Ameriprise Financial (NYSE:AMP) Given New $434.00 Price Target at Piper Sandler

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price objective upped by Piper Sandler from $423.00 to $434.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an "underweight" rating on the financial services provider's stock. Piper Sandler's price target points to a potential downside of 20.08% from the company's previous close.

Several other research firms have also recently issued reports on AMP. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a report 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 target price on the stock in a research report on Monday, April 7th. Keefe, Bruyette & Woods raised their price target on Ameriprise Financial from $510.00 to $520.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Finally, Royal Bank Of Canada increased their price objective on Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ameriprise Financial currently has an average rating of "Hold" and a consensus target price of $517.86.

Ameriprise Financial Stock Performance

Shares of AMP stock traded up $0.62 during midday trading on Thursday, hitting $543.06. The company had a trading volume of 264,141 shares, compared to its average volume of 496,189. The stock has a market cap of $51.71 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 2.03 and a beta of 1.23. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60. The company's 50 day simple moving average is $506.77 and its 200 day simple moving average is $511.36. Ameriprise Financial has a 52-week low of $385.74 and a 52-week high of $582.05.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. Ameriprise Financial's quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $8.39 EPS. Research analysts anticipate that Ameriprise Financial will post 38.64 earnings per share for the current fiscal year.

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

Institutional Trading of Ameriprise Financial

Several large investors have recently modified their holdings of the business. SRS Capital Advisors Inc. grew its position in Ameriprise Financial by 40.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 70 shares of the financial services provider's stock worth $37,000 after purchasing an additional 20 shares during the last quarter. HighPoint Advisor Group LLC boosted its position in shares of Ameriprise Financial by 0.8% during the fourth quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider's stock worth $1,419,000 after buying an additional 20 shares during the period. Plancorp LLC grew its holdings in Ameriprise Financial by 4.8% in the 1st quarter. Plancorp LLC now owns 441 shares of the financial services provider's stock worth $213,000 after buying an additional 20 shares in the last quarter. Forum Financial Management LP increased its position in Ameriprise Financial by 1.4% in the 4th quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider's stock valued at $790,000 after acquiring an additional 21 shares during the period. Finally, Pinnacle Associates Ltd. raised its stake in Ameriprise Financial by 1.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,374 shares of the financial services provider's stock valued at $665,000 after acquiring an additional 21 shares in the last quarter. 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.