Brokerages Set Ameriprise Financial, Inc. (NYSE:AMP) Price Target at $534.71

Shares of Ameriprise Financial, Inc. (NYSE:AMP) have been assigned an average recommendation of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $534.7143.

AMP has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their target price on Ameriprise Financial from $595.00 to $601.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Raymond James Financial boosted their target price on Ameriprise Financial from $518.00 to $582.00 and gave the stock a “strong-buy” rating in a report on Friday, July 25th. Piper Sandler upped their price target on Ameriprise Financial from $423.00 to $434.00 and gave the company an “underweight” rating in a report on Thursday, July 3rd. Wall Street Zen raised Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Finally, Keefe, Bruyette & Woods upped their price target on Ameriprise Financial from $520.00 to $550.00 and gave the company a “market perform” rating in a report on Wednesday, July 9th.

Ameriprise Financial Stock Performance

Shares of NYSE AMP opened at $502.75 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The stock has a 50 day simple moving average of $521.74 and a 200-day simple moving average of $506.90. The company has a market cap of $47.39 billion, a PE ratio of 15.64, a P/E/G ratio of 1.07 and a beta of 1.24. Ameriprise Financial has a 12-month low of $396.14 and a 12-month high of $582.05.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the firm posted $8.72 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that Ameriprise Financial will post 38.64 EPS for the current year.

Ameriprise Financial declared that its board has authorized a stock repurchase program on Thursday, April 24th that permits the company to buyback $4.50 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 4th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, August 4th. Ameriprise Financial’s payout ratio is presently 19.91%.

Hedge Funds Weigh In On Ameriprise Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Ameriprise Financial by 1.9% during the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider’s stock valued at $2,114,000 after acquiring an additional 83 shares in the last quarter. Spire Wealth Management raised its position in Ameriprise Financial by 91.6% in the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider’s stock worth $692,000 after purchasing an additional 683 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider’s stock worth $470,000 after buying an additional 806 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ameriprise Financial by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider’s stock valued at $12,055,000 after purchasing an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Ameriprise Financial by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider’s stock valued at $2,864,000 after buying an additional 420 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

About Ameriprise Financial

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.