Ameriprise Financial (NYSE:AMP) Price Target Increased to $550.00 by Analysts at Royal Bank of Canada

Ameriprise Financial (NYSE:AMP) had its price objective lifted by stock analysts at Royal Bank of Canada from $535.00 to $550.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 9.51% from the stock’s previous close.

AMP has been the topic of several other reports. Jefferies Financial Group lifted their price target on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Piper Sandler dropped their target price on Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating on the stock in a report on Friday, June 28th. The Goldman Sachs Group downgraded Ameriprise Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $485.00 to $476.00 in a research note on Thursday, September 26th. Morgan Stanley upped their price objective on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Keefe, Bruyette & Woods raised Ameriprise Financial from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Ameriprise Financial has an average rating of “Hold” and a consensus target price of $482.11.

Ameriprise Financial Stock Down 0.4 %

Shares of NYSE:AMP traded down $1.97 during mid-day trading on Friday, reaching $502.24. 180,040 shares of the stock were exchanged, compared to its average volume of 470,161. The stock’s 50 day simple moving average is $464.19 and its 200-day simple moving average is $439.06. Ameriprise Financial has a one year low of $307.57 and a one year high of $524.89. The company has a market cap of $49.88 billion, a P/E ratio of 17.14, a P/E/G ratio of 0.81 and a beta of 1.35. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.16.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, topping the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. The company had revenue of $4.39 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the business earned $7.44 EPS. The business’s quarterly revenue was up 9.6% on a year-over-year basis. As a group, equities research analysts predict that Ameriprise Financial will post 34.92 EPS for the current year.

Insider Transactions at Ameriprise Financial

In related news, VP William Davies sold 8,700 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 13,199 shares in the company, valued at approximately $5,834,881.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ameriprise Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. Retirement Group LLC bought a new stake in Ameriprise Financial in the 1st quarter valued at $25,000. DiNuzzo Private Wealth Inc. grew its stake in shares of Ameriprise Financial by 268.8% in the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 43 shares in the last quarter. Accordant Advisory Group Inc bought a new position in Ameriprise Financial during the second quarter worth about $26,000. Redmont Wealth Advisors LLC acquired a new stake in Ameriprise Financial in the 1st quarter worth about $28,000. Finally, Mascoma Wealth Management LLC raised its stake 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 worth $28,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

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.