Ameriprise Financial Services Inc. (AMP) Upgraded at Zacks Investment Research
Ameriprise Financial Services Inc. (NYSE:AMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Ameriprise’s modification of its product and service-offering capacity to keep pace with the dynamic market needs is expected to support the top line growth in the quarters ahead. Further, the company will continue to enhance shareholder value, given its strong balance sheet position and capital flexibility. Also, the company’s inorganic growth strategy will further aid its profitability in the near term. However, the company’s fixed interest costs and claims continue to remain at high levels and thus it needs to put in more efforts to offset the continued pressure on fee and asset growth. Also, continued equity market volatility and outflows in the Asset Management segment as well as elevated expenses will likely hurt the company’s financials in the near term.”
Several other research analysts have also issued reports on the stock. Deutsche Bank AG lowered their price target on shares of Ameriprise Financial Services from $122.00 to $106.00 and set a “buy” rating for the company in a report on Thursday, July 7th. Evercore ISI assumed coverage on shares of Ameriprise Financial Services in a report on Wednesday, July 6th. They set a “buy” rating and a $110.00 price target for the company. UBS AG restated a “buy” rating and set a $120.00 price target (down previously from $125.00) on shares of Ameriprise Financial Services in a report on Wednesday, June 29th. Morgan Stanley restated a “buy” rating and set a $120.00 price target on shares of Ameriprise Financial Services in a report on Thursday, July 28th. Finally, RBC Capital Markets lowered shares of Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $121.00 to $98.00 in a report on Monday, July 25th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $113.08.
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Shares of Ameriprise Financial Services (NYSE:AMP) opened at 99.37 on Wednesday. The company has a market cap of $16.04 billion, a price-to-earnings ratio of 12.06 and a beta of 1.66. Ameriprise Financial Services has a 12 month low of $76.00 and a 12 month high of $120.29. The stock has a 50 day moving average of $98.12 and a 200-day moving average of $96.01.
Ameriprise Financial Services (NYSE:AMP) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.26 by $0.03. The business earned $2.87 billion during the quarter, compared to the consensus estimate of $2.90 billion. Ameriprise Financial Services had a net margin of 12.50% and a return on equity of 20.72%. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.33 EPS. On average, analysts forecast that Ameriprise Financial Services will post $9.32 EPS for the current year.
In other news, Director Lon R. Greenberg acquired 3,900 shares of the business’s stock in a transaction on Wednesday, June 29th. The shares were purchased at an average cost of $88.18 per share, with a total value of $343,902.00. Following the acquisition, the director now directly owns 8,000 shares of the company’s stock, valued at $705,440. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Randy Kupper sold 5,686 shares of Ameriprise Financial Services stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $96.91, for a total transaction of $551,030.26. Following the transaction, the executive vice president now directly owns 26,964 shares in the company, valued at $2,613,081.24. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. Euclid Advisors LLC purchased a new position in Ameriprise Financial Services during the second quarter worth about $103,000. Bessemer Group Inc. increased its position in Ameriprise Financial Services by 142.4% in the first quarter. Bessemer Group Inc. now owns 1,115 shares of the company’s stock worth $105,000 after buying an additional 655 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Ameriprise Financial Services during the second quarter worth about $108,000. Tower Research Capital LLC TRC purchased a new position in Ameriprise Financial Services during the second quarter worth about $160,000. Finally, FDO Partners LLC purchased a new position in Ameriprise Financial Services during the first quarter worth about $200,000. 80.01% of the stock is currently owned by hedge funds and other institutional investors.
About Ameriprise Financial Services
Ameriprise Financial, Inc is a diversified 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 Advice & Wealth Management segment provides financial planning and advice, as well as brokerage services, primarily to retail clients through advisors.
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