Ameriprise Financial (NYSE:AMP) Hits New 12-Month High at $450.93

Ameriprise Financial, Inc. (NYSE:AMP) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $450.93 and last traded at $450.93, with a volume of 26219 shares changing hands. The stock had previously closed at $445.14.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Ameriprise Financial from $470.00 to $460.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. Piper Sandler reduced their price target on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. Jefferies Financial Group boosted their price objective on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Morgan Stanley decreased their price target on Ameriprise Financial from $444.00 to $440.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. Finally, Royal Bank of Canada raised their price objective on Ameriprise Financial from $487.00 to $500.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $464.33.

Ameriprise Financial Trading Up 1.6 %

The business’s fifty day moving average is $428.80 and its 200-day moving average is $427.44. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market cap of $44.92 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. Ameriprise Financial’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $7.44 earnings per share. Analysts predict that Ameriprise Financial, Inc. will post 34.81 EPS for the current year.

Ameriprise Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend was Monday, August 5th. Ameriprise Financial’s payout ratio is presently 20.15%.

Insiders Place Their Bets

In other news, VP William Davies sold 8,700 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $442.07, for a total value of $3,846,009.00. Following the sale, the vice president now directly owns 13,199 shares of the company’s stock, valued at approximately $5,834,881.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.73% of the company’s stock.

Institutional Trading of Ameriprise Financial

A number of large investors have recently bought and sold shares of AMP. Retirement Group LLC bought a new stake in shares of Ameriprise Financial during the 1st quarter valued at about $25,000. DiNuzzo Private Wealth Inc. raised its holdings in shares of Ameriprise Financial by 268.8% during the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 43 shares during the period. Accordant Advisory Group Inc bought a new position in shares of Ameriprise Financial during the 2nd quarter worth about $26,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter valued at about $28,000. Finally, Mascoma Wealth Management LLC increased its position in Ameriprise Financial by 153.8% in the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

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.