Ameriprise Financial Services, Inc. (AMP) Given New $152.00 Price Target at Morgan Stanley
Ameriprise Financial Services, Inc. (NYSE:AMP) had its price objective lifted by equities researchers at Morgan Stanley from $148.00 to $152.00 in a report released on Wednesday. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 5.08% from the company’s previous close.
AMP has been the subject of a number of other research reports. Deutsche Bank AG reaffirmed a “hold” rating and issued a $140.00 target price (up previously from $137.00) on shares of Ameriprise Financial Services in a report on Thursday, April 20th. BidaskClub raised Ameriprise Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Zacks Investment Research raised Ameriprise Financial Services from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Monday, April 10th. Barclays PLC reaffirmed an “equal weight” rating and issued a $130.00 target price (up previously from $127.00) on shares of Ameriprise Financial Services in a report on Tuesday, April 25th. Finally, Royal Bank Of Canada began coverage on Ameriprise Financial Services in a report on Thursday, June 29th. They issued a “sector perform” rating and a $135.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $137.68.
Shares of Ameriprise Financial Services (NYSE AMP) traded up 4.18% during mid-day trading on Wednesday, reaching $144.65. The company had a trading volume of 2,653,441 shares. Ameriprise Financial Services has a 52-week low of $86.25 and a 52-week high of $145.88. The company has a market cap of $22.05 billion, a price-to-earnings ratio of 17.55 and a beta of 1.84. The firm’s 50-day moving average price is $129.72 and its 200 day moving average price is $126.54.
Ameriprise Financial Services (NYSE:AMP) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.18. Ameriprise Financial Services had a return on equity of 24.75% and a net margin of 11.44%. The business had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same quarter in the prior year, the firm earned $2.23 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts expect that Ameriprise Financial Services will post $10.88 EPS for the current year.
Ameriprise Financial Services announced that its Board of Directors has authorized a stock repurchase plan on Monday, April 24th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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In other news, VP Kelli A. Hunter sold 943 shares of the stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $128.80, for a total value of $121,458.40. Following the completion of the sale, the vice president now owns 39,919 shares of the company’s stock, valued at $5,141,567.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Randy Kupper sold 2,987 shares of the stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $130.24, for a total value of $389,026.88. Following the completion of the sale, the executive vice president now directly owns 30,969 shares of the company’s stock, valued at approximately $4,033,402.56. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in AMP. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Ameriprise Financial Services by 0.5% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 828 shares of the financial services provider’s stock valued at $108,000 after buying an additional 4 shares in the last quarter. Dubuque Bank & Trust Co. boosted its stake in Ameriprise Financial Services by 2.4% in the first quarter. Dubuque Bank & Trust Co. now owns 954 shares of the financial services provider’s stock valued at $124,000 after buying an additional 22 shares in the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in Ameriprise Financial Services during the first quarter valued at approximately $124,000. State of Alaska Department of Revenue acquired a new stake in Ameriprise Financial Services during the first quarter valued at approximately $125,000. Finally, Meeder Asset Management Inc. acquired a new stake in Ameriprise Financial Services during the first quarter valued at approximately $149,000. 80.72% of the stock is owned by institutional investors and hedge funds.
About Ameriprise Financial Services
Ameriprise Financial, Inc is a 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 Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.
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