Ameriprise Financial’s (AMP) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their outperform rating on shares of Ameriprise Financial (NYSE:AMP) in a research report released on Monday morning,Benzinga reports. The brokerage currently has a $605.00 target price on the financial services provider’s stock, up from their prior target price of $580.00.

Several other brokerages have also recently weighed in on AMP. Morgan Stanley boosted their price target on shares of Ameriprise Financial from $484.00 to $485.00 and gave the stock an “underweight” rating in a research report on Monday, December 22nd. Keefe, Bruyette & Woods dropped their target price on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating for the company in a research report on Monday, November 3rd. Argus lowered their target price on shares of Ameriprise Financial from $568.00 to $554.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Jefferies Financial Group increased their price objective on Ameriprise Financial from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Evercore ISI cut their target price on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating on the stock in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $555.67.

Ameriprise Financial Stock Up 2.7%

Shares of AMP opened at $544.61 on Monday. The company has a market capitalization of $50.60 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.86. Ameriprise Financial has a 12-month low of $396.14 and a 12-month high of $552.43. The business’s 50 day moving average is $496.25 and its 200 day moving average is $491.95.

Ameriprise Financial (NYSE:AMP) last issued its earnings results on Thursday, January 29th. The financial services provider reported $10.83 earnings per share for the quarter, topping analysts’ consensus estimates of $10.33 by $0.50. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.75 billion. Ameriprise Financial had a net margin of 19.28% and a return on equity of 63.04%. Ameriprise Financial’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.54 earnings per share. Research analysts expect that Ameriprise Financial will post 38.64 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 27th. Investors of record on Monday, February 9th will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, February 9th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 17.60%.

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of Ameriprise Financial stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $450.94, for a total value of $676,410.00. Following the completion of the sale, the director directly owned 7,500 shares in the company, valued at $3,382,050. This trade represents a 16.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ameriprise Financial

Several institutional investors and hedge funds have recently made changes to their positions in AMP. Whipplewood Advisors LLC raised its stake in Ameriprise Financial by 71.0% in the 2nd quarter. Whipplewood Advisors LLC now owns 53 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 22 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in shares of Ameriprise Financial by 115.4% in the second quarter. Salomon & Ludwin LLC now owns 56 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 30 shares during the period. Holos Integrated Wealth LLC purchased a new position in shares of Ameriprise Financial in the fourth quarter worth about $30,000. Winnow Wealth LLC acquired a new stake in shares of Ameriprise Financial during the second quarter worth about $32,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial during the third quarter worth about $32,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.