Ameriprise Financial Services, Inc. (NYSE:AMP) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Ameriprise Financial Services, Inc. (NYSE:AMP) from a hold rating to a buy rating in a research note released on Wednesday morning.

AMP has been the subject of a number of other reports. Deutsche Bank AG reiterated a hold rating and issued a $140.00 price target (up from $137.00) on shares of Ameriprise Financial Services in a research note on Thursday, April 20th. Zacks Investment Research raised Ameriprise Financial Services from a hold rating to a buy rating and set a $145.00 target price for the company in a research report on Monday, April 10th. Barclays PLC reaffirmed an equal weight rating and set a $130.00 target price (up from $127.00) on shares of Ameriprise Financial Services in a research report on Tuesday, April 25th. Royal Bank Of Canada began coverage on Ameriprise Financial Services in a research report on Thursday, June 29th. They issued a sector perform rating and a $135.00 price objective for the company. Finally, SunTrust Banks, Inc. reissued a hold rating and issued a $127.00 price objective (up from $124.00) on shares of Ameriprise Financial Services in a research report on Wednesday, April 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Ameriprise Financial Services has an average rating of Hold and an average price target of $134.48.

Shares of Ameriprise Financial Services (AMP) opened at 134.72 on Wednesday. The stock has a market capitalization of $20.54 billion, a P/E ratio of 16.40 and a beta of 1.84. Ameriprise Financial Services has a 1-year low of $86.25 and a 1-year high of $135.63. The stock’s 50 day moving average price is $125.63 and its 200-day moving average price is $124.06.

Ameriprise Financial Services (NYSE:AMP) last issued its quarterly earnings results on Monday, April 24th. The financial services provider reported $2.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.52 by $0.18. The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.89 billion. Ameriprise Financial Services had a return on equity of 24.75% and a net margin of 11.44%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.17 earnings per share. Equities research analysts anticipate that Ameriprise Financial Services will post $10.88 EPS for the current fiscal year.

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Ameriprise Financial Services announced that its board has initiated a stock repurchase plan on Monday, April 24th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

In other Ameriprise Financial Services news, EVP Randy Kupper sold 2,987 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $130.24, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Kelli A. Hunter sold 943 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $128.80, for a total transaction of $121,458.40. Following the sale, the vice president now owns 39,919 shares of the company’s stock, valued at $5,141,567.20. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Hennessy Advisors Inc. purchased a new position in shares of Ameriprise Financial Services during the first quarter valued at approximately $2,230,000. HighPoint Advisor Group LLC increased its position in shares of Ameriprise Financial Services by 12.5% in the fourth quarter. HighPoint Advisor Group LLC now owns 6,232 shares of the financial services provider’s stock valued at $837,000 after buying an additional 690 shares during the period. Financial Architects Inc increased its position in shares of Ameriprise Financial Services by 68.1% in the first quarter. Financial Architects Inc now owns 1,866 shares of the financial services provider’s stock valued at $242,000 after buying an additional 756 shares during the period. Canandaigua National Bank & Trust Co. purchased a new position in shares of Ameriprise Financial Services during the first quarter valued at approximately $202,000. Finally, Granite Investment Partners LLC increased its position in shares of Ameriprise Financial Services by 10.5% in the first quarter. Granite Investment Partners LLC now owns 2,100 shares of the financial services provider’s stock valued at $272,000 after buying an additional 200 shares during the period. 80.65% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Ameriprise Financial Services (NYSE:AMP)

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