Ameriprise Financial (NYSE:AMP) Given New $645.00 Price Target at Jefferies Financial Group

Key Points

• Jefferies raised its price target on Ameriprise Financial from $636 to $645 and kept a buy rating, implying about 27.4% upside from the current price.
• Analyst views remain mixed: while some firms lifted targets, the stock’s overall consensus rating is still Hold with an average target price of $548.44.
• Ameriprise posted strong quarterly earnings, reporting $11.26 EPS versus $10.21 expected and 9.7% year-over-year revenue growth, even though revenue slightly missed estimates.

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price objective upped by Jefferies Financial Group from $636.00 to $645.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Jefferies Financial Group's price objective points to a potential upside of 27.38% from the company's current price.

Several other research analysts also recently weighed in on the company. BMO Capital Markets boosted their target price on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Weiss Ratings cut Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. Morgan Stanley raised their price target on Ameriprise Financial from $467.00 to $489.00 and gave the stock an "underweight" rating in a report on Friday. Piper Sandler boosted their price target on Ameriprise Financial from $460.00 to $471.00 and gave the stock a "neutral" rating in a research note on Monday, May 4th. Finally, Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a research report on Friday, April 10th. They issued a "hold" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ameriprise Financial has an average rating of "Hold" and a consensus target price of $548.44.

Ameriprise Financial Price Performance

Shares of AMP stock opened at $506.34 on Friday. The stock's 50-day moving average is $464.27 and its 200 day moving average is $472.73. Ameriprise Financial has a 1-year low of $422.37 and a 1-year high of $550.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $45.52 billion, a P/E ratio of 12.59, a PEG ratio of 1.03 and a beta of 1.16.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $11.26 EPS for the quarter, beating the consensus estimate of $10.21 by $1.05. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The company's quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $9.50 earnings per share. Research analysts predict that Ameriprise Financial will post 43.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $465.83, for a total transaction of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares of the company's stock, valued at $2,934,729. The trade was a 16.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the transaction, the executive vice president directly owned 6,103 shares of the company's stock, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.60% of the company's stock.

Institutional Trading of Ameriprise Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMP. Brighton Jones LLC raised its position in Ameriprise Financial by 6.9% during the fourth quarter. Brighton Jones LLC now owns 777 shares of the financial services provider's stock worth $413,000 after acquiring an additional 50 shares during the period. Empowered Funds LLC grew its position in shares of Ameriprise Financial by 11.8% in the first quarter. Empowered Funds LLC now owns 6,022 shares of the financial services provider's stock valued at $2,915,000 after purchasing an additional 634 shares during the period. Sivia Capital Partners LLC increased its stake in shares of Ameriprise Financial by 14.1% during the second quarter. Sivia Capital Partners LLC now owns 584 shares of the financial services provider's stock worth $312,000 after purchasing an additional 72 shares in the last quarter. Schnieders Capital Management LLC. acquired a new position in shares of Ameriprise Financial during the 2nd quarter worth about $313,000. Finally, Gabelli Funds LLC raised its position in shares of Ameriprise Financial by 224.8% during the 2nd quarter. Gabelli Funds LLC now owns 4,222 shares of the financial services provider's stock worth $2,253,000 after purchasing an additional 2,922 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

About Ameriprise Financial

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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