Royal Bank of Canada Increases Ameriprise Financial (NYSE:AMP) Price Target to $480.00

Ameriprise Financial (NYSE:AMP) had its price objective boosted by Royal Bank of Canada from $470.00 to $480.00 in a research report report published on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

AMP has been the subject of several other reports. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $420.00 to $460.00 and gave the company a market perform rating in a report on Wednesday, April 10th. Raymond James started coverage on Ameriprise Financial in a report on Thursday, March 21st. They issued a market perform rating for the company. The Goldman Sachs Group lifted their price objective on Ameriprise Financial from $437.00 to $488.00 and gave the company a buy rating in a report on Wednesday, March 27th. Piper Sandler lifted their price objective on Ameriprise Financial from $360.00 to $392.00 and gave the company an underweight rating in a report on Friday, April 5th. Finally, UBS Group lifted their target price on Ameriprise Financial from $440.00 to $445.00 and gave the company a buy rating in a research note on Thursday, January 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $449.57.

Ameriprise Financial Stock Down 0.2 %

NYSE:AMP opened at $410.01 on Wednesday. Ameriprise Financial has a twelve month low of $279.85 and a twelve month high of $440.67. The company has a market cap of $41.08 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.70 and a beta of 1.36. The stock has a fifty day simple moving average of $418.65 and a 200-day simple moving average of $381.14. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.13.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.29. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $7.25 earnings per share. Analysts anticipate that Ameriprise Financial will post 34.65 EPS for the current year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Friday, May 3rd. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s payout ratio is 18.38%.

Insider Transactions at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 224 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $434.13, for a total transaction of $97,245.12. Following the sale, the senior vice president now owns 1,288 shares in the company, valued at $559,159.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Dawn M. Brockman sold 224 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $434.13, for a total transaction of $97,245.12. Following the sale, the senior vice president now owns 1,288 shares in the company, valued at $559,159.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Walter Stanley Berman sold 13,346 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $387.81, for a total value of $5,175,712.26. Following the sale, the chief financial officer now owns 6,409 shares in the company, valued at approximately $2,485,474.29. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,472 shares of company stock worth $31,779,805. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

Large investors have recently bought and sold shares of the company. OFI Invest Asset Management purchased a new stake in Ameriprise Financial in the third quarter valued at approximately $25,000. Redmont Wealth Advisors LLC purchased a new stake in Ameriprise Financial in the first quarter valued at approximately $28,000. Carmel Capital Partners LLC purchased a new stake in Ameriprise Financial in the third quarter valued at approximately $30,000. Sound Income Strategies LLC purchased a new stake in Ameriprise Financial in the first quarter valued at approximately $32,000. Finally, Annapolis Financial Services LLC boosted its position in Ameriprise Financial by 928.6% in the first quarter. Annapolis Financial Services LLC now owns 72 shares of the financial services provider’s stock valued at $32,000 after buying an additional 65 shares during the last quarter. Hedge funds and other institutional investors 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.