Ameriprise Financial Services Inc. (NYSE:AMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Ameriprise’s modification of its product and service-offering capacity to keep pace with the dynamic market needs is expected to support the top line growth in the quarters ahead. Further, the company will continue to enhance shareholder value, given its strong balance sheet position and capital flexibility. Also, the company’s inorganic growth strategy will further aid its profitability in the near term. However, the company’s fixed interest costs and claims continue to remain at high levels and thus it needs to put in more efforts to offset the continued pressure on fee and asset growth. Also, continued equity market volatility and outflows in the Asset Management segment as well as elevated expenses will likely hurt the company’s financials in the near term.”

A number of other brokerages have also recently issued reports on AMP. Deutsche Bank AG lifted their target price on shares of Ameriprise Financial Services from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Morgan Stanley restated a “buy” rating and set a $120.00 target price on shares of Ameriprise Financial Services in a research report on Thursday, July 28th. Royal Bank Of Canada cut shares of Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $121.00 to $98.00 in a research report on Monday, July 25th. RBC Capital Markets cut shares of Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $121.00 to $98.00 in a research report on Monday, July 25th. Finally, Evercore ISI began coverage on shares of Ameriprise Financial Services in a research report on Wednesday, July 6th. They set a “buy” rating and a $110.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $113.08.

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Shares of Ameriprise Financial Services (NYSE:AMP) opened at 99.37 on Wednesday. The company’s 50-day moving average is $98.12 and its 200 day moving average is $96.01. The stock has a market cap of $16.04 billion, a PE ratio of 12.06 and a beta of 1.66. Ameriprise Financial Services has a 52 week low of $76.00 and a 52 week high of $120.29.

Ameriprise Financial Services (NYSE:AMP) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.26 by $0.03. Ameriprise Financial Services had a net margin of 12.50% and a return on equity of 20.72%. The company earned $2.87 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter last year, the business earned $2.33 EPS. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. Analysts forecast that Ameriprise Financial Services will post $9.32 earnings per share for the current fiscal year.

In other Ameriprise Financial Services news, VP John Carl Junek sold 4,683 shares of Ameriprise Financial Services stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $100.30, for a total transaction of $469,704.90. Following the transaction, the vice president now directly owns 37,766 shares of the company’s stock, valued at $3,787,929.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John Robert Woerner sold 4,513 shares of Ameriprise Financial Services stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $100.71, for a total transaction of $454,504.23. Following the transaction, the insider now directly owns 39,443 shares in the company, valued at $3,972,304.53. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Ameriprise Financial Services by 6.4% in the second quarter. Vanguard Group Inc. now owns 12,256,414 shares of the company’s stock worth $1,101,239,000 after buying an additional 731,863 shares during the period. LSV Asset Management boosted its position in shares of Ameriprise Financial Services by 2.0% in the second quarter. LSV Asset Management now owns 2,719,696 shares of the company’s stock worth $244,364,000 after buying an additional 54,426 shares during the period. BlackRock Fund Advisors boosted its position in shares of Ameriprise Financial Services by 0.3% in the second quarter. BlackRock Fund Advisors now owns 2,688,061 shares of the company’s stock worth $241,522,000 after buying an additional 7,051 shares during the period. Bank of Montreal Can acquired a new position in shares of Ameriprise Financial Services during the second quarter worth $236,917,000. Finally, Aristotle Capital Management LLC acquired a new position in shares of Ameriprise Financial Services during the second quarter worth $203,871,000. 80.01% of the stock is currently owned by hedge funds and other institutional investors.

About Ameriprise Financial Services

Ameriprise Financial, Inc is a diversified financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Advice & Wealth Management segment provides financial planning and advice, as well as brokerage services, primarily to retail clients through advisors.

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