Piper Sandler Issues Positive Forecast for Ameriprise Financial (NYSE:AMP) Stock Price

Key Points

• Piper Sandler raised its price target on Ameriprise Financial from $471 to $518, while keeping a neutral rating. The new target implies only about 2% upside from the current price.
• Analyst sentiment is mixed overall: the stock has an average Hold rating and a consensus price target of $553.67, with several firms recently adjusting targets and ratings both up and down.
• Ameriprise reported strong quarterly results, posting EPS of $11.26 versus estimates of $10.21 and 9.7% year-over-year revenue growth, although revenue slightly missed expectations.

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price target hoisted by analysts at Piper Sandler from $471.00 to $518.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective suggests a potential upside of 2.03% from the stock's current price.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods began coverage on shares of Ameriprise Financial in a research report on Friday, April 10th. They set a "hold" rating for the company. Morgan Stanley upped their price target on shares of Ameriprise Financial from $467.00 to $489.00 and gave the company an "underweight" rating in a research report on Friday. BMO Capital Markets increased their price target on Ameriprise Financial from $470.00 to $490.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Weiss Ratings lowered Ameriprise Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Finally, Jefferies Financial Group boosted their price objective on Ameriprise Financial from $636.00 to $645.00 and gave the company a "buy" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $553.67.

Ameriprise Financial Price Performance

AMP stock opened at $507.69 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.66 and a current ratio of 0.66. Ameriprise Financial has a 52-week low of $422.37 and a 52-week high of $550.18. The company has a market capitalization of $45.64 billion, a P/E ratio of 12.63, a PEG ratio of 0.91 and a beta of 1.16. The company has a fifty day moving average price of $464.92 and a 200-day moving average price of $472.81.

Ameriprise Financial (NYSE:AMP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $11.26 earnings per share for the quarter, beating analysts' consensus estimates of $10.21 by $1.05. Ameriprise Financial had a return on equity of 62.88% and a net margin of 20.57%.The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the business posted $9.50 earnings per share. Ameriprise Financial's quarterly revenue was up 9.7% on a year-over-year basis. As a group, equities analysts expect that Ameriprise Financial will post 43.5 EPS for the current year.

Insider Activity

In other news, Director Robert Francis Sharpe, Jr. sold 1,200 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $465.83, for a total value of $558,996.00. Following the completion of the transaction, the director directly owned 6,300 shares of the company's stock, valued at $2,934,729. This represents a 16.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gerard P. Smyth sold 6,255 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $472.52, for a total value of $2,955,612.60. Following the completion of the transaction, the executive vice president directly owned 6,103 shares in the company, valued at approximately $2,883,789.56. This represents a 50.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp boosted its position in Ameriprise Financial by 0.4% during the third quarter. State Street Corp now owns 4,420,072 shares of the financial services provider's stock worth $2,171,360,000 after purchasing an additional 18,879 shares during the period. Norges Bank purchased a new stake in shares of Ameriprise Financial during the 4th quarter valued at approximately $742,438,000. Boston Partners lifted its stake in shares of Ameriprise Financial by 1.1% during the 3rd quarter. Boston Partners now owns 1,193,048 shares of the financial services provider's stock valued at $586,083,000 after buying an additional 13,172 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Ameriprise Financial by 84.2% during the 4th quarter. AQR Capital Management LLC now owns 1,085,889 shares of the financial services provider's stock valued at $532,455,000 after buying an additional 496,319 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Ameriprise Financial by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,024,758 shares of the financial services provider's stock worth $455,387,000 after buying an additional 19,731 shares during the period. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The firm provides a range of advice-based wealth management, asset management and insurance products to individual and institutional clients. Its business model centers on delivering financial planning and investment advice through a network of financial advisors alongside proprietary product offerings designed to meet retirement, protection and accumulation needs.

Core products and services include comprehensive financial planning and advisory services, managed investment portfolios, retirement planning solutions, annuities and life insurance products.

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