Ameriprise Financial (NYSE:AMP) Upgraded by Raymond James to Strong-Buy Rating

Ameriprise Financial (NYSE:AMP) was upgraded by research analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a research note issued on Monday,Finviz reports. The brokerage presently has a $518.00 price target on the financial services provider’s stock. Raymond James’ target price indicates a potential upside of 22.86% from the stock’s current price.

A number of other research firms have also recently commented on AMP. Piper Sandler increased their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods boosted their target price on Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $625.00 price target on shares of Ameriprise Financial in a research report on Monday, February 3rd. UBS Group lowered shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $580.00 to $570.00 in a report on Monday, January 6th. Finally, Morgan Stanley lifted their target price on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ameriprise Financial has a consensus rating of “Hold” and an average target price of $515.20.

Ameriprise Financial Price Performance

Ameriprise Financial stock opened at $421.61 on Monday. The stock has a market cap of $40.52 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.15 and a beta of 1.23. 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 business has a 50-day simple moving average of $515.46 and a 200 day simple moving average of $524.51. Ameriprise Financial has a 52 week low of $385.74 and a 52 week high of $582.05.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. On average, research analysts forecast that Ameriprise Financial will post 38.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William F. Truscott sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the transaction, the chief executive officer now owns 14,023 shares in the company, valued at $7,576,486.67. This represents a 29.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $523.12, for a total transaction of $523,120.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $5,231,200. The trade was a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,636 shares of company stock worth $6,263,989. 0.73% of the stock is currently owned by company insiders.

Institutional Trading of Ameriprise Financial

Large investors have recently bought and sold shares of the company. TCTC Holdings LLC purchased a new stake in Ameriprise Financial in the fourth quarter worth $26,000. University of Texas Texas AM Investment Management Co. purchased a new position in Ameriprise Financial during the 4th quarter valued at about $26,000. Whipplewood Advisors LLC bought a new stake in Ameriprise Financial during the fourth quarter worth about $28,000. Rialto Wealth Management LLC purchased a new stake in Ameriprise Financial in the fourth quarter worth about $28,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in Ameriprise Financial in the fourth quarter worth about $30,000. 83.95% of the stock is owned by institutional investors.

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.