Ameriprise Financial, Inc. (NYSE:AMP) Stock Has Consensus Target Price of $572.55

Shares of Ameriprise Financial, Inc. (NYSE:AMP) have earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $572.55.

A number of research firms have weighed in on AMP. BMO Capital Markets decreased their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a “market perform” rating for the company in a research report on Tuesday, October 6th. Zacks Research downgraded Ameriprise Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. Raymond James Financial lifted their target price on Ameriprise Financial from $582.00 to $638.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 21st. Royal Bank Of Canada boosted their price target on Ameriprise Financial from $560.00 to $595.00 in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd.

Ameriprise Financial Price Performance

Shares of AMP stock opened at $500.91 on Wednesday. The company has a market capitalization of $45.03 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The firm has a fifty day simple moving average of $533.72 and a 200-day simple moving average of $497.78. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial has a twelve month low of $422.37 and a twelve month high of $572.56.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period last year, the business earned $9.11 EPS. The business’s revenue was up 11.6% on a year-over-year basis. Equities research analysts anticipate that Ameriprise Financial will post 46.14 earnings per share for the current fiscal year.

Ameriprise Financial announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 29th that allows the company to repurchase $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Ameriprise Financial news, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider directly owned 6,780 shares in the company, valued at $3,656,793. The trade was a 54.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dawn Brockman sold 472 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the completion of the transaction, the senior vice president directly owned 713 shares in the company, valued at approximately $398,517.09. The trade was a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,988 shares of company stock worth $16,316,497 in the last quarter. Company insiders own 0.60% of the company’s stock.

Institutional Trading of Ameriprise Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in AMP. Brown Lisle Cummings Inc. lifted its position in shares of Ameriprise Financial by 5,583.3% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 1,364 shares of the financial services provider’s stock worth $672,000 after buying an additional 1,340 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Ameriprise Financial by 1,018.7% in the 3rd quarter. IFP Advisors Inc now owns 13,726 shares of the financial services provider’s stock valued at $6,758,000 after buying an additional 12,499 shares during the period. Founders Grove Wealth Partners LLC acquired a new position in shares of Ameriprise Financial in the 3rd quarter valued at about $2,946,000. Frank Rimerman Advisors LLC boosted its holdings in shares of Ameriprise Financial by 2,691.6% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 45,028 shares of the financial services provider’s stock valued at $22,170,000 after buying an additional 43,415 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of Ameriprise Financial during the 3rd quarter valued at about $257,000. Institutional investors own 83.95% of the company’s stock.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE:AMP) is a diversified financial services company that provides advice, wealth management, asset management, insurance and retirement solutions. Through its network of financial advisors and digital platforms, the company serves individuals, families, businesses and institutions with financial planning, investment management and related services.

Its products and services include brokerage and advisory accounts, mutual funds and exchange-traded funds, retirement plans, annuities, life and long-term care insurance, banking services and financial planning.