Brokerages Set Ameriprise Financial, Inc. (NYSE:AMP) Price Target at $462.89

Shares of Ameriprise Financial, Inc. (NYSE:AMP) have been given a consensus rating of “Hold” by the ten brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $462.89.

A number of research firms have weighed in on AMP. The Goldman Sachs Group upped their target price on Ameriprise Financial from $437.00 to $488.00 and gave the stock a “buy” rating in a report on Wednesday, March 27th. Evercore ISI upped their price target on Ameriprise Financial from $400.00 to $445.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. UBS Group cut their price target on Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Piper Sandler cut their price target on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research note on Friday, June 28th. Finally, Jefferies Financial Group upped their price target on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research note on Friday, June 28th.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $438.07, for a total transaction of $657,105.00. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $4,818,770. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Ameriprise Financial by 18.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock valued at $1,685,436,000 after buying an additional 603,267 shares during the period. Norges Bank bought a new position in Ameriprise Financial in the 4th quarter worth $514,539,000. Dimensional Fund Advisors LP raised its holdings in Ameriprise Financial by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,015,225 shares of the financial services provider’s stock worth $385,620,000 after purchasing an additional 35,931 shares during the period. TD Asset Management Inc raised its holdings in Ameriprise Financial by 18.8% in the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after purchasing an additional 111,973 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Ameriprise Financial by 5.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock worth $247,786,000 after purchasing an additional 32,312 shares during the period. 83.95% of the stock is owned by institutional investors.

Ameriprise Financial Stock Down 1.7 %

AMP stock opened at $421.56 on Thursday. Ameriprise Financial has a fifty-two week low of $306.63 and a fifty-two week high of $449.94. The business’s 50 day moving average price is $433.25 and its two-hundred day moving average price is $415.75. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $41.87 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, topping analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter in the prior year, the business earned $7.25 EPS. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts forecast that Ameriprise Financial will post 34.91 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.40%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Friday, May 3rd. Ameriprise Financial’s dividend payout ratio (DPR) is currently 20.15%.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.