Zacks Research Downgrades Ameriprise Financial (NYSE:AMP) to Hold

Ameriprise Financial (NYSE:AMP) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

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

Ameriprise Financial Stock Performance

AMP opened at $511.39 on Monday. The stock has a market cap of $45.97 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.96 and a beta of 1.14. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.71 and a quick ratio of 0.71. The stock’s 50 day simple moving average is $549.54 and its 200 day simple moving average is $491.49. Ameriprise Financial has a 1-year low of $422.37 and a 1-year high of $572.56.

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

Insider Activity

In related news, EVP Deirdre Mcgraw sold 2,400 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president owned 3,373 shares in the company, valued at approximately $1,883,078.44. The trade was a 41.57% 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, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company’s stock, valued at approximately $3,656,793. This trade represents a 54.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 29,988 shares of company stock valued at $16,316,497. Corporate insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Essex Financial Services Inc. raised its stake in shares of Ameriprise Financial by 2.4% during the fourth quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 21 shares in the last quarter. SouthState Bank Corp increased its stake in Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider’s stock valued at $25,000 after buying an additional 22 shares during the period. SlateStone Wealth LLC increased its stake in Ameriprise Financial by 3.8% during the 4th quarter. SlateStone Wealth LLC now owns 657 shares of the financial services provider’s stock valued at $322,000 after buying an additional 24 shares during the period. Rexford Capital Inc. raised its position in shares of Ameriprise Financial by 19.5% during the 1st quarter. Rexford Capital Inc. now owns 147 shares of the financial services provider’s stock worth $65,000 after buying an additional 24 shares in the last quarter. Finally, North Dakota State Investment Board raised its position in shares of Ameriprise Financial by 0.9% during the 2nd quarter. North Dakota State Investment Board now owns 2,716 shares of the financial services provider’s stock worth $1,246,000 after buying an additional 24 shares in the last quarter. Institutional investors own 83.95% of the company’s stock.

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.