Ameriprise Financial Services, Inc. (AMP) Rating Lowered to Hold at Zacks Investment Research
Ameriprise Financial Services, Inc. (NYSE:AMP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Shares of Ameriprise have outperformed the industry in the last year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company remains well positioned to grow through strategic acquisitions, given its strong liquidity position. Notably, in sync with its plans of expanding products and services, the company completed the acquisition of Investment Professionals, Inc. in July. Its efforts toward modifying product and service-offering capacity are expected to further support top-line growth. However, increasing expenses (mostly due to advertising campaign and technology upgrades) are likely to curb profitability growth. Also, elevated levels of outflows in the Asset Management segment is expected to hurt the company’s financials in the near term.”
Several other brokerages have also commented on AMP. BidaskClub raised Ameriprise Financial Services from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 4th. Citigroup Inc. set a $166.00 price target on Ameriprise Financial Services and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada set a $149.00 price target on Ameriprise Financial Services and gave the company a “sector perform” rating in a research note on Wednesday, July 26th. Morgan Stanley upped their price target on Ameriprise Financial Services from $148.00 to $152.00 and gave the company an “overweight” rating in a research note on Wednesday, July 26th. Finally, Barclays PLC upped their price target on Ameriprise Financial Services from $130.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $146.87.
Ameriprise Financial Services (NYSE AMP) traded up 0.61% during mid-day trading on Friday, hitting $139.86. The stock had a trading volume of 1,808,220 shares. The firm’s 50-day moving average price is $140.81 and its 200 day moving average price is $131.98. The company has a market cap of $20.97 billion, a PE ratio of 16.02 and a beta of 1.86. Ameriprise Financial Services has a one year low of $86.25 and a one year high of $149.99.
Ameriprise Financial Services (NYSE:AMP) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $2.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.62 by $0.18. Ameriprise Financial Services had a return on equity of 26.54% and a net margin of 11.81%. The business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the prior year, the company posted $2.23 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts anticipate that Ameriprise Financial Services will post $11.29 EPS for the current year.
In related news, Chairman James M. Cracchiolo sold 13,418 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $146.25, for a total transaction of $1,962,382.50. Following the transaction, the chairman now owns 283,891 shares of the company’s stock, valued at approximately $41,519,058.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Randy Kupper sold 2,987 shares of the stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $130.24, for a total value of $389,026.88. Following the transaction, the executive vice president now directly owns 30,969 shares in the company, valued at approximately $4,033,402.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,966 shares of company stock worth $26,868,153. 1.50% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in Ameriprise Financial Services by 0.7% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 834 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares in the last quarter. Parallel Advisors LLC raised its position in Ameriprise Financial Services by 17.5% in the 2nd quarter. Parallel Advisors LLC now owns 777 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 116 shares in the last quarter. IHT Wealth Management LLC raised its position in Ameriprise Financial Services by 284.0% in the 2nd quarter. IHT Wealth Management LLC now owns 311 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 230 shares in the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in Ameriprise Financial Services in the 1st quarter valued at about $124,000. Finally, Sun Life Financial INC raised its position in Ameriprise Financial Services by 10,100.0% in the 2nd quarter. Sun Life Financial INC now owns 1,122 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 1,111 shares in the last quarter. 79.55% of the stock is currently owned by institutional investors.
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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