Ameriprise Financial (NYSE:AMP) Price Target Raised to $488.00 at The Goldman Sachs Group

Ameriprise Financial (NYSE:AMP) had its price target lifted by The Goldman Sachs Group from $437.00 to $488.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

AMP has been the subject of several other research reports. Royal Bank of Canada upped their target price on shares of Ameriprise Financial from $410.00 to $420.00 and gave the company an outperform rating in a research report on Monday, January 22nd. Raymond James began coverage on Ameriprise Financial in a research note on Thursday, March 21st. They set a market perform rating on the stock. Evercore ISI downgraded Ameriprise Financial from an outperform rating to an in-line rating and raised their price objective for the stock from $385.00 to $400.00 in a research note on Thursday, January 4th. UBS Group raised their price objective on Ameriprise Financial from $440.00 to $445.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Finally, Morgan Stanley raised their price objective on Ameriprise Financial from $394.00 to $400.00 and gave the stock an equal weight rating in a research note on Monday, January 29th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of Hold and a consensus price target of $428.83.

Ameriprise Financial Stock Performance

Shares of Ameriprise Financial stock opened at $435.97 on Wednesday. The firm has a fifty day moving average of $403.20 and a two-hundred day moving average of $367.08. The stock has a market capitalization of $43.68 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 0.80 and a beta of 1.36. Ameriprise Financial has a 52 week low of $279.85 and a 52 week high of $438.00. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.56 and a current ratio of 0.56.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, January 25th. The financial services provider reported $7.75 EPS for the quarter, beating the consensus estimate of $7.67 by $0.08. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Ameriprise Financial had a net margin of 16.27% and a return on equity of 77.39%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.94 EPS. As a group, equities research analysts predict that Ameriprise Financial will post 34.2 EPS for the current year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Friday, February 9th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend was Thursday, February 8th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 22.78%.

Insiders Place Their Bets

In other news, CEO William F. Truscott sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $412.05, for a total value of $3,296,400.00. Following the completion of the transaction, the chief executive officer now owns 13,134 shares in the company, valued at approximately $5,411,864.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO James M. Cracchiolo sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $408.63, for a total value of $2,043,150.00. Following the completion of the transaction, the chief executive officer now owns 159,012 shares in the company, valued at approximately $64,977,073.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William F. Truscott sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $412.05, for a total value of $3,296,400.00. Following the completion of the transaction, the chief executive officer now owns 13,134 shares of the company’s stock, valued at approximately $5,411,864.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,285 shares of company stock worth $34,741,478. Corporate insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of AMP. Fairfield Bush & CO. bought a new position in Ameriprise Financial during the first quarter worth about $53,000. Synovus Financial Corp grew its holdings in Ameriprise Financial by 2.9% during the first quarter. Synovus Financial Corp now owns 1,961 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 56 shares during the period. Aviva PLC grew its holdings in Ameriprise Financial by 23.7% during the first quarter. Aviva PLC now owns 45,024 shares of the financial services provider’s stock worth $13,523,000 after purchasing an additional 8,625 shares during the period. Prudential PLC bought a new position in Ameriprise Financial during the first quarter worth about $724,000. Finally, Cetera Investment Advisers grew its holdings in Ameriprise Financial by 62.5% during the first quarter. Cetera Investment Advisers now owns 2,900 shares of the financial services provider’s stock worth $871,000 after purchasing an additional 1,115 shares during the period. Institutional investors 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.