Ameriprise Financial Receives “Neutral” Rating from Zacks (AMP)
Ameriprise Financial (NYSE:AMP)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Thursday, Analyst Ratings Network reports. They currently have a $98.00 price objective on the stock. Zacks‘ price objective suggests a potential upside of 4.30% from the stock’s previous close.
Zacks‘ analyst wrote, “Ameriprise’s second-quarter operating earnings marginally surpassed the Zacks Consensus Estimate. Results primarily benefited from increased revenues, partly offset by higher operating expenses. Further, assets under management (AUM) and assets under administration showed improvement. The company s capital deployment activities are also impressive. Though the slow market recovery is a cause of concern, improvement in retail client activity and stable growth in Advice & Wealth Management and Asset Management businesses is expected to increase operating leverage in the subsequent quarters. However, rising expenses and the existing low interest-rate environment will keep the company’s financials under pressure in the near term.”
Shares of Ameriprise Financial (NYSE:AMP) traded down 0.57% during mid-day trading on Thursday, hitting $93.42. 1,097,571 shares of the company’s stock traded hands. Ameriprise Financial has a one year low of $55.35 and a one year high of $94.31. The stock has a 50-day moving average of $89.2 and a 200-day moving average of $81.1. The company has a market cap of $18.483 billion and a price-to-earnings ratio of 16.46.
Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.69 EPS for the quarter, beating the analysts’ consensus estimate of $1.62 by $0.07. The company had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company posted $1.39 earnings per share. Ameriprise Financial’s revenue was up 7.4% compared to the same quarter last year. Analysts expect that Ameriprise Financial will post $6.67 EPS for the current fiscal year.
A number of other firms have also recently commented on AMP. Analysts at Barclays Capital downgraded shares of Ameriprise Financial (NYSE:AMP) from an “overweight” rating to an “equal weight” rating in a research note to investors on Wednesday, September 4th. They now have a $96.00 price target on the stock, down previously from $102.00. Separately, analysts at Citigroup Inc. downgraded shares of Ameriprise Financial (NYSE:AMP) from a “buy” rating to a “neutral” rating in a research note to investors on Monday, August 5th. They now have a $97.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Goldman Sachs Group Inc. raised their price target on shares of Ameriprise Financial (NYSE:AMP) to $100.00 in a research note to investors on Thursday, July 25th. They now have a “buy” rating on the stock.
Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Ameriprise Financial presently has an average rating of “Buy” and an average price target of $93.70.
In other Ameriprise Financial news, CMO Kim Michelle Sharan sold 3,546 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $90.71, for a total transaction of $321,657.66. Following the sale, the chief marketing officer now directly owns 29,486 shares in the company. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Ameriprise Financial, Inc (NYSE:AMP) is a holding company primarily engaged in business through its subsidiaries.
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