Ameriprise Financial (NYSE:AMP) Given New $520.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets lowered Ameriprise Financial’s price target from $560 to $520 while maintaining a “market perform” rating, implying roughly 5% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $559.80, despite varied individual targets and ratings.
• Ameriprise reported quarterly earnings and revenue above analyst expectations and authorized a $5.5 billion share-repurchase program, allowing buybacks of up to 12.3% of outstanding shares.

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price target lowered by BMO Capital Markets from $560.00 to $520.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. BMO Capital Markets' target price suggests a potential upside of 5.00% from the company's previous close.

Other research analysts have also issued research reports about the stock. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research note on Friday, July 10th. Jefferies Financial Group boosted their price target on shares of Ameriprise Financial from $636.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Piper Sandler raised their target price on shares of Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Bank of America reissued a "buy" rating and set a $570.00 price objective on shares of Ameriprise Financial in a research note on Monday. Finally, Zacks Research cut Ameriprise Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Ameriprise Financial has a consensus rating of "Moderate Buy" and a consensus target price of $559.80.

Ameriprise Financial Trading Up 0.9%

NYSE:AMP opened at $495.22 on Tuesday. The stock has a market cap of $44.52 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.88 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. Ameriprise Financial has a 1 year low of $422.37 and a 1 year high of $572.56. The business has a fifty day moving average of $543.30 and a 200-day moving average of $494.20.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $11.07 earnings per share for the quarter, topping the consensus estimate of $10.81 by $0.26. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.87 billion. Ameriprise Financial had a net margin of 20.24% and a return on equity of 64.19%. The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.11 earnings per share. Equities analysts predict that Ameriprise Financial will post 46.27 earnings per share for the current year.

Ameriprise Financial declared that its board has authorized a share repurchase plan on Tuesday, September 29th that allows the company to buyback $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Ameriprise Financial

In other news, SVP Dawn M. Brockman sold 472 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $558.93, for a total transaction of $263,814.96. Following the completion of the sale, the senior vice president owned 713 shares in the company, valued at approximately $398,517.09. This represents a 39.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Deirdre Mcgraw sold 2,400 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $558.28, for a total value of $1,339,872.00. Following the transaction, the executive vice president directly owned 3,373 shares in the company, valued at approximately $1,883,078.44. This represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 in the last 90 days. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ameriprise Financial

Large investors have recently added to or reduced their stakes in the stock. SouthState Bank Corp lifted its stake in shares of Ameriprise Financial by 78.6% in the fourth quarter. SouthState Bank Corp now owns 50 shares of the financial services provider's stock worth $25,000 after buying an additional 22 shares during the last quarter. Twin Lakes Capital Management LLC acquired a new position in Ameriprise Financial in the 2nd quarter valued at $25,000. Cassaday & Co Wealth Management LLC bought a new position in Ameriprise Financial in the 1st quarter worth $28,000. University of Texas Texas AM Investment Management Co. bought a new position in Ameriprise Financial in the 2nd quarter worth $28,000. Finally, Fiduciary Financial Advisors acquired a new position in Ameriprise Financial during the 2nd quarter worth $30,000. 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 company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.

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