Ameriprise Financial (NYSE:AMP) Earns Market Perform Rating from Analysts at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of Ameriprise Financial (NYSE:AMP) in a research note released on Friday, MarketBeat reports. The firm issued a market perform rating and a $525.00 price target on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Royal Bank Of Canada increased their target price on Ameriprise Financial from $595.00 to $601.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Morgan Stanley lowered their price target on Ameriprise Financial from $530.00 to $484.00 and set an “underweight” rating on the stock in a report on Wednesday, October 1st. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a report on Wednesday, July 9th. Raymond James Financial lifted their price objective on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a report on Friday, July 25th. Finally, Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Ameriprise Financial has an average rating of “Hold” and an average target price of $535.14.

Ameriprise Financial Stock Up 0.2%

NYSE:AMP opened at $491.67 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market cap of $46.35 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.11 and a beta of 1.26. Ameriprise Financial has a fifty-two week low of $396.14 and a fifty-two week high of $582.05. The firm has a 50-day simple moving average of $502.93 and a two-hundred day simple moving average of $502.19.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.00 by $0.11. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.33 billion. Ameriprise Financial had a net margin of 18.30% and a return on equity of 65.90%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.72 earnings per share. Analysts predict that Ameriprise Financial will post 38.64 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. Ameriprise Financial’s dividend payout ratio is currently 19.91%.

Insider Activity

In related news, CEO William F. Truscott sold 9,929 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the transaction, the chief executive officer owned 11,047 shares of the company’s stock, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Heather J. Melloh sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the sale, the executive vice president owned 2,562 shares of the company’s stock, valued at $1,312,615.08. This trade represents a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 1.9% in the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 83 shares during the period. Spire Wealth Management raised its stake in shares of Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider’s stock worth $692,000 after buying an additional 683 shares during the period. Ascent Group LLC bought a new position in shares of Ameriprise Financial in the first quarter worth about $371,000. Advisory Alpha LLC purchased a new position in shares of Ameriprise Financial during the 1st quarter valued at about $265,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Ameriprise Financial by 488.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 806 shares during the period. 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.