Ameriprise Financial (NYSE:AMP) Given “Underperform” Rating at Bank of America

Bank of America restated their underperform rating on shares of Ameriprise Financial (NYSE:AMP) in a research note issued to investors on Monday morning, Marketbeat reports. They currently have a $445.00 price objective on the financial services provider’s stock, down from their previous price objective of $570.00.

Several other equities research analysts also recently weighed in on the company. Royal Bank Of Canada increased their price objective on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Evercore cut their target price on shares of Ameriprise Financial from $625.00 to $623.00 in a report on Friday, July 24th. Piper Sandler upped their price target on shares of Ameriprise Financial from $518.00 to $561.00 in a research report on Thursday, July 23rd. BMO Capital Markets reduced their price target 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. Finally, Morgan Stanley decreased their price target on shares of Ameriprise Financial from $489.00 to $483.00 and set an “underweight” rating for the company in a research note on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial has a consensus rating of “Hold” and a consensus price target of $557.00.

Ameriprise Financial Stock Down 4.1%

Shares of NYSE AMP opened at $480.37 on Monday. The stock has a market cap of $43.19 billion, a PE ratio of 11.59, a price-to-earnings-growth ratio of 1.03 and a beta of 1.16. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial has a 52-week low of $422.37 and a 52-week high of $572.56. The business has a 50-day moving average price of $532.18 and a 200 day moving average price of $498.04.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter last year, the business posted $9.11 EPS. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. Equities research analysts forecast that Ameriprise Financial will post 46.14 earnings per share for the current year.

Ameriprise Financial announced that its board has approved a stock buyback plan on Tuesday, September 29th that authorizes the company to repurchase $5.50 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Share buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total value of $6,045,037.40. Following the transaction, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale is available in the SEC filing. Insiders sold 29,988 shares of company stock valued at $16,316,497 in the last quarter. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ameriprise Financial

Large investors have recently modified their holdings of the stock. Avail Investment Partners LLC raised its position in shares of Ameriprise Financial by 2.6% during the 3rd quarter. Avail Investment Partners LLC now owns 800 shares of the financial services provider’s stock valued at $394,000 after buying an additional 20 shares in the last quarter. Novem Group lifted its holdings in shares of Ameriprise Financial by 0.9% during the 3rd quarter. Novem Group now owns 2,303 shares of the financial services provider’s stock worth $1,134,000 after acquiring an additional 21 shares during the last quarter. Rexford Capital Inc. grew its position in Ameriprise Financial by 19.5% in the first quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 24 shares in the last quarter. North Dakota State Investment Board grew its position in Ameriprise Financial by 0.9% in the second quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider’s stock worth $1,246,000 after acquiring an additional 24 shares in the last quarter. Finally, HBK Sorce Advisory LLC grew its position in Ameriprise Financial by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 892 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Company Profile

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.