William Blair Weighs in on Ameriprise Financial, Inc.’s Q1 2024 Earnings (NYSE:AMP)

Ameriprise Financial, Inc. (NYSE:AMP) – Equities researchers at William Blair cut their Q1 2024 earnings per share estimates for shares of Ameriprise Financial in a report issued on Wednesday, April 10th. William Blair analyst J. Schmitt now expects that the financial services provider will earn $8.09 per share for the quarter, down from their prior estimate of $8.64. The consensus estimate for Ameriprise Financial’s current full-year earnings is $34.43 per share. William Blair also issued estimates for Ameriprise Financial’s Q2 2024 earnings at $8.10 EPS, Q3 2024 earnings at $8.64 EPS, Q4 2024 earnings at $8.88 EPS, FY2024 earnings at $33.70 EPS and FY2025 earnings at $37.60 EPS.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $7.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.67 by $0.08. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Ameriprise Financial had a return on equity of 77.39% and a net margin of 16.27%. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.94 EPS.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada increased their price objective on Ameriprise Financial from $410.00 to $420.00 and gave the stock an “outperform” rating in a report on Monday, January 22nd. Morgan Stanley increased their price objective on Ameriprise Financial from $400.00 to $437.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Evercore ISI raised their price target on Ameriprise Financial from $400.00 to $445.00 and gave the company an “in-line” rating in a report on Thursday. Raymond James began coverage on Ameriprise Financial in a report on Thursday, March 21st. They issued a “market perform” rating on the stock. Finally, UBS Group raised their price target on Ameriprise Financial from $440.00 to $445.00 and gave the company a “buy” rating in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $441.00.

Ameriprise Financial Stock Performance

Shares of AMP opened at $413.70 on Monday. The stock’s 50-day simple moving average is $414.84 and its 200 day simple moving average is $375.37. The stock has a market capitalization of $41.45 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 0.68 and a beta of 1.36. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.56 and a current ratio of 0.56. Ameriprise Financial has a 52-week low of $279.85 and a 52-week high of $440.67.

Ameriprise Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Friday, February 9th were paid a $1.35 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $5.40 dividend on an annualized basis and a yield of 1.31%. Ameriprise Financial’s dividend payout ratio (DPR) is currently 22.78%.

Insiders Place Their Bets

In other Ameriprise Financial news, CEO William F. Truscott sold 9,689 shares of Ameriprise Financial stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $390.22, for a total value of $3,780,841.58. Following the transaction, the chief executive officer now directly owns 12,126 shares of the company’s stock, valued at approximately $4,731,807.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Ameriprise Financial news, insider Gumer Alvero sold 1,652 shares of Ameriprise Financial stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $437.00, for a total value of $721,924.00. Following the transaction, the insider now directly owns 6,994 shares of the company’s stock, valued at approximately $3,056,378. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William F. Truscott sold 9,689 shares of Ameriprise Financial stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $390.22, for a total value of $3,780,841.58. Following the completion of the transaction, the chief executive officer now directly owns 12,126 shares in the company, valued at $4,731,807.72. The disclosure for this sale can be found here. Insiders have sold 89,161 shares of company stock valued at $35,560,647 in the last ninety days. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Ameriprise Financial

A number of large investors have recently bought and sold shares of the stock. West Coast Financial LLC increased its stake in Ameriprise Financial by 3.7% in the 1st quarter. West Coast Financial LLC now owns 1,409 shares of the financial services provider’s stock worth $618,000 after purchasing an additional 50 shares during the period. Gilman Hill Asset Management LLC purchased a new position in shares of Ameriprise Financial during the first quarter valued at approximately $221,000. Harbor Investment Advisory LLC increased its stake in shares of Ameriprise Financial by 59.4% during the first quarter. Harbor Investment Advisory LLC now owns 534 shares of the financial services provider’s stock valued at $234,000 after buying an additional 199 shares during the period. CHICAGO TRUST Co NA increased its stake in shares of Ameriprise Financial by 4.3% during the first quarter. CHICAGO TRUST Co NA now owns 3,469 shares of the financial services provider’s stock valued at $1,521,000 after buying an additional 144 shares during the period. Finally, Westend Capital Management LLC purchased a new position in shares of Ameriprise Financial during the first quarter valued at approximately $57,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Ameriprise Financial Company Profile

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.