Ameriprise Financial Services, Inc. (AMP) Sets New 1-Year High on Analyst Upgrade

Ameriprise Financial Services, Inc. (NYSE:AMP) shares reached a new 52-week high during trading on Thursday after SunTrust Banks raised their price target on the stock from $140.00 to $165.00. SunTrust Banks currently has a hold rating on the stock. Ameriprise Financial Services traded as high as $160.78 and last traded at $161.06, with a volume of 604,386 shares. The stock had previously closed at $157.06.

Several other research analysts also recently commented on the company. Royal Bank Of Canada set a $155.00 price objective on Ameriprise Financial Services and gave the stock a “sector perform” rating in a report on Wednesday. Zacks Investment Research upgraded Ameriprise Financial Services from a “hold” rating to a “buy” rating and set a $167.00 price objective on the stock in a report on Thursday, October 5th. Morgan Stanley lifted their price objective on Ameriprise Financial Services from $152.00 to $162.00 and gave the stock an “overweight” rating in a report on Thursday, October 5th. Barclays PLC reiterated an “equal weight” rating on shares of Ameriprise Financial Services in a report on Monday, October 2nd. Finally, BidaskClub downgraded Ameriprise Financial Services from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 19th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Ameriprise Financial Services currently has an average rating of “Buy” and an average price target of $154.20.

In other Ameriprise Financial Services news, Chairman James M. Cracchiolo sold 97,545 shares of Ameriprise Financial Services stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $144.67, for a total transaction of $14,111,835.15. Following the sale, the chairman now directly owns 474,139 shares of the company’s stock, valued at approximately $68,593,689.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William F. Truscott sold 19,768 shares of Ameriprise Financial Services stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $144.43, for a total value of $2,855,092.24. Following the sale, the chief executive officer now directly owns 70,693 shares in the company, valued at $10,210,189.99. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 176,534 shares of company stock worth $25,549,123. Insiders own 1.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in shares of Ameriprise Financial Services by 0.7% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 834 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares in the last quarter. Intrust Bank NA boosted its position in shares of Ameriprise Financial Services by 0.7% in the 2nd quarter. Intrust Bank NA now owns 1,793 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 12 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Ameriprise Financial Services by 0.5% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 3,472 shares of the financial services provider’s stock worth $442,000 after purchasing an additional 17 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Ameriprise Financial Services by 0.3% in the 2nd quarter. Neuberger Berman Group LLC now owns 9,097 shares of the financial services provider’s stock worth $1,158,000 after purchasing an additional 29 shares in the last quarter. Finally, National Asset Management Inc. boosted its position in shares of Ameriprise Financial Services by 1.0% in the 2nd quarter. National Asset Management Inc. now owns 3,165 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 32 shares in the last quarter. 80.09% of the stock is currently owned by hedge funds and other institutional investors.

The company has a market cap of $24.16 billion, a PE ratio of 18.46 and a beta of 1.88. The company has a 50 day moving average price of $146.39 and a 200 day moving average price of $135.90.

Ameriprise Financial Services (NYSE:AMP) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $3.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.79 by $0.33. Ameriprise Financial Services had a net margin of 11.81% and a return on equity of 26.54%. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the firm earned $2.29 earnings per share. The company’s quarterly revenue was up 6.3% on a year-over-year basis. Equities analysts predict that Ameriprise Financial Services, Inc. will post $11.81 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Monday, November 6th will be paid a dividend of $0.83 per share. The ex-dividend date is Friday, November 3rd. This represents a $3.32 dividend on an annualized basis and a dividend yield of 2.11%. Ameriprise Financial Services’s dividend payout ratio is presently 37.81%.

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About Ameriprise Financial Services

Ameriprise Financial, Inc is a financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.

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