Zacks Investment Research Upgrades Ameriprise Financial Services, Inc. (AMP) to Buy
Ameriprise Financial Services, Inc. (NYSE:AMP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $167.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.43% from the company’s current price.
According to Zacks, “Shares of Ameriprise have outperformed the industry in the last three months. 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. In sync with its plans of expanding products and services, the company acquired Investment Professionals, Inc. in July. Further, the company’s discipline in financial planning and strengths in product development will continue supporting top line growth. However, increasing expenses and elevated levels of outflows in the Asset Management segment are expected to hurt the company’s financials in the near term.”
A number of other brokerages also recently issued reports on AMP. Morgan Stanley boosted their price target on Ameriprise Financial Services from $152.00 to $162.00 and gave the company an “overweight” rating in a report on Thursday. Barclays PLC restated an “equal weight” rating on shares of Ameriprise Financial Services in a report on Monday. BidaskClub upgraded Ameriprise Financial Services from a “buy” rating to a “strong-buy” rating in a report 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 report on Wednesday, August 2nd. Finally, Royal Bank Of Canada set a $149.00 price target on Ameriprise Financial Services and gave the company a “sector perform” rating in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $149.31.
Shares of Ameriprise Financial Services (NYSE:AMP) traded up 0.19% during midday trading on Thursday, hitting $150.15. 211,542 shares of the stock were exchanged. Ameriprise Financial Services has a 12 month low of $86.25 and a 12 month high of $151.51. The stock has a market cap of $22.51 billion, a price-to-earnings ratio of 17.20 and a beta of 1.88. The firm’s 50-day moving average is $140.51 and its 200-day moving average is $133.22.
Ameriprise Financial Services (NYSE:AMP) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter in the previous year, the business earned $2.23 EPS. Ameriprise Financial Services’s revenue was up 3.3% compared to the same quarter last year. Equities research analysts predict that Ameriprise Financial Services will post $11.28 earnings per share for the current year.
In other Ameriprise Financial Services news, CEO William F. Truscott sold 19,768 shares of Ameriprise Financial Services stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $144.43, for a total transaction of $2,855,092.24. Following the sale, the chief executive officer now directly owns 70,693 shares of the company’s stock, valued at approximately $10,210,189.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman James M. Cracchiolo sold 97,545 shares of Ameriprise Financial Services stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $144.67, for a total value of $14,111,835.15. Following the sale, the chairman now directly owns 474,139 shares in the company, valued at $68,593,689.13. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 182,979 shares of company stock worth $26,479,126. Insiders own 1.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of AMP. BlackRock Inc. boosted its position in Ameriprise Financial Services by 1,709.0% during the 1st quarter. BlackRock Inc. now owns 10,640,305 shares of the financial services provider’s stock valued at $1,379,836,000 after acquiring an additional 10,052,130 shares in the last quarter. FMR LLC boosted its position in Ameriprise Financial Services by 115.7% during the 1st quarter. FMR LLC now owns 918,638 shares of the financial services provider’s stock valued at $119,130,000 after acquiring an additional 492,785 shares in the last quarter. Vanguard Group Inc. boosted its position in Ameriprise Financial Services by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 12,744,678 shares of the financial services provider’s stock valued at $1,622,270,000 after acquiring an additional 340,206 shares in the last quarter. American Century Companies Inc. boosted its position in Ameriprise Financial Services by 21.6% during the 2nd quarter. American Century Companies Inc. now owns 1,905,436 shares of the financial services provider’s stock valued at $242,543,000 after acquiring an additional 338,452 shares in the last quarter. Finally, Samlyn Capital LLC boosted its position in Ameriprise Financial Services by 238.1% during the 2nd quarter. Samlyn Capital LLC now owns 413,106 shares of the financial services provider’s stock valued at $52,584,000 after acquiring an additional 290,921 shares in the last quarter. 79.39% of the stock is currently owned by institutional investors and hedge funds.
Ameriprise Financial Services Company Profile
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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