Ameriprise Financial (NYSE:AMP) Given New $489.00 Price Target at Morgan Stanley

Ameriprise Financial (NYSE:AMP) had its price objective hoisted by Morgan Stanley from $467.00 to $489.00 in a research note released on Friday,Benzinga reports. Morgan Stanley currently has an underweight rating on the financial services provider’s stock.

AMP has been the subject of several other research reports. Piper Sandler increased their price objective on shares of Ameriprise Financial from $460.00 to $471.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a research report on Friday, April 10th. They set a “hold” rating on the stock. Weiss Ratings downgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 2nd. Finally, BMO Capital Markets lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $548.44.

Ameriprise Financial Price Performance

Shares of AMP traded up $7.53 during mid-day trading on Friday, hitting $507.69. 456,166 shares of the stock were exchanged, compared to its average volume of 755,899. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $45.64 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 1.04 and a beta of 1.16. Ameriprise Financial has a 52-week low of $422.37 and a 52-week high of $550.18. The firm has a 50-day moving average of $464.92 and a two-hundred day moving average of $472.97.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts’ consensus estimates of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the firm posted $9.50 earnings per share. Ameriprise Financial’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts predict that Ameriprise Financial will post 43.29 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial’s payout ratio is presently 16.91%.

Insiders Place Their Bets

In other Ameriprise Financial news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the transaction, the director owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gerard P. Smyth sold 6,255 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. This represents a 50.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.60% of the company’s stock.

Institutional Trading of Ameriprise Financial

Institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC boosted its position in shares of Ameriprise Financial by 14.4% during the second quarter. Wedge Capital Management L L P NC now owns 73,833 shares of the financial services provider’s stock valued at $33,872,000 after buying an additional 9,307 shares during the period. Accel Wealth Management grew its stake in shares of Ameriprise Financial by 8.8% during the second quarter. Accel Wealth Management now owns 1,574 shares of the financial services provider’s stock valued at $722,000 after buying an additional 127 shares during the last quarter. Tema ETFs LLC raised its holdings in shares of Ameriprise Financial by 9.8% in the second quarter. Tema ETFs LLC now owns 1,623 shares of the financial services provider’s stock worth $745,000 after buying an additional 145 shares during the period. Fiduciary Financial Group LLC purchased a new stake in shares of Ameriprise Financial in the second quarter worth approximately $232,000. Finally, Generali Investments Management Co LLC lifted its stake in shares of Ameriprise Financial by 134.8% during the 2nd quarter. Generali Investments Management Co LLC now owns 425 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 244 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

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.