Royal Bank of Canada Boosts Ameriprise Financial (NYSE:AMP) Price Target to $480.00

Ameriprise Financial (NYSE:AMP) had its price objective hoisted by Royal Bank of Canada from $470.00 to $480.00 in a research note released on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. Piper Sandler lifted their target price on Ameriprise Financial from $360.00 to $392.00 and gave the company an underweight rating in a research report on Friday, April 5th. Evercore ISI boosted their price target on Ameriprise Financial from $400.00 to $445.00 and gave the stock an in-line rating in a research report on Thursday, April 11th. UBS Group lifted their target price on Ameriprise Financial from $440.00 to $445.00 and gave the stock a buy rating in a research note on Thursday, January 25th. The Goldman Sachs Group boosted their price target on Ameriprise Financial from $437.00 to $488.00 and gave the company a buy rating in a research note on Wednesday, March 27th. Finally, Raymond James initiated coverage on Ameriprise Financial in a research note on Thursday, March 21st. They issued a market perform rating for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial has an average rating of Hold and a consensus price target of $449.57.

Ameriprise Financial Price Performance

Shares of AMP opened at $409.81 on Wednesday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.13. Ameriprise Financial has a 1 year low of $279.85 and a 1 year high of $440.67. The stock has a market cap of $41.06 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 0.68 and a beta of 1.36. The stock’s 50-day moving average price is $418.65 and its two-hundred day moving average price is $380.77.

Ameriprise Financial (NYSE:AMP) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.29. Ameriprise Financial had a return on equity of 75.97% and a net margin of 19.42%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the previous year, the business posted $7.25 EPS. Ameriprise Financial’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts predict that Ameriprise Financial will post 34.58 earnings per share for the current year.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.44%. This is an increase from Ameriprise Financial’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Friday, May 3rd. Ameriprise Financial’s dividend payout ratio is presently 20.15%.

Insider Transactions at Ameriprise Financial

In other news, insider Gumer Alvero sold 1,652 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $437.00, for a total transaction of $721,924.00. Following the completion of the transaction, the insider now owns 6,994 shares of the company’s stock, valued at approximately $3,056,378. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Ameriprise Financial news, SVP Dawn M. Brockman sold 224 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $434.13, for a total value of $97,245.12. Following the completion of the transaction, the senior vice president now owns 1,288 shares of the company’s stock, valued at approximately $559,159.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Gumer Alvero sold 1,652 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $437.00, for a total value of $721,924.00. Following the completion of the transaction, the insider now directly owns 6,994 shares of the company’s stock, valued at approximately $3,056,378. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,472 shares of company stock valued at $31,779,805. Corporate insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. K.J. Harrison & Partners Inc acquired a new position in Ameriprise Financial in the 1st quarter worth about $3,508,000. Pinnacle Associates Ltd. increased its stake in shares of Ameriprise Financial by 26.3% in the first quarter. Pinnacle Associates Ltd. now owns 1,445 shares of the financial services provider’s stock valued at $633,000 after buying an additional 301 shares during the period. YHB Investment Advisors Inc. acquired a new stake in shares of Ameriprise Financial in the first quarter valued at about $214,000. SYSTM Wealth Solutions LLC increased its stake in shares of Ameriprise Financial by 12.0% in the first quarter. SYSTM Wealth Solutions LLC now owns 15,329 shares of the financial services provider’s stock valued at $6,721,000 after buying an additional 1,646 shares during the period. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Ameriprise Financial in the first quarter valued at about $1,363,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

About Ameriprise Financial

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.