Argus Cuts Ameriprise Financial (NYSE:AMP) Price Target to $554.00

Ameriprise Financial (NYSE:AMP) had its target price reduced by stock analysts at Argus from $568.00 to $554.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Argus’ price target would suggest a potential upside of 19.01% from the company’s previous close.

A number of other analysts have also recently issued reports on the stock. Evercore ISI reduced their price objective on shares of Ameriprise Financial from $587.00 to $570.00 and set an “in-line” rating for the company in a research note on Thursday, October 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Ameriprise Financial in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods cut their price objective on Ameriprise Financial from $550.00 to $530.00 and set a “market perform” rating on the stock in a research report on Monday, November 3rd. BMO Capital Markets began coverage on shares of Ameriprise Financial in a report on Friday, October 3rd. They issued a “market perform” rating and a $525.00 price target on the stock. Finally, Royal Bank Of Canada decreased their price objective on shares of Ameriprise Financial from $601.00 to $550.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Ameriprise Financial has a consensus rating of “Hold” and a consensus target price of $533.22.

Ameriprise Financial Stock Performance

AMP stock traded down $5.04 during trading on Thursday, reaching $465.50. The stock had a trading volume of 142,585 shares, compared to its average volume of 514,225. The stock’s 50 day moving average is $481.97 and its two-hundred day moving average is $502.74. Ameriprise Financial has a 52 week low of $396.14 and a 52 week high of $582.05. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.95. The firm has a market cap of $43.25 billion, a PE ratio of 14.49, a PEG ratio of 1.07 and a beta of 1.28.

Ameriprise Financial (NYSE:AMP) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $9.92 EPS for the quarter, topping the consensus estimate of $9.76 by $0.16. The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.51 billion. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%.Ameriprise Financial’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the business posted $9.02 EPS. As a group, equities analysts anticipate that Ameriprise Financial will post 38.64 earnings per share for the current year.

Insider Buying and Selling at Ameriprise Financial

In related news, EVP Heather J. Melloh sold 1,500 shares of the company’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $512.34, for a total value of $768,510.00. Following the transaction, the executive vice president directly owned 2,562 shares of the company’s stock, valued at $1,312,615.08. This represents a 36.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William F. Truscott sold 9,929 shares of Ameriprise Financial stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $506.89, for a total value of $5,032,910.81. Following the sale, the chief executive officer directly owned 11,047 shares of the company’s stock, valued at $5,599,613.83. This trade represents a 47.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Ameriprise Financial

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Ameriprise Financial in the 2nd quarter valued at about $693,736,000. JPMorgan Chase & Co. lifted its position in shares of Ameriprise Financial by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,824,915 shares of the financial services provider’s stock valued at $2,819,900,000 after acquiring an additional 1,023,002 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Ameriprise Financial in the first quarter worth approximately $469,334,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Ameriprise Financial by 55.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,244,788 shares of the financial services provider’s stock worth $1,086,724,000 after purchasing an additional 796,925 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Ameriprise Financial by 28.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,195,703 shares of the financial services provider’s stock valued at $578,852,000 after purchasing an additional 266,631 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

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.