Ameriprise Financial Services Inc. (AMP) Stock Rating Upgraded by Zacks Investment Research
Ameriprise Financial Services Inc. (NYSE:AMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Ameriprise’s modification of its product and service-offering capacity to keep pace with the dynamic market needs is expected to support the top line growth in the quarters ahead. Further, the company will continue to enhance shareholder value, given its strong balance sheet position and capital flexibility. Also, the company’s inorganic growth strategy will further aid its profitability in the near term. However, the company’s fixed interest costs and claims continue to remain at high levels and thus it needs to put in more efforts to offset the continued pressure on fee and asset growth. Also, continued equity market volatility and outflows in the Asset Management segment as well as elevated expenses will likely hurt the company’s financials in the near term.”
AMP has been the topic of several other research reports. Morgan Stanley reaffirmed a “buy” rating and issued a $120.00 price target on shares of Ameriprise Financial Services in a research note on Thursday, July 28th. UBS AG reaffirmed a “buy” rating and issued a $120.00 price target (down previously from $125.00) on shares of Ameriprise Financial Services in a research note on Wednesday, June 29th. Evercore ISI initiated coverage on Ameriprise Financial Services in a research note on Wednesday, July 6th. They issued a “buy” rating and a $110.00 price target on the stock. Deutsche Bank AG boosted their price target on Ameriprise Financial Services from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Finally, Royal Bank Of Canada lowered Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $121.00 to $98.00 in a research note on Monday, July 25th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Ameriprise Financial Services currently has an average rating of “Buy” and a consensus price target of $113.08.
Ameriprise Financial Services (NYSE:AMP) opened at 100.89 on Wednesday. Ameriprise Financial Services has a one year low of $76.00 and a one year high of $120.29. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 12.24 and a beta of 1.66. The stock’s 50 day moving average price is $98.52 and its 200-day moving average price is $96.08.
Ameriprise Financial Services (NYSE:AMP) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.26 by $0.03. Ameriprise Financial Services had a return on equity of 20.72% and a net margin of 12.50%. The business earned $2.87 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same period in the prior year, the firm earned $2.33 earnings per share. The business’s quarterly revenue was down 8.2% on a year-over-year basis. On average, equities research analysts anticipate that Ameriprise Financial Services will post $9.27 earnings per share for the current fiscal year.
In related news, insider John Robert Woerner sold 4,513 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $100.71, for a total value of $454,504.23. Following the completion of the sale, the insider now owns 39,443 shares in the company, valued at $3,972,304.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Randy Kupper sold 5,686 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $96.91, for a total value of $551,030.26. Following the completion of the transaction, the executive vice president now directly owns 26,964 shares of the company’s stock, valued at $2,613,081.24. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Euclid Advisors LLC acquired a new position in Ameriprise Financial Services during the second quarter worth about $103,000. Bessemer Group Inc. boosted its position in Ameriprise Financial Services by 142.4% in the first quarter. Bessemer Group Inc. now owns 1,115 shares of the company’s stock worth $105,000 after buying an additional 655 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Ameriprise Financial Services during the second quarter worth about $108,000. Tower Research Capital LLC TRC acquired a new position in Ameriprise Financial Services during the second quarter worth about $160,000. Finally, FDO Partners LLC acquired a new position in Ameriprise Financial Services during the first quarter worth about $200,000. 80.01% of the stock is owned by hedge funds and other institutional investors.
About Ameriprise Financial Services
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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