Ameriprise Financial (NYSE:AMP) Shares Down 4.4% Following Analyst Downgrade

Ameriprise Financial, Inc. (NYSE:AMP)’s stock price dropped 4.4% on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $514.12 and last traded at $511.94. Approximately 127,757 shares traded hands during trading, a decline of 80% from the average session volume of 639,325 shares. The stock had previously closed at $535.72.

AMP has been the topic of several other research reports. Weiss Ratings upgraded shares of Ameriprise Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, September 3rd. Jefferies Financial Group raised their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $515.00 to $545.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Morgan Stanley boosted their target price on Ameriprise Financial from $467.00 to $489.00 and gave the stock an “underweight” rating in a research report on Friday, July 10th. Finally, Piper Sandler increased their price target on Ameriprise Financial from $471.00 to $518.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $555.33.

Insider Buying and Selling at Ameriprise Financial

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the sale, the chief financial officer directly owned 5,609 shares of the company’s stock, valued at $3,079,060.55. The trade was a 66.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Williams sold 8,210 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the sale, the insider owned 6,780 shares in the company, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ameriprise Financial

Large investors have recently modified their holdings of the stock. State Street Corp boosted its stake in Ameriprise Financial by 1,279.7% during the second quarter. State Street Corp now owns 63,365,362 shares of the financial services provider’s stock worth $29,069,493,000 after buying an additional 58,772,775 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider’s stock valued at $1,537,817,000 after acquiring an additional 3,036,128 shares during the period. Norges Bank purchased a new stake in shares of Ameriprise Financial in the fourth quarter valued at $742,438,000. Dimensional Fund Advisors LP lifted its holdings in shares of Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider’s stock worth $455,387,000 after acquiring an additional 19,731 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Ameriprise Financial by 18.7% in the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider’s stock worth $436,888,000 after acquiring an additional 154,659 shares during the last quarter. Institutional investors own 83.95% of the company’s stock.

Ameriprise Financial Stock Performance

The stock has a market capitalization of $45.21 billion, a PE ratio of 12.13, a PEG ratio of 0.92 and a beta of 1.14. The business’s 50 day moving average is $549.04 and its 200 day moving average is $491.70. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping analysts’ consensus estimates of $10.81 by $0.26. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $9.11 EPS. On average, equities research analysts predict that Ameriprise Financial, Inc. will post 46.27 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, August 3rd. Ameriprise Financial’s dividend payout ratio is presently 16.40%.

About Ameriprise Financial

Ameriprise Financial, Inc (NYSE: AMP) is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.