Ameriprise Financial, Inc. (NYSE:AMP) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Ameriprise Financial, Inc. has an average analyst recommendation of "Hold" from eight covered analysts, with a mix of ratings including two sell, four hold, one buy, and one strong buy.
• The company reported $9.11 earnings per share for the latest quarter, surpassing analysts' expectations of $9.00, while achieving revenue of $4.49 billion, also above predictions.
• A new quarterly dividend of $1.60 per share has been declared, marking an annualized dividend of $6.40 and a yield of 1.2%, with a payout ratio of 19.91%.

Shares of Ameriprise Financial, Inc. (NYSE:AMP - Get Free Report) have been given an average rating of "Hold" by the eight analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $534.7143.

A number of brokerages have recently issued reports on AMP. Piper Sandler boosted their price target on shares of Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research report on Thursday, July 3rd. Raymond James Financial upped their price target on shares of Ameriprise Financial from $518.00 to $582.00 and gave the company a "strong-buy" rating in a research report on Friday, July 25th. Morgan Stanley lowered Ameriprise Financial from an "equal weight" rating to an "underweight" rating and lifted their price objective for the stock from $462.00 to $530.00 in a research report on Tuesday, July 15th. Royal Bank Of Canada boosted their price objective on Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, William Blair cut Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research note on Friday, July 25th.

Ameriprise Financial Trading Up 0.5%

AMP traded up $2.55 during midday trading on Friday, hitting $508.18. 50,299 shares of the company were exchanged, compared to its average volume of 504,636. The firm's 50 day moving average price is $521.49 and its 200-day moving average price is $506.64. Ameriprise Financial has a 1-year low of $396.14 and a 1-year high of $582.05. The firm has a market capitalization of $47.91 billion, a P/E ratio of 15.82, a P/E/G ratio of 1.07 and a beta of 1.24. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.95.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, topping analysts' consensus estimates of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period in the previous year, the firm earned $8.72 earnings per share. The firm's quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that Ameriprise Financial will post 38.64 EPS for the current fiscal year.

Ameriprise Financial announced that its board has approved a stock buyback plan on Thursday, April 24th that permits the company to buyback $4.50 billion in shares. This buyback authorization permits the financial services provider to buy up to 9.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Ameriprise Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 4th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 4th. Ameriprise Financial's dividend payout ratio (DPR) is 19.91%.

Hedge Funds Weigh In On Ameriprise Financial

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Ameriprise Financial by 1.9% during the first quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock worth $2,114,000 after buying an additional 83 shares during the last quarter. Spire Wealth Management raised its holdings in shares of Ameriprise Financial by 91.6% in the 1st quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after acquiring an additional 683 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Ameriprise Financial by 488.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock valued at $470,000 after acquiring an additional 806 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Ameriprise Financial by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock valued at $12,055,000 after purchasing an additional 1,433 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Ameriprise Financial by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock worth $2,864,000 after purchasing an additional 420 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.

Ameriprise Financial Company Profile

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.