Morgan Stanley Cuts Ameriprise Financial (NYSE:AMP) Price Target to $330.00

Ameriprise Financial (NYSE:AMP – Get Rating) had its price objective cut by analysts at Morgan Stanley from $335.00 to $330.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target suggests a potential upside of 17.45% from the stock’s current price.

Several other analysts also recently commented on AMP. The Goldman Sachs Group increased their target price on shares of Ameriprise Financial from $350.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, January 4th. Zacks Investment Research cut shares of Ameriprise Financial from a “buy” rating to a “hold” rating and set a $316.00 price target on the stock. in a report on Wednesday, April 6th. Piper Sandler lowered Ameriprise Financial from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $325.00 to $310.00 in a research note on Wednesday, April 6th. StockNews.com started coverage on Ameriprise Financial in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Jefferies Financial Group upped their price objective on shares of Ameriprise Financial from $325.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, April 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $338.09.

AMP stock opened at $280.96 on Tuesday. The stock has a market capitalization of $31.07 billion, a P/E ratio of 12.18 and a beta of 1.51. The business has a 50-day moving average of $293.23 and a 200-day moving average of $299.63. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.02 and a quick ratio of 1.02. Ameriprise Financial has a fifty-two week low of $236.35 and a fifty-two week high of $332.37.

Ameriprise Financial (NYSE:AMP – Get Rating) last announced its quarterly earnings data on Monday, April 25th. The financial services provider reported $5.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.88 by $0.10. The business had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Ameriprise Financial had a net margin of 20.55% and a return on equity of 48.36%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm posted $5.43 earnings per share. Equities analysts expect that Ameriprise Financial will post 25.56 EPS for the current year.

Ameriprise Financial announced that its board has approved a share repurchase program on Wednesday, January 26th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 8.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In other Ameriprise Financial news, VP Karen Wilson Thissen sold 6,444 shares of Ameriprise Financial stock in a transaction on Friday, February 11th. The shares were sold at an average price of $313.88, for a total value of $2,022,642.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William F. Truscott sold 16,000 shares of the stock in a transaction that occurred on Monday, February 14th. The stock was sold at an average price of $305.09, for a total transaction of $4,881,440.00. The disclosure for this sale can be found here. Insiders sold a total of 103,106 shares of company stock valued at $32,258,469 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of AMP. Norges Bank acquired a new position in shares of Ameriprise Financial in the 4th quarter valued at $337,466,000. Marshall Wace LLP boosted its holdings in shares of Ameriprise Financial by 917.0% during the 4th quarter. Marshall Wace LLP now owns 679,926 shares of the financial services provider’s stock worth $205,102,000 after buying an additional 613,070 shares during the period. Bain Capital Public Equity Management II LLC acquired a new stake in shares of Ameriprise Financial in the third quarter valued at about $137,568,000. Millennium Management LLC grew its holdings in Ameriprise Financial by 85.8% in the 3rd quarter. Millennium Management LLC now owns 437,263 shares of the financial services provider’s stock valued at $115,490,000 after buying an additional 201,915 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Ameriprise Financial by 29.2% in the 4th quarter. Deutsche Bank AG now owns 886,669 shares of the financial services provider’s stock valued at $267,473,000 after purchasing an additional 200,285 shares during the period. 80.53% of the stock is owned by institutional investors.

Ameriprise Financial Company Profile (Get Rating)

Ameriprise Financial, Inc, through 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.

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