Ameriprise Financial (NYSE:AMP) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Ameriprise Financial from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with an average price target of $555.33.
• Ameriprise reported quarterly EPS of $11.07, beating estimates of $10.81, while revenue rose 11.6% year over year to $4.90 billion.
• Insiders sold nearly 30,000 shares worth approximately $16.3 million in the past quarter, while institutional investors and hedge funds own 83.95% of the company.

Ameriprise Financial (NYSE:AMP - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

A number of other analysts have also weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. 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. Piper Sandler boosted their target price on Ameriprise Financial from $471.00 to $518.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Weiss Ratings upgraded Ameriprise Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, September 3rd. Finally, Jefferies Financial Group increased their price target on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $555.33.

Ameriprise Financial Stock Performance

Shares of NYSE AMP opened at $511.39 on Monday. Ameriprise Financial has a 12-month low of $422.37 and a 12-month high of $572.56. The company has a market cap of $45.97 billion, a PE ratio of 12.33, a P/E/G ratio of 0.96 and a beta of 1.14. The stock has a 50 day simple moving average of $549.54 and a 200-day simple moving average of $491.49. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%.The firm had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.87 billion. During the same period last year, the firm earned $9.11 EPS. The firm's revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Ameriprise Financial will post 46.27 EPS for the current year.

Insider Buying and Selling

In other Ameriprise Financial news, CFO Walter Berman sold 11,012 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the transaction, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. The trade was a 66.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Williams sold 8,210 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $539.35, for a total value of $4,428,063.50. Following the completion of the sale, the insider owned 6,780 shares of the company's stock, valued at $3,656,793. The trade was a 54.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,988 shares of company stock worth $16,316,497 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ameriprise Financial

Large investors have recently made changes to their positions in the business. State Street Corp increased its stake in Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock valued at $29,069,493,000 after buying an additional 58,772,775 shares during the period. Norges Bank acquired a new stake in shares of Ameriprise Financial during the 4th quarter valued at $742,438,000. Dimensional Fund Advisors LP grew its holdings in shares of Ameriprise Financial by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock valued at $455,387,000 after acquiring an additional 19,731 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Ameriprise Financial by 18.7% during the 1st quarter. First Trust Advisors LP now owns 983,096 shares of the financial services provider's stock valued at $436,888,000 after acquiring an additional 154,659 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Ameriprise Financial by 2.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 817,247 shares of the financial services provider's stock worth $374,920,000 after acquiring an additional 22,819 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company's stock.

About Ameriprise Financial

Ameriprise Financial, Inc NYSE: AMP is a diversified financial services company that provides financial planning, investment advice, wealth management and retirement solutions to individuals and institutions. Its offerings include brokerage and advisory accounts, managed investment portfolios, banking services, annuities, life insurance and other protection products.

The company serves clients primarily in the United States through its network of financial advisors and branded businesses, including Ameriprise Financial and RiverSource.

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