Ameriprise Financial (NYSE:AMP) Price Target Raised to $489.00 at Morgan Stanley

Key Points

• Morgan Stanley raised Ameriprise Financial’s price target from $467 to $489, while keeping an underweight rating on the stock. The new target still implies a slight downside from the current share price.
• Other analysts remain mostly cautious on AMP, with recent actions including a downgrade from Weiss Ratings and “hold” or “neutral” ratings from several firms. MarketBeat shows an average rating of Hold and an average price target of $548.44.
• Ameriprise reported stronger-than-expected quarterly earnings, posting $11.26 EPS versus the $10.21 consensus estimate, though revenue came in a bit below forecasts. The company also saw notable insider selling by a director and an EVP in recent transactions.

Ameriprise Financial (NYSE:AMP - Get Free Report) had its target price raised by investment analysts at Morgan Stanley from $467.00 to $489.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the financial services provider's stock. Morgan Stanley's price objective indicates a potential downside of 3.42% from the stock's current price.

Other research analysts have also issued reports about the stock. Weiss Ratings lowered shares of Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 2nd. Piper Sandler lifted their price target on Ameriprise Financial from $460.00 to $471.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Keefe, Bruyette & Woods initiated coverage on Ameriprise Financial in a research report on Friday, April 10th. They set a "hold" rating for the company. Finally, BMO Capital Markets increased their price objective on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Ameriprise Financial currently has an average rating of "Hold" and an average price target of $548.44.

Ameriprise Financial Stock Performance

AMP stock opened at $506.34 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $45.52 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.03 and a beta of 1.16. Ameriprise Financial has a 1 year low of $422.37 and a 1 year high of $550.18. The stock's fifty day moving average is $464.27 and its two-hundred day moving average is $472.73.

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, topping the consensus estimate of $10.21 by $1.05. Ameriprise Financial had a net margin of 20.57% and a return on equity of 62.88%. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the firm earned $9.50 earnings per share. The company's quarterly revenue was up 9.7% on a year-over-year basis. On average, research analysts predict that Ameriprise Financial will post 43.01 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of Ameriprise Financial stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $465.83, for a total transaction of $558,996.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $472.52, for a total transaction of $2,955,612.60. Following the completion of the sale, the executive vice president owned 6,103 shares in the company, valued at approximately $2,883,789.56. This trade represents a 50.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ameriprise Financial

Hedge funds have recently made changes to their positions in the company. PFG Investments LLC raised its position in Ameriprise Financial by 1.4% in the 4th quarter. PFG Investments LLC now owns 1,488 shares of the financial services provider's stock valued at $729,000 after buying an additional 21 shares during the last quarter. Institute for Wealth Management LLC. boosted its position in Ameriprise Financial by 3.6% during the 4th quarter. Institute for Wealth Management LLC. now owns 605 shares of the financial services provider's stock worth $297,000 after acquiring an additional 21 shares during the last quarter. EPG Wealth Management LLC boosted its position in Ameriprise Financial by 0.8% during the 4th quarter. EPG Wealth Management LLC now owns 2,714 shares of the financial services provider's stock worth $1,331,000 after acquiring an additional 21 shares during the last quarter. Essex Financial Services Inc. grew its stake in shares of Ameriprise Financial by 2.4% during the 4th quarter. Essex Financial Services Inc. now owns 904 shares of the financial services provider's stock worth $443,000 after acquiring an additional 21 shares in the last quarter. Finally, SouthState Bank Corp grew its stake in shares of Ameriprise Financial by 78.6% during the 4th quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after acquiring an additional 22 shares in the last quarter. Hedge funds and other institutional investors 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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