Ameriprise Financial (NYSE:AMP) Given New $595.00 Price Target at Royal Bank Of Canada

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price objective raised by research analysts at Royal Bank Of Canada from $565.00 to $595.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's price objective suggests a potential upside of 10.33% from the stock's previous close.

Several other brokerages have also commented on AMP. Keefe, Bruyette & Woods lifted their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a "market perform" rating in a research note on Wednesday. Wall Street Zen upgraded shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Raymond James Financial upgraded Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research report on Monday, April 7th. Finally, Piper Sandler upped their price objective on Ameriprise Financial from $423.00 to $434.00 and gave the company an "underweight" rating in a research note on Thursday, July 3rd. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $526.43.

Ameriprise Financial Price Performance

Shares of AMP opened at $539.27 on Thursday. Ameriprise Financial has a twelve month low of $385.74 and a twelve month high of $582.05. The firm's fifty day simple moving average is $513.73 and its 200-day simple moving average is $511.52. The firm has a market capitalization of $51.35 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 2.00 and a beta of 1.23. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.10.

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

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

Institutional Trading of Ameriprise Financial

Several hedge funds and other institutional investors have recently made changes to their positions in AMP. TCTC Holdings LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $26,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Ameriprise Financial during the fourth quarter worth about $26,000. TD Capital Management LLC boosted its holdings in Ameriprise Financial by 566.7% during the first quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock worth $29,000 after buying an additional 51 shares in the last quarter. Wealth Preservation Advisors LLC purchased a new stake in Ameriprise Financial during the first quarter worth about $29,000. Finally, Sunbeam Capital Management LLC purchased a new stake in Ameriprise Financial during the fourth quarter worth about $31,000. Hedge funds and other institutional investors 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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