Q2 2024 EPS Estimates for Ameriprise Financial, Inc. Lifted by Analyst (NYSE:AMP)

Ameriprise Financial, Inc. (NYSE:AMP) – Investment analysts at William Blair upped their Q2 2024 EPS estimates for Ameriprise Financial in a research note issued on Tuesday, April 23rd. William Blair analyst J. Schmitt now forecasts that the financial services provider will post earnings per share of $8.64 for the quarter, up from their prior forecast of $8.10. The consensus estimate for Ameriprise Financial’s current full-year earnings is $34.58 per share. William Blair also issued estimates for Ameriprise Financial’s Q3 2024 earnings at $8.92 EPS, Q4 2024 earnings at $9.21 EPS, FY2024 earnings at $35.15 EPS, Q1 2025 earnings at $9.55 EPS, Q2 2025 earnings at $9.55 EPS, Q3 2025 earnings at $9.67 EPS, Q4 2025 earnings at $9.94 EPS and FY2025 earnings at $38.70 EPS.

Ameriprise Financial (NYSE:AMP) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $8.39 earnings per share for the quarter, topping analysts’ consensus estimates of $8.10 by $0.29. Ameriprise Financial had a net margin of 19.42% and a return on equity of 75.97%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter last year, the firm earned $7.25 earnings per share. Ameriprise Financial’s quarterly revenue was up 10.8% on a year-over-year basis.

A number of other brokerages also recently weighed in on AMP. Royal Bank of Canada lifted their target price on shares of Ameriprise Financial from $470.00 to $480.00 and gave the stock an “outperform” rating in a research note on Wednesday. Keefe, Bruyette & Woods raised their price target on shares of Ameriprise Financial from $420.00 to $460.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Piper Sandler raised their price target on shares of Ameriprise Financial from $360.00 to $392.00 and gave the stock an “underweight” rating in a report on Friday, April 5th. UBS Group raised their price target on shares of Ameriprise Financial from $440.00 to $445.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Finally, Evercore ISI raised their price target on shares of Ameriprise Financial from $400.00 to $445.00 and gave the stock an “in-line” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Ameriprise Financial has an average rating of “Hold” and a consensus target price of $449.57.

Ameriprise Financial Price Performance

Shares of NYSE AMP opened at $409.81 on Friday. Ameriprise Financial has a twelve month low of $279.85 and a twelve month high of $440.67. The firm has a fifty day simple moving average of $418.65 and a 200 day simple moving average of $380.77. The company has a market capitalization of $41.06 billion, a PE ratio of 13.95, a P/E/G ratio of 0.68 and a beta of 1.36. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.13.

Ameriprise Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be issued a dividend of $1.48 per share. This is a boost from Ameriprise Financial’s previous quarterly dividend of $1.35. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, May 3rd. Ameriprise Financial’s dividend payout ratio (DPR) is currently 20.15%.

Insider Activity

In other news, CEO James M. Cracchiolo sold 2,493 shares of Ameriprise Financial stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $401.11, for a total transaction of $999,967.23. Following the completion of the transaction, the chief executive officer now directly owns 196,598 shares in the company, valued at $78,857,423.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO William F. Truscott sold 8,000 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $412.05, for a total transaction of $3,296,400.00. Following the transaction, the chief executive officer now directly owns 13,134 shares in the company, valued at $5,411,864.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James M. Cracchiolo sold 2,493 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $401.11, for a total transaction of $999,967.23. Following the transaction, the chief executive officer now owns 196,598 shares in the company, valued at $78,857,423.78. The disclosure for this sale can be found here. Insiders sold 79,472 shares of company stock worth $31,779,805 over the last three months. 0.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. boosted its holdings in Ameriprise Financial by 26.3% during the first quarter. Pinnacle Associates Ltd. now owns 1,445 shares of the financial services provider’s stock worth $633,000 after purchasing an additional 301 shares during the last quarter. YHB Investment Advisors Inc. purchased a new position in Ameriprise Financial during the first quarter worth about $214,000. SYSTM Wealth Solutions LLC boosted its holdings in Ameriprise Financial by 12.0% during the first quarter. SYSTM Wealth Solutions LLC now owns 15,329 shares of the financial services provider’s stock worth $6,721,000 after purchasing an additional 1,646 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in Ameriprise Financial during the first quarter worth about $1,363,000. Finally, Equitable Trust Co. boosted its holdings in Ameriprise Financial by 5.9% during the first quarter. Equitable Trust Co. now owns 14,292 shares of the financial services provider’s stock worth $6,266,000 after purchasing an additional 800 shares during the last quarter. 83.95% of the stock is currently 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.