Morgan Stanley Raises Ameriprise Financial (NYSE:AMP) Price Target to $502.00

Ameriprise Financial (NYSE:AMP - Get Free Report) had its price target hoisted by stock analysts at Morgan Stanley from $440.00 to $502.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's target price indicates a potential downside of 3.76% from the stock's current price.

Several other equities research analysts have also recently commented on the company. Keefe, Bruyette & Woods raised Ameriprise Financial from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 10th. Jefferies Financial Group increased their target price on shares of Ameriprise Financial from $500.00 to $504.00 and gave the company a "buy" rating in a research note on Friday, June 28th. The Goldman Sachs Group lowered shares of Ameriprise Financial from a "buy" rating to a "neutral" rating and decreased their target price for the company from $485.00 to $476.00 in a research report on Thursday, September 26th. UBS Group increased their price objective on Ameriprise Financial from $490.00 to $555.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. Finally, Piper Sandler cut their target price on shares of Ameriprise Financial from $390.00 to $387.00 and set an "underweight" rating for the company in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $480.44.

Ameriprise Financial Stock Performance

Ameriprise Financial stock traded up $4.04 during midday trading on Thursday, reaching $521.61. 384,490 shares of the stock traded hands, compared to its average volume of 471,891. Ameriprise Financial has a fifty-two week low of $306.63 and a fifty-two week high of $523.60. 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 firm has a market cap of $51.81 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 0.81 and a beta of 1.35. The firm has a fifty day moving average price of $455.23 and a two-hundred day moving average price of $436.59.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $8.72 earnings per share for the quarter, beating analysts' consensus estimates of $8.53 by $0.19. The company had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.24 billion. Ameriprise Financial had a net margin of 18.64% and a return on equity of 73.83%. Ameriprise Financial's revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned $7.44 EPS. On average, equities research analysts forecast that Ameriprise Financial will post 34.92 earnings per share for the current year.

Insider Buying and Selling

In other news, VP William Davies sold 8,700 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $442.07, for a total transaction of $3,846,009.00. Following the transaction, the vice president now directly owns 13,199 shares of the company's stock, valued at $5,834,881.93. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ameriprise Financial

Several large investors have recently added to or reduced their stakes in AMP. Wellington Management Group LLP lifted its holdings in shares of Ameriprise Financial by 11.4% in the fourth quarter. Wellington Management Group LLP now owns 6,158 shares of the financial services provider's stock valued at $2,339,000 after purchasing an additional 630 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Ameriprise Financial during the 4th quarter worth $775,000. Los Angeles Capital Management LLC grew its stake in shares of Ameriprise Financial by 10.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 702 shares of the financial services provider's stock worth $308,000 after acquiring an additional 67 shares in the last quarter. Wedmont Private Capital raised its holdings in shares of Ameriprise Financial by 5.9% in the first quarter. Wedmont Private Capital now owns 3,385 shares of the financial services provider's stock valued at $1,454,000 after purchasing an additional 189 shares during the last quarter. Finally, American National Bank raised its holdings in shares of Ameriprise Financial by 116.3% in the first quarter. American National Bank now owns 106 shares of the financial services provider's stock valued at $46,000 after purchasing an additional 57 shares during the last quarter. Institutional investors 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.