Ameriprise Financial Services Inc. (NYSE:AMP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report 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.”
A number of other equities analysts also recently weighed in on the stock. Deutsche Bank AG decreased their target price on shares of Ameriprise Financial Services from $122.00 to $106.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. Evercore ISI started coverage on shares of Ameriprise Financial Services in a research note on Wednesday, July 6th. They set a “buy” rating and a $110.00 target price for the company. UBS AG reaffirmed a “buy” rating and set a $120.00 target price (down previously from $125.00) on shares of Ameriprise Financial Services in a research note on Wednesday, June 29th. Morgan Stanley reaffirmed a “buy” rating and set a $120.00 target price on shares of Ameriprise Financial Services in a research note on Thursday, July 28th. Finally, RBC Capital Markets downgraded shares of Ameriprise Financial Services from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $121.00 to $98.00 in a research note on Monday, July 25th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $113.08.
Ameriprise Financial Services (NYSE:AMP) opened at 100.89 on Wednesday. Ameriprise Financial Services has a 12 month low of $76.00 and a 12 month high of $120.29. The company’s 50-day moving average price is $98.52 and its 200 day moving average price is $96.08. The firm has a market capitalization of $16.29 billion, a PE ratio of 12.24 and a beta of 1.66.
Ameriprise Financial Services (NYSE:AMP) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.26 by $0.03. Ameriprise Financial Services had a return on equity of 20.72% and a net margin of 12.50%. The company earned $2.87 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same period in the previous year, the company earned $2.33 earnings per share. Ameriprise Financial Services’s quarterly revenue was down 8.2% on a year-over-year basis. On average, equities research analysts predict that Ameriprise Financial Services will post $9.27 earnings per share for the current year.
In other news, EVP Randy Kupper sold 5,686 shares of Ameriprise Financial Services stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $96.91, for a total transaction of $551,030.26. Following the transaction, the executive vice president now owns 26,964 shares in the company, valued at approximately $2,613,081.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lon R. Greenberg purchased 3,900 shares of the company’s stock in a transaction dated Wednesday, June 29th. The shares were acquired at an average price of $88.18 per share, for a total transaction of $343,902.00. Following the purchase, the director now directly owns 8,000 shares in the company, valued at $705,440. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Euclid Advisors LLC acquired a new position in shares of Ameriprise Financial Services during the second quarter valued at $103,000. Bessemer Group Inc. boosted its position in shares of Ameriprise Financial Services by 142.4% in the first quarter. Bessemer Group Inc. now owns 1,115 shares of the company’s stock valued at $105,000 after buying an additional 655 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Ameriprise Financial Services during the second quarter valued at $108,000. Tower Research Capital LLC TRC acquired a new position in shares of Ameriprise Financial Services during the second quarter valued at $160,000. Finally, FDO Partners LLC acquired a new position in shares of Ameriprise Financial Services during the first quarter valued at $200,000. Institutional investors and hedge funds own 80.01% of the company’s stock.
Ameriprise Financial Services Company Profile
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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