Ameriprise Financial (NYSE:AMP) Hits New 52-Week High – Still a Buy?

Ameriprise Financial, Inc. (NYSE:AMP)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $551.99 and last traded at $549.9870, with a volume of 134520 shares trading hands. The stock had previously closed at $538.01.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. 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 report on Friday, July 10th. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday. Piper Sandler lifted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Morgan Stanley upped their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a report on Friday, July 10th. Finally, Weiss Ratings raised Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $555.33.

Ameriprise Financial Stock Performance

The firm’s fifty day moving average price is $477.51 and its 200 day moving average price is $474.98. The firm has a market cap of $49.25 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 0.94 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.66 and a current ratio of 0.71.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.81 by $0.26. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $9.11 earnings per share. Sell-side analysts expect that Ameriprise Financial, Inc. will post 43.92 EPS for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 3rd will be issued a dividend of $1.70 per share. The ex-dividend date is Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.2%. Ameriprise Financial’s dividend payout ratio is currently 16.40%.

Insider Buying and Selling at Ameriprise Financial

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the transaction, the director directly owned 6,300 shares in the company, valued at approximately $2,934,729. This trade represents a 16.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the transaction, the executive vice president owned 6,103 shares in the company, valued at $2,883,789.56. This represents a 50.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ameriprise Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Ameriprise Financial by 0.4% in the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider’s stock worth $2,171,360,000 after purchasing an additional 18,879 shares in the last quarter. Norges Bank bought a new stake in shares of Ameriprise Financial in the 4th quarter valued at about $742,438,000. Boston Partners boosted its holdings in shares of Ameriprise Financial by 1.1% in the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider’s stock valued at $586,083,000 after buying an additional 13,172 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Ameriprise Financial by 84.2% in the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider’s stock worth $532,455,000 after buying an additional 496,319 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after buying an additional 19,731 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.