Ameriprise Financial (NYSE:AMP) Sets New 52-Week High on Analyst Upgrade

Shares of Ameriprise Financial, Inc. (NYSE:AMP) reached a new 52-week high during trading on Wednesday after UBS Group raised their price target on the stock from $490.00 to $555.00. UBS Group currently has a buy rating on the stock. Ameriprise Financial traded as high as $490.77 and last traded at $490.76, with a volume of 44822 shares traded. The stock had previously closed at $483.74.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler dropped their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. Royal Bank of Canada boosted their price target on Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Morgan Stanley reduced their price objective on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating for the company in a research note on Monday, July 29th. Jefferies Financial Group lifted their target price on Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $469.67.

Insider Buying and Selling

In related news, VP William Davies sold 8,700 shares of Ameriprise Financial stock in a transaction on Friday, August 30th. The shares were sold at an average price of $442.07, for a total value of $3,846,009.00. Following the sale, the vice president now owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is currently owned by insiders.

Institutional Trading of Ameriprise Financial

Several large investors have recently made changes to their positions in the company. Retirement Group LLC acquired a new stake in Ameriprise Financial in the 1st quarter valued at about $25,000. DiNuzzo Private Wealth Inc. increased its holdings in shares of Ameriprise Financial by 268.8% in the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Accordant Advisory Group Inc purchased a new position in Ameriprise Financial during the second quarter worth approximately $26,000. Redmont Wealth Advisors LLC acquired a new position in Ameriprise Financial during the first quarter worth $28,000. Finally, Mascoma Wealth Management LLC grew its holdings in Ameriprise Financial by 153.8% in the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Stock Up 1.5 %

The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59. The business has a 50 day simple moving average of $441.01 and a 200-day simple moving average of $433.11. The firm has a market capitalization of $48.74 billion, a price-to-earnings ratio of 16.47, a P/E/G ratio of 0.80 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $0.19. The firm had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. Ameriprise Financial’s revenue was up 9.6% compared to the same quarter last year. During the same period last year, the business earned $7.44 earnings per share. On average, equities analysts expect that Ameriprise Financial, Inc. will post 34.81 EPS for the current year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Monday, August 5th. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

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.