Ameriprise Financial (NYSE:AMP) Reaches New 1-Year High at $446.69

Ameriprise Financial, Inc. (NYSE:AMP)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $446.69 and last traded at $446.69, with a volume of 43190 shares changing hands. The stock had previously closed at $439.82.

Analyst Ratings Changes

Several analysts have issued reports on AMP shares. Evercore ISI boosted their target price on shares of Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Raymond James began coverage on shares of Ameriprise Financial in a report on Thursday, March 21st. They set a “market perform” rating on the stock. UBS Group lowered their price target on shares of Ameriprise Financial from $500.00 to $495.00 and set a “buy” rating on the stock in a report on Tuesday. Piper Sandler decreased their price objective on shares of Ameriprise Financial from $390.00 to $387.00 and set an “underweight” rating for the company in a report on Friday, June 28th. Finally, Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $500.00 to $504.00 and gave the stock a “buy” rating in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $462.89.

Ameriprise Financial Price Performance

The stock’s fifty day simple moving average is $432.29 and its 200-day simple moving average is $413.93. The company has a market capitalization of $44.56 billion, a P/E ratio of 15.22, a PEG ratio of 0.75 and a beta of 1.37. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.56 and a quick ratio of 0.56.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 EPS for the quarter, beating analysts’ consensus estimates of $8.10 by $0.29. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.15 billion. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $7.25 earnings per share. On average, equities analysts forecast that Ameriprise Financial, Inc. will post 34.93 earnings per share for the current fiscal year.

Ameriprise Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.32%. The ex-dividend date was Friday, May 3rd. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $1.35. Ameriprise Financial’s dividend payout ratio is 20.15%.

Insider Buying and Selling

In related news, Director Robert Francis Sharpe, Jr. sold 1,500 shares of the stock in a transaction dated 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 transaction, the director now owns 11,000 shares of the company’s stock, valued at $4,818,770. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.73% of the company’s stock.

Institutional Trading of Ameriprise Financial

Several hedge funds have recently modified their holdings of AMP. JPMorgan Chase & Co. grew its stake in shares of Ameriprise Financial by 18.6% during the first quarter. JPMorgan Chase & Co. now owns 3,844,165 shares of the financial services provider’s stock valued at $1,685,436,000 after purchasing an additional 603,267 shares during the last quarter. Norges Bank bought a new stake in shares of Ameriprise Financial during the fourth quarter valued at approximately $514,539,000. Dimensional Fund Advisors LP grew its stake in shares of Ameriprise Financial by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,015,225 shares of the financial services provider’s stock valued at $385,620,000 after purchasing an additional 35,931 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Ameriprise Financial by 18.8% during the first quarter. TD Asset Management Inc now owns 707,617 shares of the financial services provider’s stock valued at $310,248,000 after purchasing an additional 111,973 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Ameriprise Financial by 5.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 652,360 shares of the financial services provider’s stock valued at $247,786,000 after purchasing an additional 32,312 shares during the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

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.