Royal Bank of Canada Raises Ameriprise Financial (NYSE:AMP) Price Target to $550.00

Ameriprise Financial (NYSE:AMP) had its target price upped by Royal Bank of Canada from $535.00 to $550.00 in a report issued on Friday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the stock. Jefferies Financial Group raised their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Morgan Stanley raised their target price on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Piper Sandler lowered their price target on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. The Goldman Sachs Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $485.00 to $476.00 in a report on Thursday, September 26th. Finally, UBS Group boosted their target price on shares of Ameriprise Financial from $490.00 to $555.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $482.11.

Ameriprise Financial Price Performance

NYSE:AMP opened at $504.48 on Friday. 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 company has a 50-day moving average of $467.23 and a 200-day moving average of $440.16. Ameriprise Financial has a 52 week low of $307.57 and a 52 week high of $524.89. The company has a market capitalization of $50.11 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 0.81 and a beta of 1.35.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $5.92 annualized dividend and a yield of 1.17%. Ameriprise Financial’s dividend payout ratio (DPR) is 20.15%.

Insider Buying and Selling at Ameriprise Financial

In related news, VP William Davies sold 8,700 shares of the firm’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 completion of the sale, the vice president now owns 13,199 shares of the company’s stock, valued at $5,834,881.93. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

Several hedge funds and other institutional investors have recently made changes to their positions in AMP. JPMorgan Chase & Co. boosted its holdings in Ameriprise Financial by 18.6% in the first quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock valued at $1,685,436,000 after acquiring an additional 603,267 shares during the last quarter. Swedbank AB bought a new position in shares of Ameriprise Financial in the 1st quarter valued at about $108,938,000. Maj Invest Holding A S acquired a new stake in shares of Ameriprise Financial during the 3rd quarter worth approximately $98,742,000. AGF Management Ltd. grew its position 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 buying an additional 131,844 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of Ameriprise Financial by 18.8% during the first quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock worth $310,248,000 after buying an additional 111,973 shares during the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

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.