Ameriprise Financial Services, Inc. (AMP) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Ameriprise Financial Services, Inc. (NYSE:AMP) from a buy rating to a hold rating in a report released on Friday morning.
According to Zacks, “Shares of Ameriprise have outperformed the industry in the last year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company remains well positioned to grow through strategic acquisitions, given its strong liquidity position. Notably, in sync with its plans of expanding products and services, the company completed the acquisition of Investment Professionals, Inc. in July. Its efforts toward modifying product and service-offering capacity are expected to further support top-line growth. However, increasing expenses (mostly due to advertising campaign and technology upgrades) are likely to curb profitability growth. Also, elevated levels of outflows in the Asset Management segment is expected to hurt the company’s financials in the near term.”
Other equities analysts have also issued reports about the company. Royal Bank Of Canada assumed coverage on Ameriprise Financial Services in a research report on Thursday, June 29th. They set a sector perform rating and a $135.00 target price for the company. BidaskClub upgraded Ameriprise Financial Services from a sell rating to a hold rating in a research report on Tuesday, June 20th. Citigroup Inc. set a $166.00 price objective on Ameriprise Financial Services and gave the company a buy rating in a research report on Wednesday, August 2nd. Barclays PLC boosted their price objective on Ameriprise Financial Services from $130.00 to $142.00 and gave the company an equal weight rating in a research report on Friday, August 11th. Finally, Morgan Stanley boosted their price objective on Ameriprise Financial Services from $148.00 to $152.00 and gave the company an overweight rating in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $147.09.
Shares of Ameriprise Financial Services (NYSE:AMP) opened at 140.86 on Friday. Ameriprise Financial Services has a 52-week low of $86.25 and a 52-week high of $149.99. The stock has a market capitalization of $21.12 billion, a price-to-earnings ratio of 16.13 and a beta of 1.86. The stock has a 50 day moving average of $140.63 and a 200-day moving average of $132.10.
Ameriprise Financial Services (NYSE:AMP) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $2.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.62 by $0.18. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.90 billion. Ameriprise Financial Services had a return on equity of 26.54% and a net margin of 11.81%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.23 EPS. On average, equities research analysts predict that Ameriprise Financial Services will post $11.29 EPS for the current fiscal year.
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In other Ameriprise Financial Services news, insider Charles Neal Maglaque sold 4,728 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $144.57, for a total value of $683,526.96. Following the sale, the insider now owns 24,901 shares in the company, valued at approximately $3,599,937.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William F. Truscott sold 19,768 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $144.43, for a total value of $2,855,092.24. Following the completion of the sale, the chief executive officer now owns 70,693 shares in the company, valued at approximately $10,210,189.99. The disclosure for this sale can be found here. Insiders sold a total of 185,966 shares of company stock valued at $26,868,153 over the last quarter. 1.50% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Ameriprise Financial Services by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 12,744,678 shares of the financial services provider’s stock valued at $1,622,270,000 after acquiring an additional 340,206 shares in the last quarter. BlackRock Inc. lifted its stake in Ameriprise Financial Services by 1,709.0% in the 1st quarter. BlackRock Inc. now owns 10,640,305 shares of the financial services provider’s stock valued at $1,379,836,000 after acquiring an additional 10,052,130 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Ameriprise Financial Services by 71.8% in the 1st quarter. JPMorgan Chase & Co. now owns 5,939,366 shares of the financial services provider’s stock valued at $770,216,000 after acquiring an additional 2,481,827 shares in the last quarter. LSV Asset Management lifted its stake in Ameriprise Financial Services by 4.4% in the 2nd quarter. LSV Asset Management now owns 2,739,924 shares of the financial services provider’s stock valued at $348,764,000 after acquiring an additional 116,706 shares in the last quarter. Finally, Aristotle Capital Management LLC lifted its stake in Ameriprise Financial Services by 0.3% in the 1st quarter. Aristotle Capital Management LLC now owns 2,360,259 shares of the financial services provider’s stock valued at $306,078,000 after acquiring an additional 6,399 shares in the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.
Ameriprise Financial Services Company Profile
Ameriprise Financial, Inc is a financial services company that offers financial solutions to individual and institutional clients. The Company operates in five segments: Advice & Wealth Management; Asset Management; Annuities; Protection, and Corporate & Other. The Company uses Ameriprise Financial as its enterprise brand, as well as the name of its advisor network and certain of its retail products and services.
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