Ameriprise Financial (NYSE:AMP) Hits New 12-Month High on Earnings Beat

Ameriprise Financial, Inc. (NYSE:AMPGet Free Report) reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $577.89 and last traded at $576.60, with a volume of 60373 shares. The stock had previously closed at $571.84.

The financial services provider reported $9.36 earnings per share for the quarter, topping the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.46%.

Ameriprise Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 10th will be issued a dividend of $1.48 per share. The ex-dividend date is Monday, February 10th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.08%. Ameriprise Financial’s payout ratio is 17.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AMP shares. Royal Bank of Canada reissued an “outperform” rating and set a $625.00 price target on shares of Ameriprise Financial in a research report on Monday. Morgan Stanley boosted their target price on Ameriprise Financial from $440.00 to $502.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. UBS Group downgraded shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $580.00 to $570.00 in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Ameriprise Financial from $565.00 to $560.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $503.22.

Read Our Latest Stock Analysis on AMP

Insider Activity

In related news, insider Joseph Edward Sweeney sold 10,735 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $549.68, for a total value of $5,900,814.80. Following the transaction, the insider now owns 5,811 shares in the company, valued at approximately $3,194,190.48. The trade was a 64.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Walter Stanley Berman sold 8,655 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $564.16, for a total value of $4,882,804.80. Following the sale, the chief financial officer now owns 6,409 shares of the company’s stock, valued at approximately $3,615,701.44. This trade represents a 57.45 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Geller Advisors LLC grew its position in Ameriprise Financial by 2.2% in the 3rd quarter. Geller Advisors LLC now owns 878 shares of the financial services provider’s stock worth $412,000 after purchasing an additional 19 shares during the last quarter. Cerro Pacific Wealth Advisors LLC grew its holdings in Ameriprise Financial by 3.4% in the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 576 shares of the financial services provider’s stock worth $307,000 after buying an additional 19 shares in the last quarter. Legacy Capital Wealth Partners LLC increased its position in Ameriprise Financial by 2.0% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 1,022 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 20 shares during the period. Dakota Wealth Management raised its stake in Ameriprise Financial by 2.7% during the 4th quarter. Dakota Wealth Management now owns 798 shares of the financial services provider’s stock valued at $425,000 after acquiring an additional 21 shares in the last quarter. Finally, Abel Hall LLC boosted its position in Ameriprise Financial by 4.2% during the 4th quarter. Abel Hall LLC now owns 517 shares of the financial services provider’s stock worth $275,000 after acquiring an additional 21 shares during the period. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

The company has a market cap of $53.16 billion, a P/E ratio of 16.57, a PEG ratio of 0.87 and a beta of 1.36. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average price of $548.14 and a 200-day moving average price of $496.86.

Ameriprise Financial Company Profile

(Get Free Report)

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.

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