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

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price target boosted by analysts at Royal Bank of Canada from $550.00 to $565.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the financial services provider's stock. Royal Bank of Canada's price objective would suggest a potential upside of 17.12% from the stock's previous close.

Several other equities analysts also recently weighed in on AMP. Raymond James 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. UBS Group lowered shares of Ameriprise Financial from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Morgan Stanley boosted their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a report on Tuesday, March 4th. Keefe, Bruyette & Woods dropped their price target on shares of Ameriprise Financial from $520.00 to $510.00 and set a "market perform" rating for the company in a research report on Tuesday. Finally, Piper Sandler lifted their price target on shares of Ameriprise Financial from $415.00 to $442.00 and gave the company an "underweight" rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $509.67.

Ameriprise Financial Trading Up 2.5 %

Shares of Ameriprise Financial stock traded up $11.90 during mid-day trading on Tuesday, hitting $482.43. 35,282 shares of the stock were exchanged, compared to its average volume of 489,040. The stock has a market capitalization of $46.22 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23. Ameriprise Financial has a twelve month low of $385.74 and a twelve month high of $582.05. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.01. The company has a 50-day simple moving average of $481.46 and a 200 day simple moving average of $521.33.

Ameriprise Financial (NYSE:AMP - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 19.70% and a return on equity of 69.35%. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.45 billion. During the same quarter last year, the business earned $8.39 earnings per share. Ameriprise Financial's revenue was up 3.6% compared to the same quarter last year. Research analysts forecast that Ameriprise Financial will post 38.64 EPS for the current year.

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

Insider Activity

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 4,636 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $539.07, for a total value of $2,499,128.52. Following the completion of the sale, the insider now owns 7,237 shares of the company's stock, valued at $3,901,249.59. This trade represents a 39.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William F. Truscott sold 6,000 shares of Ameriprise Financial stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the sale, the chief executive officer now owns 14,023 shares in the company, valued at $7,576,486.67. This represents a 29.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,636 shares of company stock worth $6,263,989. 0.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Ameriprise Financial

Several large investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its stake in Ameriprise Financial by 3.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 242,445 shares of the financial services provider's stock valued at $117,370,000 after purchasing an additional 8,124 shares in the last quarter. Apollon Wealth Management LLC grew its position in shares of Ameriprise Financial by 10.8% during the first quarter. Apollon Wealth Management LLC now owns 4,564 shares of the financial services provider's stock worth $2,210,000 after buying an additional 445 shares in the last quarter. Hohimer Wealth Management LLC increased its stake in shares of Ameriprise Financial by 0.3% in the first quarter. Hohimer Wealth Management LLC now owns 10,372 shares of the financial services provider's stock worth $5,021,000 after buying an additional 30 shares during the last quarter. Sigma Planning Corp raised its holdings in Ameriprise Financial by 277.7% in the first quarter. Sigma Planning Corp now owns 1,707 shares of the financial services provider's stock valued at $826,000 after acquiring an additional 1,255 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Ameriprise Financial by 3.7% during the 1st quarter. Signaturefd LLC now owns 2,574 shares of the financial services provider's stock valued at $1,246,000 after acquiring an additional 91 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

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.