Ameriprise Financial (NYSE:AMP) Reaches New 12-Month High Following Analyst Upgrade

Ameriprise Financial, Inc. (NYSE:AMP) shares reached a new 52-week high during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $551.99 and last traded at $549.9870, with a volume of 134520 shares changing hands. The stock had previously closed at $538.01.

AMP has been the topic of several other reports. BMO Capital Markets raised their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Morgan Stanley raised their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Finally, Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $555.33.

Insider Transactions at Ameriprise Financial

In other news, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. The trade was a 50.61% decrease in their position. The transaction 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 the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares of the company’s stock, valued at $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,559 shares of company stock valued at $12,182,382 over the last 90 days. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ameriprise Financial

Several large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Ameriprise Financial during the 4th quarter worth about $742,438,000. AQR Capital Management LLC lifted its holdings in shares of Ameriprise Financial by 84.2% in the fourth quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock valued at $532,455,000 after purchasing an additional 496,319 shares in the last quarter. M&T Bank Corp boosted its position in shares of Ameriprise Financial by 1,440.2% during the fourth quarter. M&T Bank Corp now owns 466,151 shares of the financial services provider’s stock worth $228,572,000 after buying an additional 435,885 shares during the period. First Trust Advisors LP grew its holdings in shares of Ameriprise Financial by 85.5% during the fourth quarter. First Trust Advisors LP now owns 828,437 shares of the financial services provider’s stock worth $406,216,000 after buying an additional 381,754 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its position in Ameriprise Financial by 140.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 471,867 shares of the financial services provider’s stock valued at $231,805,000 after buying an additional 275,659 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Down 0.4%

The firm’s 50 day moving average price is $480.85 and its two-hundred day moving average price is $475.59. The company has a current ratio of 0.71, a quick ratio of 0.66 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $48.40 billion, a P/E ratio of 12.98, a PEG ratio of 0.74 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the prior year, the company posted $9.11 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Equities research analysts forecast that Ameriprise Financial, Inc. will post 45.84 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Monday, August 3rd. Ameriprise Financial’s dividend payout ratio is 16.40%.

About Ameriprise Financial

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.