Ameriprise Financial (NYSE:AMP) Upgraded to Strong-Buy at Zacks Research

Ameriprise Financial (NYSE:AMP) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

AMP has been the topic of several other research reports. Weiss Ratings upgraded shares of Ameriprise Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Piper Sandler increased their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Keefe, Bruyette & Woods raised their target price on Ameriprise Financial from $515.00 to $545.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Finally, Morgan Stanley lifted their price target on Ameriprise Financial from $467.00 to $489.00 and gave the company an “underweight” rating in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $555.33.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $546.80 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.66. The stock has a market capitalization of $49.16 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 0.92 and a beta of 1.16. The firm’s 50 day simple moving average is $479.17 and its 200-day simple moving average is $475.33. Ameriprise Financial has a 12 month low of $422.37 and a 12 month high of $553.46.

Ameriprise Financial (NYSE:AMP) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $4.87 billion. During the same period in the previous year, the business posted $9.11 EPS. The business’s revenue was up 11.6% compared to the same quarter last year. Analysts expect that Ameriprise Financial will post 45.84 EPS for the current year.

Insider Buying and Selling

In other Ameriprise Financial news, EVP Gerard P. Smyth sold 6,255 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the transaction, the executive vice president owned 6,103 shares in the company, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the transaction, the director owned 6,300 shares in the company, valued at $2,934,729. The trade was a 16.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

A number of hedge funds have recently modified their holdings of AMP. Wedge Capital Management L L P NC boosted its position in Ameriprise Financial by 14.4% during the second quarter. Wedge Capital Management L L P NC now owns 73,833 shares of the financial services provider’s stock worth $33,872,000 after acquiring an additional 9,307 shares during the last quarter. Accel Wealth Management raised its holdings in Ameriprise Financial by 8.8% in the 2nd quarter. Accel Wealth Management now owns 1,574 shares of the financial services provider’s stock valued at $722,000 after acquiring an additional 127 shares during the last quarter. Tema ETFs LLC raised its holdings in Ameriprise Financial by 9.8% in the 2nd quarter. Tema ETFs LLC now owns 1,623 shares of the financial services provider’s stock valued at $745,000 after acquiring an additional 145 shares during the last quarter. Fiduciary Financial Group LLC purchased a new position in Ameriprise Financial in the 2nd quarter worth approximately $232,000. Finally, Generali Investments Management Co LLC lifted its stake in Ameriprise Financial by 134.8% in the 2nd quarter. Generali Investments Management Co LLC now owns 425 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 244 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

About Ameriprise Financial

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.