Zacks Investment Research cut shares of Ameriprise Financial (NYSE:AMP) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “Shares of Ameriprise have outperformed the industry in the past six months. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for top-line growth through AUM growth, acquisitions and restructuring initiatives along with efforts to modify product and service-offering capacity. While elevated expenses and outflows in the Asset Management segment continue to be major near-term concerns, the company is expected to continue enhancing shareholder value through efficient capital deployment activities.”
Several other research analysts have also issued reports on the stock. UBS Group cut their target price on shares of Ameriprise Financial from $204.00 to $186.00 and set a buy rating for the company in a research report on Wednesday, October 24th. Royal Bank of Canada set a $148.00 target price on shares of Ameriprise Financial and gave the stock a hold rating in a research report on Wednesday, October 24th. ValuEngine upgraded shares of Ameriprise Financial from a sell rating to a hold rating in a research report on Thursday, September 6th. Morgan Stanley cut their price target on shares of Ameriprise Financial from $177.00 to $170.00 and set an overweight rating for the company in a research report on Tuesday, November 13th. Finally, Credit Suisse Group cut their price target on shares of Ameriprise Financial from $154.00 to $145.00 and set a neutral rating for the company in a research report on Friday, August 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $160.38.
Shares of NYSE:AMP opened at $115.82 on Tuesday. Ameriprise Financial has a 52-week low of $113.21 and a 52-week high of $183.90. The firm has a market capitalization of $16.63 billion, a P/E ratio of 9.44 and a beta of 1.78. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.75.
Ameriprise Financial (NYSE:AMP) last announced its earnings results on Tuesday, October 23rd. The financial services provider reported $4.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.68 by $0.37. Ameriprise Financial had a net margin of 13.58% and a return on equity of 37.21%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.20 billion. During the same period in the previous year, the business earned $3.12 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts predict that Ameriprise Financial will post 15.04 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 16th. Shareholders of record on Monday, November 5th were given a dividend of $0.90 per share. The ex-dividend date was Friday, November 2nd. This represents a $3.60 annualized dividend and a yield of 3.11%. Ameriprise Financial’s payout ratio is 29.34%.
A number of hedge funds and other institutional investors have recently bought and sold shares of AMP. Capital Guardian Trust Co. bought a new position in shares of Ameriprise Financial during the third quarter valued at about $107,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Ameriprise Financial by 8,300.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 840 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 830 shares during the last quarter. Belpointe Asset Management LLC bought a new position in shares of Ameriprise Financial during the third quarter valued at about $136,000. Valeo Financial Advisors LLC raised its stake in shares of Ameriprise Financial by 56.7% during the second quarter. Valeo Financial Advisors LLC now owns 1,075 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 389 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC bought a new position in shares of Ameriprise Financial during the third quarter valued at about $200,000. Institutional investors and hedge funds own 81.57% of the company’s stock.
Ameriprise Financial Company Profile
Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through Advice & Wealth Management, Asset Management, Annuities, and Protection segments. The Advice & Wealth Management segment provides financial planning and advice, as well as full-service brokerage services primarily to retail clients through its advisors.
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