Ameriprise Financial (NYSE:AMP) Price Target Raised to $520.00

Ameriprise Financial (NYSE:AMP) had its price objective raised by Keefe, Bruyette & Woods from $510.00 to $520.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

A number of other research firms have also commented on AMP. Raymond James upgraded Ameriprise Financial from a “market perform” rating to a “strong-buy” rating and set a $518.00 price target on the stock in a research report on Monday, April 7th. Piper Sandler upped their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a report on Friday, January 31st. Morgan Stanley raised their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Finally, Royal Bank of Canada boosted their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $517.13.

Ameriprise Financial Stock Performance

NYSE:AMP opened at $492.09 on Wednesday. The stock’s 50-day moving average is $476.70 and its 200-day moving average is $519.86. Ameriprise Financial has a 1-year low of $385.74 and a 1-year high of $582.05. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The stock has a market cap of $47.15 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.15 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, topping analysts’ consensus estimates of $9.08 by $0.42. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.39 EPS. Equities research analysts anticipate that Ameriprise Financial will post 38.64 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be paid a $1.60 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 1.30%. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.48. Ameriprise Financial’s payout ratio is currently 21.75%.

Ameriprise Financial declared that its Board of Directors has initiated a stock buyback program on Thursday, April 24th that authorizes the company to buyback $4.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 9.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $5,231,200. The trade was a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the transaction, the insider now owns 7,237 shares in the company, valued at approximately $3,901,249.59. This represents a 39.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

A number of institutional investors and hedge funds have recently made changes to their positions in AMP. JPMorgan Chase & Co. raised its stake in shares of Ameriprise Financial by 12.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider’s stock worth $2,556,683,000 after purchasing an additional 516,437 shares during the last quarter. Geode Capital Management LLC raised its position in Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider’s stock valued at $1,407,607,000 after buying an additional 38,141 shares during the last quarter. GAMMA Investing LLC lifted its stake in Ameriprise Financial by 49,248.9% during the 1st quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider’s stock valued at $1,023,461,000 after acquiring an additional 2,109,824 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Ameriprise Financial by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider’s stock worth $770,886,000 after acquiring an additional 23,655 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Ameriprise Financial in the 4th quarter worth $689,272,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

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.