Raymond James Financial Increases Ameriprise Financial (NYSE:AMP) Price Target to $582.00

Ameriprise Financial (NYSE:AMP) had its target price upped by Raymond James Financial from $518.00 to $582.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the financial services provider’s stock. Raymond James Financial’s target price would suggest a potential upside of 11.70% from the stock’s current price.

Several other analysts have also recently commented on the company. Wall Street Zen upgraded Ameriprise Financial from a “sell” rating to a “hold” rating in a report on Friday, May 30th. William Blair cut shares of Ameriprise Financial from an “outperform” rating to a “market perform” rating in a research report on Friday. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $520.00 to $550.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 9th. Morgan Stanley downgraded shares of Ameriprise Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $462.00 to $530.00 in a research note on Tuesday, July 15th. Finally, Royal Bank Of Canada lifted their price target on shares of Ameriprise Financial from $565.00 to $595.00 and gave the company an “outperform” rating in a report on Thursday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $533.86.

Ameriprise Financial Trading Up 0.8%

Shares of AMP opened at $521.03 on Friday. Ameriprise Financial has a fifty-two week low of $385.74 and a fifty-two week high of $582.05. The company has a market capitalization of $49.61 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23. The stock has a fifty day moving average of $522.24 and a two-hundred day moving average of $511.28. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.60 and a current ratio of 0.62.

Ameriprise Financial (NYSE:AMP) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $9.11 EPS for the quarter, beating analysts’ consensus estimates of $9.00 by $0.11. Ameriprise Financial had a return on equity of 65.90% and a net margin of 18.30%. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the business earned $8.72 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, analysts forecast that Ameriprise Financial will post 38.64 EPS for the current year.

Ameriprise Financial announced that its board has initiated a stock repurchase program on Thursday, April 24th that allows the company to buyback $4.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Ameriprise Financial

Large investors have recently made changes to their positions in the business. Trust Co. of Vermont grew its stake in shares of Ameriprise Financial by 0.6% in the second quarter. Trust Co. of Vermont now owns 3,031 shares of the financial services provider’s stock valued at $1,618,000 after buying an additional 19 shares in the last quarter. HighPoint Advisor Group LLC boosted its holdings in Ameriprise Financial by 0.8% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,683 shares of the financial services provider’s stock worth $1,419,000 after acquiring an additional 20 shares during the period. Plancorp LLC boosted its holdings in Ameriprise Financial by 4.8% in the 1st quarter. Plancorp LLC now owns 441 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 20 shares during the period. Old Port Advisors grew its position in Ameriprise Financial by 1.5% in the second quarter. Old Port Advisors now owns 1,381 shares of the financial services provider’s stock valued at $737,000 after acquiring an additional 20 shares in the last quarter. Finally, Forum Financial Management LP raised its stake in shares of Ameriprise Financial by 1.4% during the fourth quarter. Forum Financial Management LP now owns 1,484 shares of the financial services provider’s stock valued at $790,000 after purchasing an additional 21 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

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.