Ameriprise Financial (NYSE:AMP) Earns “Outperform” Rating from Royal Bank of Canada

Ameriprise Financial (NYSE:AMP)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They presently have a $625.00 price target on the financial services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 17.20% from the company’s current price.

Other research analysts have also issued reports about the stock. Piper Sandler raised their target price on shares of Ameriprise Financial from $415.00 to $442.00 and gave the stock an “underweight” rating in a research note on Friday. UBS Group lowered Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Keefe, Bruyette & Woods increased their price target on shares of Ameriprise Financial from $560.00 to $570.00 and gave the company a “market perform” rating in a research note on Monday. Finally, Morgan Stanley lifted their price target on shares of Ameriprise Financial from $440.00 to $502.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. One 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.com, the stock currently has a consensus rating of “Hold” and an average price target of $510.44.

Ameriprise Financial Stock Down 1.9 %

Shares of AMP stock traded down $10.10 during trading hours on Monday, reaching $533.26. 133,211 shares of the company’s stock were exchanged, compared to its average volume of 507,962. The company has a current ratio of 0.59, a quick ratio of 0.65 and a debt-to-equity ratio of 1.01. The company has a market cap of $51.73 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.18 and a beta of 1.36. Ameriprise Financial has a fifty-two week low of $385.56 and a fifty-two week high of $582.05. The stock’s 50 day moving average is $547.55 and its 200-day moving average is $498.55.

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

Insider Activity

In other 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 transaction of $5,900,814.80. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction of $4,882,804.80. Following the completion of the transaction, the chief financial officer now owns 6,409 shares in the company, valued at $3,615,701.44. The trade was a 57.45 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

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