Ameriprise Financial (NYSE:AMP) Given New $502.00 Price Target at Morgan Stanley

Ameriprise Financial (NYSE:AMP) had its price target upped by Morgan Stanley from $440.00 to $502.00 in a research report report published on Thursday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities analysts also recently issued reports on the stock. Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a report on Friday, June 28th. Piper Sandler decreased their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. Keefe, Bruyette & Woods raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 10th. The Goldman Sachs Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $485.00 to $476.00 in a research report on Thursday, September 26th. Finally, Royal Bank of Canada increased their price objective on Ameriprise Financial from $500.00 to $535.00 and gave the company an “outperform” rating in a report on Friday, October 11th. One investment 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $480.44.

Ameriprise Financial Trading Up 0.3 %

NYSE AMP opened at $523.16 on Thursday. Ameriprise Financial has a 52 week low of $306.63 and a 52 week high of $524.89. The company has a 50 day moving average price of $457.59 and a 200 day moving average price of $437.23. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The firm has a market cap of $51.96 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 0.81 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping analysts’ consensus estimates of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The firm had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the firm earned $7.44 EPS. The business’s quarterly revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts forecast that Ameriprise Financial will post 34.92 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Monday, August 5th. Ameriprise Financial’s dividend payout ratio is currently 20.15%.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of Ameriprise Financial stock in a transaction on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the transaction, the vice president now owns 13,199 shares in the company, valued at $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. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ameriprise Financial

A number of institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Ameriprise Financial by 18.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock valued at $1,685,436,000 after buying an additional 603,267 shares during the period. Swedbank AB purchased a new stake in Ameriprise Financial in the first quarter valued at $108,938,000. Maj Invest Holding A S acquired a new position in shares of Ameriprise Financial in the 3rd quarter valued at $98,742,000. AGF Management Ltd. grew its holdings in shares of Ameriprise Financial by 35.4% during the 2nd quarter. AGF Management Ltd. now owns 504,657 shares of the financial services provider’s stock worth $215,584,000 after purchasing an additional 131,844 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Ameriprise Financial by 18.8% during the 1st quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after purchasing an additional 111,973 shares during the last quarter. 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.