Ameriprise Financial (NYSE:AMP) Cut to “Hold” at Zacks Research

Ameriprise Financial (NYSE:AMP) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

Several other equities research analysts also recently issued reports on AMP. Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Piper Sandler upped their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Jefferies Financial Group increased their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Finally, Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $555.33.

Ameriprise Financial Stock Down 4.5%

AMP stock opened at $511.39 on Monday. Ameriprise Financial has a 52-week low of $422.37 and a 52-week high of $572.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market capitalization of $45.97 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.96 and a beta of 1.14. The company has a 50-day moving average of $549.54 and a two-hundred day moving average of $491.49.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the company earned $9.11 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Ameriprise Financial will post 46.27 EPS for the current year.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the transaction, the insider owned 6,780 shares in the company, valued at $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares in the company, valued at $1,883,078.44. The trade was a 41.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 29,988 shares of company stock worth $16,316,497. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Andra AP fonden grew its holdings in Ameriprise Financial by 804.1% during the second quarter. Andra AP fonden now owns 70,518 shares of the financial services provider’s stock worth $32,351,000 after purchasing an additional 62,718 shares during the period. State Street Corp lifted its position in shares of Ameriprise Financial by 1,279.7% in the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after buying an additional 58,772,775 shares during the last quarter. Wellington Altus USA Inc. lifted its position in shares of Ameriprise Financial by 59.3% in the second quarter. Wellington Altus USA Inc. now owns 1,024 shares of the financial services provider’s stock valued at $470,000 after buying an additional 381 shares during the last quarter. National Pension Service boosted its stake in shares of Ameriprise Financial by 8.3% during the 2nd quarter. National Pension Service now owns 184,972 shares of the financial services provider’s stock worth $84,858,000 after acquiring an additional 14,222 shares during the period. Finally, Cidel Asset Management Inc. boosted its stake in shares of Ameriprise Financial by 12.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 731 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 79 shares during the period. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.