Keefe, Bruyette & Woods Issues Pessimistic Forecast for Ameriprise Financial (NYSE:AMP) Stock Price

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price objective reduced by equities research analysts at Keefe, Bruyette & Woods from $520.00 to $510.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 9.02% from the company's current price.

Several other research analysts have also recently commented on AMP. Piper Sandler raised their target price on Ameriprise Financial from $415.00 to $442.00 and gave the stock an "underweight" rating in a research report on Friday, January 31st. Raymond James raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price objective for the company in a report on Monday, April 7th. Morgan Stanley upped their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Royal Bank of Canada restated an "outperform" rating and set a $625.00 price target on shares of Ameriprise Financial in a research note on Monday, February 3rd. Finally, UBS Group lowered Ameriprise Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $580.00 to $570.00 in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $516.33.

Ameriprise Financial Stock Performance

Ameriprise Financial stock traded down $0.60 during mid-day trading on Tuesday, reaching $467.79. The company had a trading volume of 153,106 shares, compared to its average volume of 489,730. The company has a 50 day moving average of $485.25 and a 200-day moving average of $522.27. Ameriprise Financial has a 52 week low of $385.74 and a 52 week high of $582.05. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.01. The firm has a market cap of $44.82 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 1.15 and a beta of 1.23.

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

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

Insider Activity

In other news, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the company's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total transaction of $523,120.00. Following the transaction, the director now owns 10,000 shares of the company's stock, valued at $5,231,200. This represents a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William F. Truscott sold 6,000 shares of Ameriprise Financial stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $540.29, for a total value of $3,241,740.00. Following the completion of the sale, the chief executive officer now owns 14,023 shares of the company's stock, valued at approximately $7,576,486.67. The trade was a 29.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,636 shares of company stock valued at $6,263,989 over the last three months. 0.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Ameriprise Financial

Several institutional investors have recently modified their holdings of AMP. JPMorgan Chase & Co. grew its holdings in Ameriprise Financial by 12.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,801,913 shares of the financial services provider's stock worth $2,556,683,000 after acquiring an additional 516,437 shares during the period. Geode Capital Management LLC boosted its position in shares of Ameriprise Financial by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 2,647,627 shares of the financial services provider's stock worth $1,407,607,000 after purchasing an additional 38,141 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Ameriprise Financial by 49,248.9% during the first quarter. GAMMA Investing LLC now owns 2,114,108 shares of the financial services provider's stock worth $1,023,461,000 after purchasing an additional 2,109,824 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Ameriprise Financial by 1.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,447,863 shares of the financial services provider's stock valued at $770,886,000 after purchasing an additional 23,655 shares during the last quarter. Finally, Norges Bank acquired a new position in Ameriprise Financial in the fourth quarter valued at about $689,272,000. Institutional investors and hedge funds own 83.95% of the company's stock.

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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