Royal Bank of Canada Reaffirms “Outperform” Rating for Ameriprise Financial (NYSE:AMP)

Royal Bank of Canada reaffirmed their outperform rating on shares of Ameriprise Financial (NYSE:AMP) in a research report sent to investors on Monday,Benzinga reports. They currently have a $625.00 price target on the financial services provider’s stock.

AMP has been the topic of several other reports. Piper Sandler upped their target price on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research report on Friday, January 31st. UBS Group cut Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price objective on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a report on Monday. Finally, Morgan Stanley upped their target price on Ameriprise Financial from $440.00 to $502.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Ameriprise Financial presently has a consensus rating of “Hold” and a consensus price target of $510.44.

Ameriprise Financial Stock Up 0.4 %

AMP opened at $537.72 on Monday. The business has a 50 day simple moving average of $546.12 and a 200-day simple moving average of $500.27. Ameriprise Financial has a 12 month low of $385.74 and a 12 month high of $582.05. The stock has a market capitalization of $52.16 billion, a P/E ratio of 16.27, a P/E/G ratio of 1.18 and a beta of 1.36. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.65.

Ameriprise Financial (NYSE:AMP) last released its earnings results on Wednesday, January 29th. The financial services provider reported $9.36 EPS for the quarter, beating analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. On average, equities analysts anticipate that Ameriprise Financial will post 38.68 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 10th will be given a $1.48 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $5.92 annualized dividend and a dividend yield of 1.10%. Ameriprise Financial’s dividend payout ratio is currently 17.91%.

Insider Activity at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Stanley Berman sold 8,655 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $564.16, for a total transaction of $4,882,804.80. Following the transaction, the chief financial officer now owns 6,409 shares of the company’s stock, valued at $3,615,701.44. This represents a 57.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Joseph Edward Sweeney sold 10,735 shares of Ameriprise Financial stock in a transaction on Friday, November 8th. The shares were sold at an average price of $549.68, for a total value of $5,900,814.80. Following the completion of the sale, the insider now directly owns 5,811 shares of the company’s stock, valued at approximately $3,194,190.48. This represents a 64.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

Several large investors have recently added to or reduced their stakes in the business. Czech National Bank lifted its holdings in shares of Ameriprise Financial by 5.2% during the 4th quarter. Czech National Bank now owns 21,035 shares of the financial services provider’s stock worth $11,200,000 after acquiring an additional 1,033 shares during the period. Bridgewater Associates LP increased its position in Ameriprise Financial by 97.8% during the third quarter. Bridgewater Associates LP now owns 50,510 shares of the financial services provider’s stock worth $23,730,000 after purchasing an additional 24,968 shares during the last quarter. Empowered Funds LLC raised its stake in Ameriprise Financial by 19.9% during the third quarter. Empowered Funds LLC now owns 8,021 shares of the financial services provider’s stock worth $3,768,000 after purchasing an additional 1,329 shares during the period. SpiderRock Advisors LLC boosted its holdings in shares of Ameriprise Financial by 136.3% in the 3rd quarter. SpiderRock Advisors LLC now owns 3,237 shares of the financial services provider’s stock valued at $1,521,000 after purchasing an additional 1,867 shares during the last quarter. Finally, Aljian Capital Management LLC purchased a new stake in shares of Ameriprise Financial during the 3rd quarter valued at $458,000. 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.