Royal Bank Of Canada Forecasts Strong Price Appreciation for Ameriprise Financial (NYSE:AMP) Stock

Ameriprise Financial (NYSE:AMP - Free Report) had its target price raised by Royal Bank Of Canada from $565.00 to $595.00 in a research note issued to investors on Thursday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the financial services provider's stock.

Several other research firms have also commented on AMP. Raymond James Financial raised Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective on the stock in a research report on Monday, April 7th. Wall Street Zen raised Ameriprise Financial from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Piper Sandler lifted their target price on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a research report on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Ameriprise Financial has a consensus rating of "Hold" and a consensus price target of $526.43.

Ameriprise Financial Trading Down 1.2%

Ameriprise Financial stock traded down $6.34 during midday trading on Thursday, reaching $536.17. The stock had a trading volume of 358,381 shares, compared to its average volume of 496,961. Ameriprise Financial has a twelve month low of $385.74 and a twelve month high of $582.05. The stock has a market capitalization of $51.05 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 1.17 and a beta of 1.23. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. The stock's 50-day simple moving average is $516.21 and its 200 day simple moving average is $511.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a return on equity of 68.93% and a net margin of 17.14%. The firm had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.45 billion. During the same quarter last year, the firm earned $8.39 earnings per share. The firm's revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts expect that Ameriprise Financial will post 38.64 EPS for the current year.

Ameriprise Financial declared that its Board of Directors has approved a share buyback plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Ameriprise Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 1.19%. This is an increase from Ameriprise Financial's previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Monday, May 5th. Ameriprise Financial's dividend payout ratio (DPR) is 21.75%.

Hedge Funds Weigh In On Ameriprise Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its position in shares of 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 period. Spire Wealth Management boosted its position in shares of Ameriprise Financial by 91.6% during the first quarter. Spire Wealth Management now owns 1,429 shares of the financial services provider's stock worth $692,000 after buying an additional 683 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Ameriprise Financial by 488.5% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock worth $470,000 after buying an additional 806 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Ameriprise Financial by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 24,902 shares of the financial services provider's stock worth $12,055,000 after buying an additional 1,433 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Ameriprise Financial by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,917 shares of the financial services provider's stock worth $2,864,000 after buying an additional 420 shares during the period. 83.95% of the stock is currently 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.