Royal Bank of Canada Increases Ameriprise Financial (NYSE:AMP) Price Target to $535.00

Ameriprise Financial (NYSE:AMP) had its price objective upped by Royal Bank of Canada from $500.00 to $535.00 in a research report report published on Friday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also weighed in on AMP. Morgan Stanley lowered their price target on shares of Ameriprise Financial from $444.00 to $440.00 and set an equal weight rating on the stock in a research report on Monday, July 29th. Keefe, Bruyette & Woods lowered 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 research report on Tuesday, July 30th. UBS Group boosted their price target on shares of Ameriprise Financial from $490.00 to $555.00 and gave the stock a buy rating in a research report on Tuesday, October 8th. Piper Sandler lowered their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an underweight rating on the stock in a research report on Friday, June 28th. Finally, The Goldman Sachs Group lowered shares of Ameriprise Financial from a buy rating to a neutral rating and decreased their target price for the company from $485.00 to $476.00 in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Ameriprise Financial has an average rating of Hold and a consensus price target of $473.56.

Ameriprise Financial Stock Up 2.3 %

AMP stock opened at $502.50 on Friday. The stock has a market capitalization of $49.34 billion, a P/E ratio of 17.21, a P/E/G ratio of 0.81 and a beta of 1.35. The firm has a 50-day simple moving average of $445.74 and a 200-day simple moving average of $434.44. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. Ameriprise Financial has a 52 week low of $306.63 and a 52 week high of $502.97.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 EPS for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. The business 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%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $7.44 earnings per share. Equities analysts forecast that Ameriprise Financial will post 34.92 earnings per share for the current fiscal year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were paid a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Monday, August 5th. Ameriprise Financial’s dividend payout ratio (DPR) is 20.28%.

Insider Activity

In other news, VP William Davies sold 8,700 shares of the business’s stock in a transaction that occurred 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 directly owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

Several large investors have recently added to or reduced their stakes in the business. Creative Planning increased its stake in Ameriprise Financial by 1.6% during the 3rd quarter. Creative Planning now owns 22,571 shares of the financial services provider’s stock worth $10,604,000 after buying an additional 348 shares during the period. Wesbanco Bank Inc. increased its stake in Ameriprise Financial by 9.9% during the 3rd quarter. Wesbanco Bank Inc. now owns 1,169 shares of the financial services provider’s stock worth $549,000 after buying an additional 105 shares during the period. Empirical Asset Management LLC increased its stake in Ameriprise Financial by 27.3% during the 3rd quarter. Empirical Asset Management LLC now owns 8,710 shares of the financial services provider’s stock worth $4,092,000 after buying an additional 1,870 shares during the period. Paladin Wealth LLC purchased a new stake in Ameriprise Financial during the 3rd quarter worth approximately $144,000. Finally, Armstrong Advisory Group Inc. increased its stake in Ameriprise Financial by 16.7% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 265 shares of the financial services provider’s stock worth $124,000 after buying an additional 38 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

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.