Ameriprise Financial (NYSE:AMP) Given New $638.00 Price Target at Jefferies Financial Group

Ameriprise Financial (NYSE:AMP) had its target price lowered by Jefferies Financial Group from $645.00 to $638.00 in a report issued on Monday.

Several other equities research analysts have also weighed in on the company. Zacks Research lowered Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. BMO Capital Markets cut their target price on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 6th. Bank of America reaffirmed a “buy” rating and set a $570.00 target price (down from $616.00) on shares of Ameriprise Financial in a report on Monday, October 5th. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $572.55.

Ameriprise Financial Price Performance

Shares of AMP traded down $7.90 during mid-day trading on Monday, hitting $492.12. The company’s stock had a trading volume of 154,731 shares, compared to its average volume of 639,586. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a 50-day moving average price of $538.37 and a 200 day moving average price of $496.25. Ameriprise Financial has a fifty-two week low of $422.37 and a fifty-two week high of $572.56. The stock has a market capitalization of $44.24 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its earnings results 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. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $9.11 earnings per share. On average, research analysts predict that Ameriprise Financial will post 46.17 EPS for the current fiscal year.

Ameriprise Financial declared that its board has approved a share repurchase program on Tuesday, September 29th that permits the company to repurchase $5.50 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Share repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were paid a $1.70 dividend. 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 currently 16.40%.

Insider Activity

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Dawn Brockman sold 472 shares of the 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 completion of the sale, the senior vice president owned 713 shares of the company’s stock, valued at $398,517.09. The trade was a 39.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 29,988 shares of company stock valued at $16,316,497. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ameriprise Financial

Hedge funds have recently bought and sold shares of the business. First County Bank CT boosted its holdings in Ameriprise Financial by 660.7% during the third quarter. First County Bank CT now owns 12,529 shares of the financial services provider’s stock valued at $6,169,000 after acquiring an additional 10,882 shares during the period. Fragasso Financial Advisors Inc bought a new position in shares of Ameriprise Financial in the third quarter worth about $209,000. NorthCrest Asset Manangement LLC increased its stake in shares of Ameriprise Financial by 85.8% in the third quarter. NorthCrest Asset Manangement LLC now owns 10,423 shares of the financial services provider’s stock worth $5,132,000 after purchasing an additional 4,812 shares during the period. Avior Wealth Management LLC increased its stake in shares of Ameriprise Financial by 869.5% in the third quarter. Avior Wealth Management LLC now owns 9,443 shares of the financial services provider’s stock worth $4,649,000 after purchasing an additional 8,469 shares during the period. Finally, Perpetual Ltd acquired a new position in shares of Ameriprise Financial during the 3rd quarter worth about $242,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

About Ameriprise Financial

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.