Ameriprise Financial (NYSE:AMP) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Ameriprise Financial (NYSE:AMP) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks reports.

AMP has been the topic of a number of other research reports. Piper Sandler increased their price objective on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. Finally, Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial currently has an average rating of “Hold” and an average target price of $555.33.

Ameriprise Financial Price Performance

Shares of NYSE:AMP opened at $511.39 on Monday. The company has a 50 day moving average of $549.54 and a 200 day moving average of $491.49. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. The stock has a market cap of $45.97 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.96 and a beta of 1.14. Ameriprise Financial has a 12 month low of $422.37 and a 12 month high of $572.56.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the prior year, the company posted $9.11 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Ameriprise Financial will post 46.27 EPS for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 3rd were issued a dividend of $1.70 per share. The ex-dividend date was Monday, August 3rd. This represents a $6.80 annualized dividend and a yield of 1.3%. Ameriprise Financial’s dividend payout ratio is currently 16.40%.

Insider Buying and Selling

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock valued at $16,316,497 over the last quarter. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

Large investors have recently added to or reduced their stakes in the company. Andra AP fonden boosted its stake in shares of Ameriprise Financial by 804.1% in the 2nd quarter. Andra AP fonden now owns 70,518 shares of the financial services provider’s stock worth $32,351,000 after buying an additional 62,718 shares during the last quarter. State Street Corp grew its holdings in shares of Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after acquiring an additional 58,772,775 shares during the period. Wellington Altus USA Inc. increased its position in Ameriprise Financial by 59.3% during the second quarter. Wellington Altus USA Inc. now owns 1,024 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 381 shares during the last quarter. National Pension Service increased its position in Ameriprise Financial by 8.3% during the second quarter. National Pension Service now owns 184,972 shares of the financial services provider’s stock valued at $84,858,000 after acquiring an additional 14,222 shares during the last quarter. Finally, Cidel Asset Management Inc. lifted its holdings in Ameriprise Financial by 12.1% in the second quarter. Cidel Asset Management Inc. now owns 731 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 79 shares during the period. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.