Ameriprise Financial (NYSE:AMP) Reaches New 52-Week High on Analyst Upgrade

Shares of Ameriprise Financial, Inc. (NYSE:AMP) reached a new 52-week high during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $490.00 to $555.00. UBS Group currently has a buy rating on the stock. Ameriprise Financial traded as high as $490.77 and last traded at $490.76, with a volume of 44822 shares. The stock had previously closed at $483.74.

Several other equities analysts have also weighed in on the company. Morgan Stanley reduced their price objective on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. Piper Sandler reduced their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Keefe, Bruyette & Woods dropped their price objective on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price target for the company from $485.00 to $476.00 in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $469.67.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the sale, the vice president now owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Retirement Group LLC bought a new position in Ameriprise Financial during the first quarter worth $25,000. DiNuzzo Private Wealth Inc. raised its stake in Ameriprise Financial by 268.8% during the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 43 shares during the period. Accordant Advisory Group Inc bought a new position in Ameriprise Financial in the second quarter worth about $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Ameriprise Financial during the first quarter valued at approximately $28,000. Finally, Mascoma Wealth Management LLC raised its position in shares of Ameriprise Financial by 153.8% during the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 40 shares during the period. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Down 0.4 %

The firm has a market cap of $48.80 billion, a P/E ratio of 16.80, a P/E/G ratio of 0.80 and a beta of 1.35. The firm has a fifty day moving average of $442.28 and a 200-day moving average of $433.53. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The company had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company posted $7.44 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities research analysts forecast that Ameriprise Financial, Inc. will post 34.81 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were paid a $1.48 dividend. The ex-dividend date was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.20%. Ameriprise Financial’s payout ratio 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.