Keefe, Bruyette & Woods Lowers Ameriprise Financial (NYSE:AMP) Price Target to $460.00

Ameriprise Financial (NYSE:AMP) had its target price cut by Keefe, Bruyette & Woods from $470.00 to $460.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

AMP has been the topic of several other research reports. Morgan Stanley cut their price target on shares of Ameriprise Financial from $444.00 to $440.00 and set an equal weight rating on the stock in a report on Monday, July 29th. Argus lifted their target price on shares of Ameriprise Financial from $440.00 to $460.00 and gave the company a buy rating in a report on Monday, May 6th. Royal Bank of Canada increased their price target on Ameriprise Financial from $470.00 to $480.00 and gave the company an outperform rating in a report on Wednesday, April 24th. Evercore ISI boosted their price objective on Ameriprise Financial from $400.00 to $445.00 and gave the stock an in-line rating in a research note on Thursday, April 11th. Finally, Jefferies Financial Group increased their target price on Ameriprise Financial from $500.00 to $504.00 and gave the company a buy rating in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $464.33.

Ameriprise Financial Stock Down 3.8 %

Shares of AMP opened at $402.61 on Tuesday. The firm has a market cap of $39.99 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. The company has a quick ratio of 0.56, a current ratio of 0.59 and a debt-to-equity ratio of 1.16. The company’s fifty day moving average is $430.64 and its two-hundred day moving average is $419.26. Ameriprise Financial has a fifty-two week low of $306.63 and a fifty-two week high of $449.94.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $0.19. The firm had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $7.44 earnings per share. Analysts forecast that Ameriprise Financial will post 34.77 earnings per share for the current year.

Ameriprise Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Monday, August 5th will be issued a dividend of $1.48 per share. The ex-dividend date is Monday, August 5th. This represents a $5.92 annualized dividend and a yield of 1.47%. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Insider Activity

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of Ameriprise Financial stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $438.07, for a total value of $657,105.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at $4,818,770. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

Hedge funds have recently bought and sold shares of the company. Retirement Group LLC acquired a new position in shares of Ameriprise Financial in the 1st quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. boosted its holdings in Ameriprise Financial by 268.8% in the second quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 43 shares during the period. Accordant Advisory Group Inc bought a new stake in Ameriprise Financial during the second quarter valued at $26,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial during the first quarter worth $28,000. Finally, Mascoma Wealth Management LLC lifted its position in shares of Ameriprise Financial by 153.8% in the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock worth $28,000 after buying an additional 40 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Ameriprise Financial Company Profile

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.