Ameriprise Financial (NYSE:AMP) Raised to “Strong-Buy” at Zacks Research

Ameriprise Financial (NYSE:AMP) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Piper Sandler increased their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. BMO Capital Markets lifted their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Morgan Stanley boosted their price objective on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Finally, Jefferies Financial Group upped their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $555.33.

Ameriprise Financial Stock Up 1.6%

Ameriprise Financial stock opened at $546.80 on Monday. Ameriprise Financial has a fifty-two week low of $422.37 and a fifty-two week high of $553.46. The stock has a market cap of $49.16 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 0.92 and a beta of 1.16. The firm’s 50-day simple moving average is $479.17 and its 200 day simple moving average is $475.33. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.66 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.11 EPS. Research analysts predict that Ameriprise Financial will post 45.84 EPS for the current fiscal year.

Insider Transactions at Ameriprise Financial

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

Hedge Funds Weigh In On Ameriprise Financial

Several institutional investors and hedge funds have recently bought and sold shares of AMP. SouthState Bank Corp raised its stake in shares of Ameriprise Financial by 78.6% in the fourth 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 during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Ameriprise Financial during the 1st quarter valued at $28,000. Ares Financial Consulting LLC bought a new position in shares of Ameriprise Financial during the 4th quarter worth $32,000. Prosperity Bancshares Inc bought a new position in shares of Ameriprise Financial during the 4th quarter worth $33,000. Finally, Evolution Wealth Management Inc. purchased a new stake in Ameriprise Financial in the 1st quarter worth about $34,000. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Company Profile

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.