Recent reports on Ameriprise Financial (AMP) show mixed opinions. Piper Sandler cut their price target from $390 to $387 and labeled it as underweight. In contrast, Royal Bank of Canada raised their target from $487 to $500 with an outperform rating. Jefferies increased their target from $500 to $504, maintaining a buy rating, while Goldman Sachs downgraded from buy to neutral, adjusting their target from $485 to $476. Morgan Stanley also reduced their target from $444 to $440, offering an equal weight rating. Overall, one analyst recommends selling, six recommend holding, and four recommend buying, leading to a consensus rating of Hold with an average price target of $469.67.
Ameriprise Financial Stock Overview
As of Tuesday, shares of NYSE: AMP opened at $483.97. The company has a quick ratio of 0.59 and a P/E ratio of 16.47. Its stock ranges from a 52-week low of $306.63 to a high of $490.23, with a market cap of $48.07 billion.
On July 24, Ameriprise reported quarterly earnings of $8.72 per share, surpassing estimates of $8.53. Revenue for the quarter was $4.39 billion, exceeding the expected $4.24 billion, marking a year-over-year increase of 9.6%.
Quarterly Dividend
Ameriprise paid a quarterly dividend of $1.48 on August 16, 2023, based on record holders as of August 5. This annualizes to $5.92, yielding 1.22%, with a payout ratio of 20.15%.
Insider Activity
On August 30, VP William Davies sold 8,700 shares at $442.07 each, totaling about $3.85 million. He still holds approximately 13,199 shares, valued around $5.83 million. Corporate insiders own 0.73% of the stock.
Institutional Ownership Changes
Recent changes in ownership include new stakes from various large investors. Symmetry Investments acquired a $207,000 stake, while Jacobi Capital increased their holdings by 3.7%. Putnam Investments raised their stake by 5.7%, and Power Corp of Canada saw a significant increase of 1,562.6% in their holdings. Institutional investors own 83.95% of Ameriprise.
About Ameriprise Financial
Ameriprise Financial, Inc. offers a range of financial services to individual and institutional clients, operating through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.
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