Ameriprise Financial (NYSE:AMP) Downgraded by The Goldman Sachs Group

by · The Markets Daily

The Goldman Sachs Group cut shares of Ameriprise Financial (NYSE:AMP – Free Report) from a buy rating to a neutral rating in a report released on Thursday, MarketBeat Ratings reports. They currently have $476.00 price objective on the financial services provider’s stock, down from their previous price objective of $485.00.

AMP has been the topic of several other research reports. Royal Bank of Canada lifted their price objective on shares of Ameriprise Financial from $487.00 to $500.00 and gave the company an outperform rating in a research report on Tuesday, July 30th. UBS Group decreased their target price on Ameriprise Financial from $500.00 to $495.00 and set a buy rating for the company in a research report on Tuesday, July 9th. Morgan Stanley cut their price target on Ameriprise Financial from $444.00 to $440.00 and set an equal weight rating on the stock in a research note on Monday, July 29th. Jefferies Financial Group raised their price objective on Ameriprise Financial from $500.00 to $504.00 and gave the company a buy rating in a research report on Friday, June 28th. Finally, Piper Sandler dropped their price target on Ameriprise Financial from $390.00 to $387.00 and set an underweight rating on the stock in a research note on Friday, June 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Ameriprise Financial presently has an average rating of Hold and an average price target of $463.00.

Read Our Latest Stock Report on AMP

Ameriprise Financial Stock Performance

AMP stock opened at $468.62 on Thursday. Ameriprise Financial has a 12-month low of $306.63 and a 12-month high of $471.57. The stock’s 50 day simple moving average is $434.13 and its 200 day simple moving average is $430.28. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $46.01 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 0.80 and a beta of 1.35.

Ameriprise Financial (NYSE:AMP – Get Free Report) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.53 by $0.19. Ameriprise Financial had a return on equity of 73.83% and a net margin of 18.64%. The business had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the firm posted $7.44 earnings per share. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts forecast that Ameriprise Financial will post 34.81 earnings per share for the current fiscal year.

Ameriprise Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a $1.48 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.26%. Ameriprise Financial’s dividend payout ratio (DPR) is presently 20.15%.

Insider Buying and Selling

In related news, VP William Davies sold 8,700 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the completion of the sale, the vice president now directly owns 13,199 shares in the company, valued at $5,834,881.93. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AMP. Retirement Group LLC acquired a new stake in Ameriprise Financial in the first quarter valued at approximately $25,000. DiNuzzo Private Wealth Inc. grew its stake in shares of Ameriprise Financial by 268.8% in the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 59 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Accordant Advisory Group Inc purchased a new stake in shares of Ameriprise Financial in the second quarter valued at about $26,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Ameriprise Financial in the 1st quarter valued at approximately $28,000. Finally, Mascoma Wealth Management LLC grew its stake in shares of Ameriprise Financial by 153.8% during the 2nd quarter. Mascoma Wealth Management LLC now owns 66 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 40 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Ameriprise Financial Company Profile

(Get Free Report)

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.

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