Ameriprise Financial Services, Inc. (AMP) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Ameriprise Financial Services, Inc. (NYSE:AMP) from a buy rating to a hold rating in a report issued on Friday.

According to Zacks, “Shares of Ameriprise have outperformed the industry in the last year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company remains well positioned to grow through strategic acquisitions, given its strong liquidity position. Notably, in sync with its plans of expanding products and services, the company completed the acquisition of Investment Professionals, Inc. in July. Its efforts toward modifying product and service-offering capacity are expected to further support top-line growth. However, increasing expenses (mostly due to advertising campaign and technology upgrades) are likely to curb profitability growth. Also, elevated levels of outflows in the Asset Management segment is expected to hurt the company’s financials in the near term.”

Other research analysts also recently issued reports about the stock. BidaskClub raised shares of Ameriprise Financial Services from a hold rating to a buy rating in a report on Wednesday, July 12th. Citigroup Inc. set a $166.00 price objective on shares of Ameriprise Financial Services and gave the stock a buy rating in a report on Wednesday, August 2nd. Barclays PLC raised their price objective on shares of Ameriprise Financial Services from $130.00 to $142.00 and gave the stock an equal weight rating in a report on Friday, August 11th. Morgan Stanley raised their price objective on shares of Ameriprise Financial Services from $148.00 to $152.00 and gave the stock an overweight rating in a report on Wednesday, July 26th. Finally, Royal Bank Of Canada started coverage on shares of Ameriprise Financial Services in a report on Thursday, June 29th. They issued a sector perform rating and a $135.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $146.87.

Ameriprise Financial Services (AMP) traded up 0.61% during midday trading on Friday, hitting $139.86. 1,808,220 shares of the stock were exchanged. The firm has a market capitalization of $20.97 billion, a P/E ratio of 16.02 and a beta of 1.86. The firm’s 50-day moving average price is $140.74 and its 200 day moving average price is $132.04. Ameriprise Financial Services has a 1-year low of $86.25 and a 1-year high of $149.99.

Ameriprise Financial Services (NYSE:AMP) last released its earnings results on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.62 by $0.18. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.90 billion. Ameriprise Financial Services had a net margin of 11.81% and a return on equity of 26.54%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.23 EPS. Analysts expect that Ameriprise Financial Services will post $11.29 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, August 3rd. Ameriprise Financial Services’s payout ratio is 37.81%.

In other Ameriprise Financial Services news, insider David Kent Stewart sold 4,945 shares of the firm’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $144.21, for a total value of $713,118.45. Following the completion of the transaction, the insider now directly owns 21,969 shares of the company’s stock, valued at approximately $3,168,149.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Randy Kupper sold 2,987 shares of the firm’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $130.24, for a total transaction of $389,026.88. Following the completion of the transaction, the executive vice president now directly owns 30,969 shares of the company’s stock, valued at $4,033,402.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,966 shares of company stock valued at $26,868,153. Insiders own 1.50% of the company’s stock.

A number of large investors have recently made changes to their positions in AMP. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of Ameriprise Financial Services by 0.7% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 834 shares of the financial services provider’s stock valued at $106,000 after buying an additional 6 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Ameriprise Financial Services by 17.5% during the 2nd quarter. Parallel Advisors LLC now owns 777 shares of the financial services provider’s stock valued at $113,000 after buying an additional 116 shares in the last quarter. IHT Wealth Management LLC raised its position in shares of Ameriprise Financial Services by 284.0% during the 2nd quarter. IHT Wealth Management LLC now owns 311 shares of the financial services provider’s stock valued at $113,000 after buying an additional 230 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Ameriprise Financial Services during the 1st quarter valued at $124,000. Finally, Sun Life Financial INC raised its position in shares of Ameriprise Financial Services by 10,100.0% during the 2nd quarter. Sun Life Financial INC now owns 1,122 shares of the financial services provider’s stock valued at $143,000 after buying an additional 1,111 shares in the last quarter. 79.55% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Ameriprise Financial Services (NYSE:AMP)

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