Piper Sandler Forecasts Strong Price Appreciation for Ameriprise Financial (NYSE:AMP) Stock

Ameriprise Financial (NYSE:AMP) had its target price upped by investment analysts at Piper Sandler from $415.00 to $442.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “underweight” rating on the financial services provider’s stock. Piper Sandler’s target price indicates a potential downside of 18.46% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Morgan Stanley raised their price objective on shares of Ameriprise Financial from $440.00 to $502.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $625.00 price target on shares of Ameriprise Financial in a research note on Monday. UBS Group cut shares of Ameriprise Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $580.00 to $570.00 in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods decreased their price objective on Ameriprise Financial from $565.00 to $560.00 and set a “market perform” rating for the company in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Ameriprise Financial currently has a consensus rating of “Hold” and a consensus price target of $509.33.

Ameriprise Financial Stock Performance

AMP traded down $5.77 during trading on Friday, hitting $542.08. The stock had a trading volume of 81,625 shares, compared to its average volume of 490,815. The company has a 50 day moving average price of $548.14 and a 200-day moving average price of $496.86. The firm has a market cap of $52.59 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 0.87 and a beta of 1.36. Ameriprise Financial has a one year low of $378.05 and a one year high of $582.05. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.65 and a quick ratio of 0.65.

Ameriprise Financial (NYSE:AMP) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $9.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.16 by $0.20. Ameriprise Financial had a return on equity of 69.46% and a net margin of 19.70%. As a group, research analysts predict that Ameriprise Financial will post 39.04 EPS for the current year.

Insiders Place Their Bets

In other Ameriprise Financial news, insider Joseph Edward Sweeney sold 10,735 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $549.68, for a total value of $5,900,814.80. Following the completion of the sale, the insider now owns 5,811 shares of the company’s stock, valued at $3,194,190.48. This represents a 64.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Stanley Berman sold 8,655 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $564.16, for a total transaction of $4,882,804.80. Following the completion of the sale, the chief financial officer now directly owns 6,409 shares of the company’s stock, valued at $3,615,701.44. This represents a 57.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

Institutional Trading of Ameriprise Financial

Institutional investors have recently made changes to their positions in the stock. Czech National Bank raised its holdings in Ameriprise Financial by 5.2% during the 4th quarter. Czech National Bank now owns 21,035 shares of the financial services provider’s stock valued at $11,200,000 after buying an additional 1,033 shares during the last quarter. Bridgewater Associates LP raised its stake in shares of Ameriprise Financial by 97.8% during the third quarter. Bridgewater Associates LP now owns 50,510 shares of the financial services provider’s stock valued at $23,730,000 after acquiring an additional 24,968 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Ameriprise Financial by 19.9% during the third quarter. Empowered Funds LLC now owns 8,021 shares of the financial services provider’s stock worth $3,768,000 after purchasing an additional 1,329 shares during the period. SpiderRock Advisors LLC grew its holdings in shares of Ameriprise Financial by 136.3% during the 3rd quarter. SpiderRock Advisors LLC now owns 3,237 shares of the financial services provider’s stock worth $1,521,000 after acquiring an additional 1,867 shares during the period. Finally, Aljian Capital Management LLC bought a new position in shares of Ameriprise Financial in the 3rd quarter worth approximately $458,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.

About Ameriprise Financial

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.