Argus Raises Ameriprise Financial (NYSE:AMP) Price Target to $460.00

Ameriprise Financial (NYSE:AMP) had its price target increased by Argus from $440.00 to $460.00 in a research report report published on Monday, Benzinga reports. Argus currently has a buy rating on the financial services provider’s stock.

AMP has been the topic of a number of other research reports. The Goldman Sachs Group raised their price objective on Ameriprise Financial from $437.00 to $488.00 and gave the stock a buy rating in a research note on Wednesday, March 27th. UBS Group raised their price objective on Ameriprise Financial from $440.00 to $445.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Piper Sandler raised their price objective on Ameriprise Financial from $360.00 to $392.00 and gave the stock an underweight rating in a research note on Friday, April 5th. Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $420.00 to $460.00 and gave the stock a market perform rating in a research note on Wednesday, April 10th. Finally, Evercore ISI raised their target price on Ameriprise Financial from $400.00 to $445.00 and gave the company an in-line rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $450.88.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $425.94 on Monday. The firm has a market cap of $42.67 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 0.71 and a beta of 1.35. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.13. Ameriprise Financial has a 1-year low of $286.58 and a 1-year high of $440.67. The business’s 50 day moving average is $420.85 and its 200-day moving average is $386.14.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, topping analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.15 billion. During the same quarter last year, the company earned $7.25 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities research analysts predict that Ameriprise Financial will post 34.74 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Friday, May 3rd. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio (DPR) is currently 20.15%.

Insider Activity at Ameriprise Financial

In related news, CEO James M. Cracchiolo sold 12,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $401.48, for a total transaction of $4,817,760.00. Following the sale, the chief executive officer now owns 169,012 shares of the company’s stock, valued at approximately $67,854,937.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO James M. Cracchiolo sold 12,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $401.48, for a total transaction of $4,817,760.00. Following the sale, the chief executive officer now owns 169,012 shares of the company’s stock, valued at approximately $67,854,937.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Dawn M. Brockman sold 224 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $434.13, for a total value of $97,245.12. Following the sale, the senior vice president now directly owns 1,288 shares in the company, valued at approximately $559,159.44. The disclosure for this sale can be found here. Insiders have sold a total of 56,980 shares of company stock valued at $23,053,480 in the last 90 days. 0.96% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. OFI Invest Asset Management acquired a new position in Ameriprise Financial during the 3rd quarter worth about $25,000. Retirement Group LLC acquired a new position in Ameriprise Financial during the 1st quarter worth about $25,000. Redmont Wealth Advisors LLC acquired a new position in Ameriprise Financial during the 1st quarter worth about $28,000. Carmel Capital Partners LLC acquired a new position in Ameriprise Financial during the 3rd quarter worth about $30,000. Finally, Sound Income Strategies LLC acquired a new position in Ameriprise Financial during the 1st quarter worth about $32,000. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.