Ameriprise Financial Services Inc. (AMP) Shares Gap Up to $93.94
Ameriprise Financial Services Inc. (NYSE:AMP)’s share price gapped up before the market opened on Friday . The stock had previously closed at $93.51, but opened at $93.94. Ameriprise Financial Services shares last traded at $96.31, with a volume of 743,076 shares.
AMP has been the subject of a number of research reports. UBS AG reiterated a “buy” rating and set a $120.00 target price (down previously from $125.00) on shares of Ameriprise Financial Services in a report on Wednesday, June 29th. Zacks Investment Research upgraded Ameriprise Financial Services from a “sell” rating to a “hold” rating in a report on Monday, May 23rd. Evercore ISI initiated coverage on Ameriprise Financial Services in a report on Wednesday, July 6th. They set a “buy” rating and a $110.00 target price for the company. RBC Capital Markets downgraded shares of Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $121.00 to $98.00 in a research note on Monday, July 25th. Finally, Deutsche Bank AG reduced their price objective on shares of Ameriprise Financial Services from $122.00 to $106.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $114.40.
The company has a market capitalization of $15.58 billion and a PE ratio of 11.71. The stock has a 50 day moving average of $93.91 and a 200 day moving average of $93.08.
Ameriprise Financial Services (NYSE:AMP) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.26 by $0.03. The firm had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.90 billion. During the same period in the previous year, the company earned $2.33 EPS. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. Analysts anticipate that Ameriprise Financial Services Inc. will post $9.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Monday, August 8th will be paid a $0.75 dividend. The ex-dividend date is Thursday, August 4th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.11%.
In other news, VP Kelli A. Hunter sold 3,486 shares of Ameriprise Financial Services stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $102.07, for a total value of $355,816.02. Following the completion of the sale, the vice president now directly owns 29,258 shares in the company, valued at $2,986,364.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lon R. Greenberg purchased 3,900 shares of Ameriprise Financial Services stock in a transaction dated Wednesday, June 29th. The stock was bought at an average price of $88.18 per share, with a total value of $343,902.00. Following the completion of the purchase, the director now directly owns 8,000 shares of the company’s stock, valued at $705,440. The disclosure for this purchase can be found here.
Several hedge funds recently made changes to their positions in AMP. Morgan Stanley raised its stake in shares of Ameriprise Financial Services by 64.3% in the fourth quarter. Morgan Stanley now owns 835,881 shares of the company’s stock worth $88,954,000 after buying an additional 327,238 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Ameriprise Financial Services by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 617,263 shares of the company’s stock valued at $65,693,000 after buying an additional 38,859 shares during the period. Jennison Associates LLC acquired a new stake in shares of Ameriprise Financial Services during the fourth quarter valued at about $3,056,000. Westfield Capital Management Co. LP raised its stake in shares of Ameriprise Financial Services by 8.4% in the fourth quarter. Westfield Capital Management Co. LP now owns 347,465 shares of the company’s stock valued at $36,977,000 after buying an additional 26,890 shares during the period. Finally, US Bancorp DE raised its stake in shares of Ameriprise Financial Services by 18.1% in the fourth quarter. US Bancorp DE now owns 150,944 shares of the company’s stock valued at $16,063,000 after buying an additional 23,170 shares during the period.
Ameriprise Financial, Inc is a diversified financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Advice & Wealth Management segment provides financial planning and advice, as well as brokerage services, primarily to retail clients through advisors.
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