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

Ameriprise Financial, Inc. (NYSE:AMP) hit a new 52-week high on Wednesday after The Goldman Sachs Group raised their price target on the stock from $437.00 to $488.00. The Goldman Sachs Group currently has a buy rating on the stock. Ameriprise Financial traded as high as $438.00 and last traded at $434.70, with a volume of 55837 shares. The stock had previously closed at $431.22.

A number of other brokerages have also weighed in on AMP. Keefe, Bruyette & Woods upped their target price on Ameriprise Financial from $400.00 to $420.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. Morgan Stanley increased their price objective on Ameriprise Financial from $394.00 to $400.00 and gave the company an “equal weight” rating in a research report on Monday, January 29th. Royal Bank of Canada increased their price objective on Ameriprise Financial from $410.00 to $420.00 and gave the company an “outperform” rating in a research report on Monday, January 22nd. StockNews.com lowered Ameriprise Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. Finally, UBS Group increased their price objective on Ameriprise Financial from $440.00 to $445.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $428.83.

Insider Buying and Selling

In other Ameriprise Financial news, SVP Dawn M. Brockman sold 224 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $434.13, for a total value of $97,245.12. Following the completion of the sale, the senior vice president now owns 1,288 shares in the company, valued at approximately $559,159.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Ameriprise Financial news, CEO William F. Truscott sold 9,689 shares of the stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $390.22, for a total value of $3,780,841.58. Following the completion of the sale, the chief executive officer now owns 12,126 shares in the company, valued at approximately $4,731,807.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Dawn M. Brockman sold 224 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $434.13, for a total value of $97,245.12. Following the completion of the sale, the senior vice president now owns 1,288 shares of the company’s stock, valued at approximately $559,159.44. The disclosure for this sale can be found here. Insiders have sold a total of 87,509 shares of company stock worth $34,838,723 in the last ninety days. 0.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Ameriprise Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. BOKF NA lifted its stake in shares of Ameriprise Financial by 12.7% in the 2nd quarter. BOKF NA now owns 12,334 shares of the financial services provider’s stock valued at $4,097,000 after purchasing an additional 1,390 shares during the period. 17 Capital Partners LLC purchased a new position in shares of Ameriprise Financial in the 4th quarter valued at approximately $2,078,000. Acadian Asset Management LLC purchased a new position in shares of Ameriprise Financial in the 3rd quarter valued at approximately $1,150,000. Thrivent Financial for Lutherans lifted its stake in shares of Ameriprise Financial by 74.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 553,481 shares of the financial services provider’s stock valued at $183,843,000 after purchasing an additional 236,944 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of Ameriprise Financial by 6.4% in the 3rd quarter. Amalgamated Bank now owns 30,245 shares of the financial services provider’s stock valued at $9,971,000 after purchasing an additional 1,806 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Up 0.6 %

The stock has a 50 day moving average price of $404.47 and a 200 day moving average price of $367.57. The company has a market cap of $43.93 billion, a PE ratio of 18.49, a PEG ratio of 0.80 and a beta of 1.36. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.17.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $7.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.67 by $0.08. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Ameriprise Financial had a return on equity of 77.39% and a net margin of 16.27%. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.94 earnings per share. Sell-side analysts predict that Ameriprise Financial, Inc. will post 34.2 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Friday, February 9th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, February 8th. Ameriprise Financial’s payout ratio is 22.78%.

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.