Raymond James Upgrades Ameriprise Financial (NYSE:AMP) to “Strong-Buy”

Ameriprise Financial (NYSE:AMP) was upgraded by investment analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a report issued on Monday, MarketBeat reports. The brokerage currently has a $518.00 price target on the financial services provider’s stock. Raymond James’ price target suggests a potential upside of 21.71% from the company’s previous close.

A number of other equities analysts have also recently issued reports on AMP. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $560.00 to $570.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $580.00 to $570.00 in a report on Monday, January 6th. Morgan Stanley boosted their price objective on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 4th. Piper Sandler increased their target price on Ameriprise Financial from $415.00 to $442.00 and gave the company an “underweight” rating in a research note on Friday, January 31st. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $625.00 price target on shares of Ameriprise Financial in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $515.20.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $425.61 on Monday. The company has a 50 day simple moving average of $506.87 and a two-hundred day simple moving average of $523.32. Ameriprise Financial has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a market capitalization of $40.91 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.15 and a beta of 1.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.59 and a current ratio of 0.59.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share for the quarter, beating analysts’ consensus estimates of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.35% and a net margin of 19.70%. Analysts expect that Ameriprise Financial will post 38.64 EPS for the current fiscal year.

Insider Buying and Selling at Ameriprise Financial

In other news, CEO William F. Truscott sold 6,000 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $540.29, for a total transaction of $3,241,740.00. Following the completion of the sale, the chief executive officer now owns 14,023 shares of the company’s stock, valued at $7,576,486.67. The trade was a 29.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Francis Sharpe, Jr. sold 1,000 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $523.12, for a total value of $523,120.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $5,231,200. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,636 shares of company stock worth $6,263,989 in the last three months. 0.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. TCTC Holdings LLC purchased a new position in Ameriprise Financial during the fourth quarter valued at approximately $26,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ameriprise Financial during the 4th quarter valued at $26,000. Whipplewood Advisors LLC bought a new position in Ameriprise Financial in the 4th quarter worth $28,000. Rialto Wealth Management LLC bought a new stake in Ameriprise Financial during the fourth quarter valued at about $28,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in shares of Ameriprise Financial in the fourth quarter valued at about $30,000. 83.95% of the stock is currently owned by institutional investors.

Ameriprise Financial Company Profile

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.