Morgan Stanley Cuts Ameriprise Financial (NYSE:AMP) Price Target to $483.00

Ameriprise Financial (NYSE:AMP) had its price target reduced by analysts at Morgan Stanley from $489.00 to $483.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Morgan Stanley’s price target suggests a potential downside of 3.17% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Jefferies Financial Group boosted their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, July 10th. BMO Capital Markets lowered their price objective on Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating on the stock in a research report on Tuesday. Bank of America reissued a “buy” rating and set a $570.00 target price on shares of Ameriprise Financial in a report on Monday. Finally, Piper Sandler upped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $558.00.

Ameriprise Financial Stock Up 1.7%

Shares of AMP opened at $498.80 on Friday. Ameriprise Financial has a 52 week low of $422.37 and a 52 week high of $572.56. The firm has a market cap of $44.84 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.01 and a beta of 1.16. The firm’s 50-day simple moving average is $540.34 and its 200 day simple moving average is $495.47. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period last year, the business posted $9.11 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts forecast that Ameriprise Financial will post 46.14 earnings per share for the current year.

Ameriprise Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 29th that permits the company to buyback $5.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider William Williams sold 8,210 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the transaction, the insider directly owned 6,780 shares in the company, valued at approximately $3,656,793. The trade was a 54.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Walter Berman sold 11,012 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last 90 days. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ameriprise Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMP. State Street Corp boosted its holdings in shares of Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Ameriprise Financial by 960.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock worth $1,537,817,000 after buying an additional 3,036,128 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in Ameriprise Financial in the third quarter valued at about $925,211,000. Bank of America Corp DE acquired a new stake in Ameriprise Financial in the second quarter valued at about $320,948,000. Finally, Legal & General Group Plc bought a new position in Ameriprise Financial in the second quarter valued at about $262,687,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.