Zacks Investment Research upgraded shares of AMERIPRISE FINANCIAL SERVICES, INC. (NYSE:AMP) from a hold rating to a buy rating in a report released on Thursday. They currently have $156.00 price objective on the financial services provider’s stock.
According to Zacks, “Ameriprise’s shares outperformed the industry in the last one year. The company’s second-quarter 2017 earnings surpassed the Zacks Consensus Estimate. Results were aided by a rise in revenues and lower expenses. 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. on July 1. Moreover, 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) and elevated levels of outflows in the Asset Management segment are expected to hurt the company’s financials in the near term.”
AMP has been the topic of a number of other reports. Deutsche Bank AG reaffirmed a hold rating and set a $140.00 price objective (up from $137.00) on shares of AMERIPRISE FINANCIAL SERVICES, INC. in a research note on Thursday, April 20th. BidaskClub raised AMERIPRISE FINANCIAL SERVICES, INC. from a sell rating to a hold rating in a research note on Tuesday, June 20th. Barclays PLC reaffirmed an equal weight rating and set a $130.00 price objective (up from $127.00) on shares of AMERIPRISE FINANCIAL SERVICES, INC. in a research note on Tuesday, April 25th. Morgan Stanley raised their price objective on AMERIPRISE FINANCIAL SERVICES, INC. from $148.00 to $152.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Royal Bank Of Canada assumed coverage on AMERIPRISE FINANCIAL SERVICES, INC. in a research note on Thursday, June 29th. They set a sector perform rating and a $135.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $142.64.
AMERIPRISE FINANCIAL SERVICES, INC. (AMP) opened at 144.45 on Thursday. The firm has a market capitalization of $21.71 billion, a P/E ratio of 16.54 and a beta of 1.84. The firm’s 50-day moving average price is $132.07 and its 200 day moving average price is $127.17. AMERIPRISE FINANCIAL SERVICES, INC. has a one year low of $86.25 and a one year high of $145.88.
AMERIPRISE FINANCIAL SERVICES, INC. (NYSE:AMP) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.62 by $0.18. AMERIPRISE FINANCIAL SERVICES, INC. had a return on equity of 26.54% and a net margin of 11.81%. The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.90 billion. During the same period last year, the firm earned $2.23 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities analysts anticipate that AMERIPRISE FINANCIAL SERVICES, INC. will post $11.29 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $3.32 annualized dividend and a dividend yield of 2.30%. AMERIPRISE FINANCIAL SERVICES, INC.’s payout ratio is presently 37.81%.
AMERIPRISE FINANCIAL SERVICES, INC. announced that its board has initiated a stock buyback program on Monday, April 24th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, VP Kelli A. Hunter sold 943 shares of the firm’s 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 sale, the vice president now directly owns 39,919 shares of the company’s stock, valued at $5,141,567.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Randy Kupper sold 2,987 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 30,969 shares in the company, valued at $4,033,402.56. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in AMERIPRISE FINANCIAL SERVICES, INC. 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 during the last quarter. Dubuque Bank & Trust Co. boosted its stake in AMERIPRISE FINANCIAL SERVICES, INC. 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 during the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in AMERIPRISE FINANCIAL SERVICES, INC. during the first quarter valued at about $124,000. State of Alaska Department of Revenue acquired a new stake in AMERIPRISE FINANCIAL SERVICES, INC. during the first quarter valued at about $125,000. Finally, Meeder Asset Management Inc. acquired a new stake in AMERIPRISE FINANCIAL SERVICES, INC. during the first quarter valued at about $149,000. 80.72% of the stock is currently owned by institutional investors.
AMERIPRISE FINANCIAL SERVICES, INC. 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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