise Financial Services (NYSE:AMP) traded down 1.90% during trading on Thursday, hitting $98.19. 351,550 shares of the stock were exchanged. The firm has a 50 day moving average of $100.02 and a 200-day moving average of $96.94. Ameriprise Financial Services has a 12-month low of $76.00 and a 12-month high of $120.29. The company has a market cap of $15.85 billion, a price-to-earnings ratio of 11.91 and a beta of 1.64.
Ameriprise Financial Services (NYSE:AMP) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.26 by $0.03. The business had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.90 billion. Ameriprise Financial Services had a net margin of 12.50% and a return on equity of 20.72%. Ameriprise Financial Services’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period last year, the business posted $2.33 earnings per share. On average, analysts forecast that Ameriprise Financial Services will post $9.27 earnings per share for the current year.
In other news, EVP Randy Kupper sold 4,129 shares of Ameriprise Financial Services stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $100.81, for a total transaction of $416,244.49. Following the completion of the sale, the executive vice president now directly owns 22,835 shares in the company, valued at approximately $2,301,996.35. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Robert Woerner sold 4,513 shares of Ameriprise Financial Services stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $100.71, for a total value of $454,504.23. Following the sale, the insider now owns 39,443 shares of the company’s stock, valued at $3,972,304.53. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Several large investors have recently made changes to their positions in AMP. Virginia Retirement System purchased a new stake in shares of Ameriprise Financial Services during the first quarter valued at about $265,000. Columbia Partners L L C Investment Management purchased a new stake in shares of Ameriprise Financial Services during the first quarter valued at about $1,008,000. NN Investment Partners Holdings N.V. purchased a new stake in shares of Ameriprise Financial Services during the first quarter valued at about $2,117,000. Bessemer Group Inc. raised its stake in shares of Ameriprise Financial Services by 142.4% in the first quarter. Bessemer Group Inc. now owns 1,115 shares of the company’s stock valued at $105,000 after buying an additional 655 shares in the last quarter. Finally, ING Groep NV raised its stake in shares of Ameriprise Financial Services by 48.6% in the first quarter. ING Groep NV now owns 4,344 shares of the company’s stock valued at $409,000 after buying an additional 1,421 shares in the last quarter. Institutional investors and hedge funds own 80.01% of the company’s stock.
About Ameriprise Financial Services
Ameriprise Financial, Inc is a diversified financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Advice & Wealth Management segment provides financial planning and advice, as well as brokerage services, primarily to retail clients through advisors.
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