Ameriprise Financial (NYSE:AMP) Stock Price Down 4.4% After Analyst Downgrade

Ameriprise Financial, Inc. (NYSE:AMP)’s share price traded down 4.4% during trading on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $514.12 and last traded at $511.94. 127,757 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 639,325 shares. The stock had previously closed at $535.72.

Several other research firms have also recently weighed in on AMP. Morgan Stanley lifted their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods increased their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Piper Sandler raised their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. 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 report on Friday, July 10th. Finally, Weiss Ratings raised Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $555.33.

Insider Transactions at Ameriprise Financial

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 shares were 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 directly owned 6,780 shares of the company’s stock, valued at $3,656,793. The trade was a 54.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was 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 of the company’s stock, valued at approximately $1,883,078.44. This trade represents a 41.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,988 shares of company stock valued at $16,316,497 in the last three months. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Ameriprise Financial

Several hedge funds have recently added to or reduced their stakes in AMP. State Street Corp increased its position in shares of Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. lifted its position in Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares during the period. Norges Bank acquired a new stake in Ameriprise Financial during the fourth quarter worth $742,438,000. Dimensional Fund Advisors LP increased its holdings in Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock valued at $455,387,000 after buying an additional 19,731 shares during the period. Finally, First Trust Advisors LP increased its holdings in Ameriprise Financial by 18.7% in the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock valued at $436,888,000 after buying an additional 154,659 shares during the period. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Trading Down 1.8%

The company has a market cap of $45.21 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The business’s 50 day moving average price is $549.04 and its 200-day moving average price is $491.70.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The company’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $9.11 EPS. On average, research analysts forecast that Ameriprise Financial, Inc. will post 46.27 EPS for the current year.

Ameriprise Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s payout ratio is currently 16.40%.

About Ameriprise Financial

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.