Ameriprise Financial Services Inc. (AMP) Stock Rating Upgraded by Zacks Investment Research
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 Thursday.
According to Zacks, “Estimates have been stable ahead of Ameriprise’s third-quarter 2016 earnings release. Notably, the company has a positive record of earnings surprises in recent quarters. Further, the company'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. 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. In addition, 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.”
AMP has been the subject of a number of other research reports. Evercore ISI began coverage on shares of Ameriprise Financial Services in a research note on Wednesday, July 6th. They issued a “buy” rating and a $110.00 price objective for the company. Royal Bank Of Canada cut shares of Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $121.00 to $98.00 in a research note on Monday, July 25th. Deutsche Bank AG increased 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. Credit Suisse Group AG started coverage on shares of Ameriprise Financial Services in a research report on Friday, October 7th. They set a “neutral” rating and a $116.00 target price for the company. Finally, UBS AG reiterated a “buy” rating and set a $120.00 target price (down previously from $125.00) on shares of Ameriprise Financial Services in a research report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Ameriprise Financial Services presently has a consensus rating of “Hold” and a consensus target price of $112.00.
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Shares of Ameriprise Financial Services (NYSE:AMP) traded down 1.39% during mid-day trading on Thursday, hitting $98.70. 706,202 shares of the stock were exchanged. The company’s 50-day moving average is $100.02 and its 200-day moving average is $96.94. The firm has a market cap of $15.93 billion, a price-to-earnings ratio of 11.98 and a beta of 1.64. Ameriprise Financial Services has a 1-year low of $76.00 and a 1-year high of $120.29.
Ameriprise Financial Services (NYSE:AMP) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business earned $2.87 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the prior year, the company posted $2.33 EPS. The company’s quarterly revenue was down 8.2% compared to the same quarter last year. Equities research analysts anticipate that Ameriprise Financial Services will post $9.27 earnings per share for the current fiscal year.
In related news, EVP Randy Kupper sold 5,686 shares of Ameriprise Financial Services stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $96.91, for a total transaction of $551,030.26. Following the transaction, the executive vice president now owns 26,964 shares of the company’s stock, valued at approximately $2,613,081.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Carl Junek sold 4,683 shares of Ameriprise Financial Services stock in a transaction that occurred on Wednesday, September 7th. The stock was 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 in the company, valued at approximately $3,787,929.80. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Euclid Advisors LLC purchased a new position in Ameriprise Financial Services during the second quarter valued at $103,000. Bessemer Group Inc. raised its position in Ameriprise Financial Services by 142.4% in the first quarter. Bessemer Group Inc. now owns 1,115 shares of the company’s stock valued at $105,000 after buying an additional 655 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Ameriprise Financial Services during the second quarter valued at $108,000. Tower Research Capital LLC TRC purchased a new position in Ameriprise Financial Services during the second quarter valued at $160,000. Finally, Bristlecone Advisors LLC purchased a new position in Ameriprise Financial Services during the third quarter valued at $205,000. 80.01% of the stock is currently owned by institutional investors and hedge funds.
Ameriprise Financial Services Company Profile
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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