Ameriprise Financial (NYSE:AMP) Given New $500.00 Price Target at Royal Bank of Canada

Ameriprise Financial (NYSE:AMP) had its price objective lifted by Royal Bank of Canada from $487.00 to $500.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other analysts have also issued research reports about the company. Jefferies Financial Group increased their price target on Ameriprise Financial from $500.00 to $504.00 and gave the company a buy rating in a report on Friday, June 28th. Evercore ISI raised their price objective on Ameriprise Financial from $400.00 to $445.00 and gave the company an in-line rating in a research report on Thursday, April 11th. Keefe, Bruyette & Woods lowered their price target on Ameriprise Financial from $470.00 to $460.00 and set a market perform rating for the company in a report on Tuesday. Piper Sandler reduced their price objective on Ameriprise Financial from $390.00 to $387.00 and set an underweight rating for the company in a research note on Friday, June 28th. Finally, Morgan Stanley reduced their price target on Ameriprise Financial from $444.00 to $440.00 and set an equal weight rating for the company in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $464.33.

Ameriprise Financial Trading Down 3.8 %

Shares of NYSE:AMP opened at $402.61 on Tuesday. The stock has a 50 day moving average of $430.64 and a 200 day moving average of $419.26. The company has a market cap of $39.99 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. The company has a current ratio of 0.59, a quick ratio of 0.56 and a debt-to-equity ratio of 1.16. Ameriprise Financial has a 12-month low of $306.63 and a 12-month high of $449.94.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping the consensus estimate of $8.53 by $0.19. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $7.44 EPS. As a group, equities research analysts expect that Ameriprise Financial will post 34.77 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Monday, August 5th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.47%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 20.15%.

Insider Buying and Selling

In other news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $438.07, for a total value of $657,105.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $4,818,770. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ameriprise Financial

Institutional investors have recently added to or reduced their stakes in the company. Retirement Group LLC acquired a new position in shares of Ameriprise Financial in the first quarter worth about $25,000. DiNuzzo Private Wealth Inc. boosted its stake in Ameriprise Financial by 268.8% during the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 43 shares in the last quarter. Accordant Advisory Group Inc bought a new position in Ameriprise Financial during the 2nd quarter valued at $26,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial during the 1st quarter valued at $28,000. Finally, Mascoma Wealth Management LLC lifted its holdings in shares of Ameriprise Financial by 153.8% in the second quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

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.