Zacks Investment Research Lowers Ameriprise Financial Services, Inc. (AMP) to Hold
Ameriprise Financial Services, Inc. (NYSE:AMP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Shares of Ameriprise outperformed the industry in the last year. The price performance has been backed by impressive earnings surprise history. The company surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Ameriprise remains well positioned to grow through strategic acquisitions, given its strong liquidity position. Notably, in sync with its plans of expanding products and services, the company completed the acquisition of Investment Professionals, Inc. on July 1. Moreover, its efforts toward modifying product and service-offering capacity are expected to further support top-line growth. However, increasing expenses (mostly due to advertising campaign and technology upgrades) and elevated levels of outflows in the Asset Management segment are expected to hurt the company’s financials in the near term.”
A number of other research firms have also issued reports on AMP. Citigroup Inc. set a $166.00 target price on Ameriprise Financial Services and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Barclays PLC lifted their target price on Ameriprise Financial Services from $130.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, August 11th. BidaskClub raised Ameriprise Financial Services from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Royal Bank Of Canada initiated coverage on Ameriprise Financial Services in a report on Thursday, June 29th. They set a “sector perform” rating and a $135.00 target price on the stock. Finally, Morgan Stanley lifted their target price on Ameriprise Financial Services from $148.00 to $152.00 and gave the stock an “overweight” rating in a report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Ameriprise Financial Services presently has an average rating of “Hold” and a consensus target price of $146.98.
Shares of Ameriprise Financial Services (NYSE AMP) traded up 0.78% during midday trading on Thursday, hitting $138.27. The company’s stock had a trading volume of 273,671 shares. Ameriprise Financial Services has a 52-week low of $86.25 and a 52-week high of $149.99. The firm has a market cap of $20.73 billion, a P/E ratio of 15.84 and a beta of 1.86. The stock’s 50 day moving average is $140.24 and its 200-day moving average is $131.11.
Ameriprise Financial Services (NYSE:AMP) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.18. The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.90 billion. Ameriprise Financial Services had a return on equity of 26.54% and a net margin of 11.81%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $2.23 earnings per share. Equities analysts predict that Ameriprise Financial Services will post $11.30 EPS for the current fiscal year.
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In other Ameriprise Financial Services news, VP Karen Wilson Thissen sold 425 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $145.15, for a total transaction of $61,688.75. Following the completion of the sale, the vice president now directly owns 10,956 shares in the company, valued at approximately $1,590,263.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman James M. Cracchiolo sold 13,418 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $146.25, for a total value of $1,962,382.50. Following the sale, the chairman now owns 283,891 shares of the company’s stock, valued at $41,519,058.75. The disclosure for this sale can be found here. Insiders have sold a total of 185,966 shares of company stock valued at $26,868,153 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Tyers Asset Management LLC raised its stake in shares of Ameriprise Financial Services by 3.6% in the first quarter. Tyers Asset Management LLC now owns 40,712 shares of the financial services provider’s stock valued at $5,279,000 after buying an additional 1,400 shares in the last quarter. ING Groep NV purchased a new stake in shares of Ameriprise Financial Services during the first quarter valued at about $1,067,000. APG Asset Management N.V. raised its stake in shares of Ameriprise Financial Services by 29.7% in the first quarter. APG Asset Management N.V. now owns 805,685 shares of the financial services provider’s stock valued at $104,481,000 after buying an additional 184,500 shares in the last quarter. Geneva Advisors LLC raised its stake in shares of Ameriprise Financial Services by 6.5% in the first quarter. Geneva Advisors LLC now owns 2,008 shares of the financial services provider’s stock valued at $260,000 after buying an additional 122 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Ameriprise Financial Services by 1.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 25,369 shares of the financial services provider’s stock valued at $3,290,000 after buying an additional 398 shares in the last quarter. Institutional investors and hedge funds own 79.53% of the company’s stock.
Ameriprise Financial Services Company Profile
Ameriprise Financial, Inc is a 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 Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.
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