Ameriprise Financial (NYSE:AMP) Stock Price Target Cut by BMO Capital Markets

Ameriprise Financial (NYSE:AMP) had its price objective cut by research analysts at BMO Capital Markets from $560.00 to $520.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 6.17% from the company’s current price.

AMP has been the topic of a number of other reports. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Jefferies Financial Group lifted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Bank of America reissued a “buy” rating and set a $570.00 price objective on shares of Ameriprise Financial in a report on Monday. Morgan Stanley raised their target price on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Finally, Piper Sandler boosted their price target on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $559.80.

Ameriprise Financial Stock Performance

NYSE AMP opened at $489.76 on Tuesday. The company’s 50 day simple moving average is $541.26 and its two-hundred day simple moving average is $495.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. Ameriprise Financial has a 1 year low of $422.37 and a 1 year high of $572.56. The stock has a market capitalization of $44.03 billion, a PE ratio of 11.81, a P/E/G ratio of 1.02 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the business earned $9.11 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Analysts predict that Ameriprise Financial will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial declared that its board has approved a share buyback plan on Tuesday, September 29th that permits the company to repurchase $5.50 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Ameriprise Financial

In related news, insider William Williams sold 8,210 shares of the company’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 transaction, the insider directly owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction 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 owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last ninety days. 0.60% of the stock is owned by company insiders.

Institutional Trading of Ameriprise Financial

Large investors have recently modified their holdings of the company. State Street Corp increased its stake 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 purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Ameriprise Financial by 960.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after buying an additional 3,036,128 shares in the last quarter. Bank of America Corp DE purchased a new stake in Ameriprise Financial in the 2nd quarter worth $320,948,000. Legal & General Group Plc bought a new stake in Ameriprise Financial during the second quarter valued at about $262,687,000. Finally, Hsbc Holdings PLC bought a new position in Ameriprise Financial in the 2nd quarter worth approximately $248,547,000. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.