Ameriprise Financial (NYSE:AMP) Price Target Raised to $582.00

Key Points

• Ameriprise Financial's price target was raised by Raymond James Financial from $518.00 to $582.00, indicating a potential upside of 11.35% from its current price.
• The firm's consensus rating is a "Hold" with an average target price of $533.86, with mixed ratings among analysts, including two sells and one strong buy.
• Ameriprise reported earnings of $9.11 per share, exceeding expectations and showing a year-over-year revenue increase of 2.2% to $4.49 billion.
• The company has approved a stock repurchase program allowing for up to $4.50 billion in buybacks, which signals a belief that its stock is undervalued.

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price target boosted by research analysts at Raymond James Financial from $518.00 to $582.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "strong-buy" rating on the financial services provider's stock. Raymond James Financial's target price indicates a potential upside of 11.35% from the company's current price.

A number of other research analysts have also recently commented on the company. Piper Sandler boosted their price target on Ameriprise Financial from $423.00 to $434.00 and gave the stock an "underweight" rating in a report on Thursday, July 3rd. Morgan Stanley lowered shares of Ameriprise Financial from an "equal weight" rating to an "underweight" rating and raised their target price for the company from $462.00 to $530.00 in a report on Tuesday, July 15th. William Blair lowered shares of Ameriprise Financial from an "outperform" rating to a "market perform" rating in a research report on Friday. Royal Bank Of Canada boosted their price objective on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods raised their price objective on Ameriprise Financial from $520.00 to $550.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $533.86.

Ameriprise Financial Trading Up 1.1%

AMP traded up $5.58 on Friday, hitting $522.68. 137,890 shares of the company were exchanged, compared to its average volume of 515,495. The firm has a fifty day simple moving average of $522.30 and a two-hundred day simple moving average of $511.49. Ameriprise Financial has a 12 month low of $385.74 and a 12 month high of $582.05. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market capitalization of $49.77 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $9.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.00 by $0.11. The company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.33 billion. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. Ameriprise Financial's revenue was up 2.2% on a year-over-year basis. During the same period last year, the company posted $8.72 EPS. Sell-side analysts expect that Ameriprise Financial will post 38.64 earnings per share for the current year.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. University of Texas Texas AM Investment Management Co. purchased a new position in Ameriprise Financial in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Ameriprise Financial during the 4th quarter valued at approximately $31,000. TD Capital Management LLC boosted its position in Ameriprise Financial by 566.7% during the 1st quarter. TD Capital Management LLC now owns 60 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 51 shares during the period. Wealth Preservation Advisors LLC acquired a new stake in Ameriprise Financial in the 1st quarter valued at approximately $29,000. Finally, WPG Advisers LLC acquired a new stake in Ameriprise Financial in the 1st quarter valued at approximately $33,000. 83.95% of the stock is 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.

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