Ameriprise Financial Given “Overweight” Rating at Morgan Stanley (AMP)
Ameriprise Financial (NYSE:AMP)‘s stock had its “overweight” rating reaffirmed by Morgan Stanley in a research note issued on Wednesday. They currently have a $134.00 target price on the stock, down from their previous target price of $138.00. Morgan Stanley’s target price would indicate a potential upside of 10.89% from the company’s current price.
The analysts wrote, “We view Ameriprise as an attractive accumulation story, with expanding margins and substantial capital management, which together are expected to lead to further solid EPS growth. “This quarter’s results generally supported this thesis, with further growth in advice and wealth management margins driving earnings ahead of expectations, while share buybacks also came in above plan. That said, results elsewhere including some challenges, including unfavorable CATs in their property casualty business, modest deterioration in the core asset management margin, and continued flow challenges. Further, given the relatively strong performance of the stock heading into the result, we would tend to expect a somewhat muted reaction to the EPS beat. That said, longer‐term, we continue to believe the stock the has one of the more attractive risk‐reward profiles among the life and annuity players, leading us to reiterate our Overweight rating.”
Several other analysts have also recently commented on the stock. Analysts at RBC Capital raised their price target on shares of Ameriprise Financial from $123.00 to $132.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at Sterne Agee reiterated a “neutral” rating on shares of Ameriprise Financial in a research note on Thursday, July 17th. They now have a $128.00 price target on the stock, up previously from $126.00. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ameriprise Financial in a research note on Wednesday, July 9th. They now have a $125.00 price target on the stock, up previously from $120.00. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Ameriprise Financial presently has a consensus rating of “Hold” and an average target price of $123.30.
Ameriprise Financial (NYSE:AMP) traded up 2.41% during mid-day trading on Wednesday, hitting $123.75. The stock had a trading volume of 265,672 shares. Ameriprise Financial has a 52 week low of $85.24 and a 52 week high of $123.30. The stock has a 50-day moving average of $120.1 and a 200-day moving average of $112.0. The company has a market cap of $23.498 billion and a price-to-earnings ratio of 17.59.
Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.07. The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $3.03 billion. During the same quarter in the previous year, the company posted $1.69 earnings per share. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts expect that Ameriprise Financial will post $8.28 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 22nd. Stockholders of record on Monday, August 11th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 1.92%.
Ameriprise Financial, Inc (NYSE:AMP) is a holding company primarily engaged in business through its subsidiaries.
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