Ameriprise Financial (NYSE:AMP) Given New $570.00 Price Target at Evercore ISI

Key Points

• Ameriprise Financial's price target has been lowered by Evercore ISI from $587.00 to $570.00, indicating a potential upside of 16.21% from its previous close.
• Analysts' ratings vary, with one Strong Buy and several Hold listings, leading to a consensus rating of "Hold" and a price target of $539.50.
• The company reported $9.11 earnings per share for the last quarter, surpassing expectations and showing a 2.2% year-over-year revenue increase.

Ameriprise Financial (NYSE:AMP - Get Free Report) had its target price lowered by analysts at Evercore ISI from $587.00 to $570.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "in-line" rating on the financial services provider's stock. Evercore ISI's price objective would suggest a potential upside of 16.21% from the stock's previous close.

A number of other brokerages have also commented on AMP. Morgan Stanley decreased their price objective on shares of Ameriprise Financial from $530.00 to $484.00 and set an "underweight" rating on the stock in a report on Wednesday, October 1st. Royal Bank Of Canada upped their target price on shares of Ameriprise Financial from $595.00 to $601.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Piper Sandler upped their target price on shares of Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research report on Thursday, July 3rd. Raymond James Financial upped their target price 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. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Ameriprise Financial in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Ameriprise Financial presently has a consensus rating of "Hold" and a consensus price target of $539.50.

Ameriprise Financial Price Performance

Shares of NYSE:AMP traded up $0.33 during midday trading on Thursday, reaching $490.50. 99,862 shares of the company's stock were exchanged, compared to its average volume of 504,164. The firm has a market capitalization of $46.24 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.12 and a beta of 1.26. The company's 50 day simple moving average is $501.37 and its two-hundred day simple moving average is $502.07. Ameriprise Financial has a 12 month low of $396.14 and a 12 month high of $582.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.62 and a current ratio of 0.62.

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

Insider Buying and Selling at Ameriprise Financial

In related news, CEO William F. Truscott sold 9,929 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $506.89, for a total value of $5,032,910.81. Following the completion of the transaction, the chief executive officer directly owned 11,047 shares of the company's stock, valued at approximately $5,599,613.83. This trade represents a 47.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Heather J. Melloh sold 1,500 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $512.34, for a total transaction of $768,510.00. Following the completion of the transaction, the executive vice president directly owned 2,562 shares of the company's stock, valued at $1,312,615.08. This represents a 36.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ameriprise Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Trust Co. of Vermont raised its stake in Ameriprise Financial by 0.6% in the second quarter. Trust Co. of Vermont now owns 3,031 shares of the financial services provider's stock valued at $1,618,000 after purchasing an additional 19 shares in the last quarter. Plancorp LLC raised its stake in Ameriprise Financial by 4.8% in the first quarter. Plancorp LLC now owns 441 shares of the financial services provider's stock valued at $213,000 after purchasing an additional 20 shares in the last quarter. Old Port Advisors raised its stake in Ameriprise Financial by 1.5% in the second quarter. Old Port Advisors now owns 1,381 shares of the financial services provider's stock valued at $737,000 after purchasing an additional 20 shares in the last quarter. Linden Thomas Advisory Services LLC raised its stake in Ameriprise Financial by 0.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 4,096 shares of the financial services provider's stock valued at $2,186,000 after purchasing an additional 20 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in Ameriprise Financial by 1.6% in the first quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after purchasing an additional 21 shares in the last quarter. 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.

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